建信期货纸浆日报-20250911

Group 1: Report Information - The report is a daily paper pulp report dated September 11, 2025 [1][2] Group 2: Research Team - The energy and chemical research team includes researchers such as Liu Youran (pulp), Li Jie (crude oil and asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (industrial silicon and polysilicon), Peng Jinglin (polyolefins), and Feng Zeren (glass and soda ash) [3][4] Group 3: Market Review and Operational Suggestions - The previous settlement price of the pulp futures 01 contract was 5,284 yuan/ton, and the closing price was 5,266 yuan/ton, a decrease of 0.34%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,650 yuan/ton, with the low - end price remaining stable compared to the previous trading day. The price of Shandong Yinxing was 5,700 yuan/ton [7] - Chile's Arauco Company announced the new August wood pulp export prices: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to the June prices. In July, the chemical commodity pulp shipments of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1%. In July 2025, the total wood pulp inventory in European ports decreased by 1.9% month - on - month and increased by 19.2% year - on - year. In August, China's total pulp imports were 2.653 million tons, a decrease of 7.8% month - on - month and 5.5% year - on - year. As of September 4, 2025, the weekly pulp inventory in major regions and ports increased by 0.52% month - on - month. In July, the cumulative year - on - year profit of the papermaking and paper products industry decreased by 21.9%, with the decline slightly expanding [8] - On the demand side, the new round of publication bidding for offset paper has not started, and the listing price on the first day was lower than expected, with large short - term fluctuations. The overall shipping and supply pressure in the pulp and paper market remains high, the peak demand season is not prosperous, the supply - demand contradiction has not improved, and the market is mainly in a low - level volatile operation [8] Group 4: Industry News - On September 10, after the resumption of production at Meilun Chemical Pulp Mill and Factories 5, 6, and 9, the Shouguang base made new progress. On September 8, the tissue paper production line of Factory 7 was successfully started. The factory is equipped with two international - class production lines, with core equipment imported from Andritz in Austria and Valmet in Finland. The paper machine has a width of 5,600 mm and an operating speed of 2,000 m/min, with advanced processes such as integrated double - layer headboxes and shoe presses, and a full - set of automated control systems. It can efficiently produce boxed facial tissues, roll papers, etc., and all quality indicators reach international advanced levels. As of now, the operating production lines at the Shouguang base are running smoothly, and the remaining production lines are planned to start operation before September 10, when the Shouguang base will fully resume full - load production capacity [9] Group 5: Data Overview - The report provides various data charts, including those related to import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][28][32]