纸浆数据日报-20250911

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report Core View - The pulp fundamentals still show no signs of recovery, with no significant reduction in pulp port inventories and the number of warehouse receipts, indicating a short - term weak performance [1]. Group 3: Summary by Related Catalogs Pulp Price Data - On September 10, 2025, the futures price of coniferous pulp Silver Star (SP2601) was 5272, with a daily increase of 0.11% and a weekly decrease of 0.98%; the spot price was 5650, with a daily decrease of 0.88% and a weekly decrease of 1.22%. The futures price of coniferous pulp Russian Needle was 5170, unchanged daily and down 0.58% weekly [1]. - The futures price of broad - leaf pulp Goldfish (SP2509) was 4938, with a daily increase of 0.16% and a weekly decrease of 1.20%; the price was 4180, unchanged daily and down 0.48% weekly [1]. - The external quotation of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; the import cost was 5884, a month - on - month decrease of 2.68%. The external quotation of Brazilian Goldfish was 530, a month - on - month increase of 3.92%; the price was 4344, a month - on - month increase of 3.87% [1]. Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month - on - month decrease of 4.72%; the supply of broad - leaf pulp was 135.1 tons, a month - on - month decrease of 5.85%. The pulp shipment volume to China increased by 23% [1]. - As of September 4, 2025, the domestic production volume of broad - leaf pulp was 21.1 tons, and that of chemimechanical pulp was 21.1 tons. The pulp port inventory was 206.6 tons, and the futures delivery warehouse inventory was 24.7 tons [1]. - The production volume of offset paper was 19.50 tons, that of coated paper was 7.80 tons, that of tissue paper was 28.15 tons, and that of white cardboard was 33.80 tons [1]. Pulp Valuation Data - On September 10, 2025, the basis of Russian Needle was 174, with a quantile level of 0.889; the import profit was - 234, with a quantile level of 0.271. The basis of Silver Star was 654, with a quantile level of 0.884 [1]. - The basis of broad - leaf pulp Goldfish was - 164, with a quantile level of 0.478 [1]. Supply, Demand, and Inventory - Supply: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025. Chile's Arauco notified the August quotation, with the price of coniferous pulp Silver Star at $720/ton, the supply of broad - leaf pulp Star decreased by 50%, and the price of natural pulp Venus at $590/ton [1]. - Demand: The current demand for paper products remains basically stable. Some offset paper and white cardboard paper mills have issued price increase letters, but the implementation situation remains to be observed [1]. - Inventory: As of September 4, 2025, the inventory of China's mainstream pulp ports was 206.6 tons, a decrease of 1.8 tons from the previous period, a month - on - month decrease of 0.9%, showing a de - stocking trend [1].