建信期货纸浆日报-20250912

Report Information - Report Title: Pulp Daily Report [1] - Date: September 12, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Main Researchers: Liu Youran (Pulp), Li Jie (Crude Oil and Asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (Industrial Silicon and Polysilicon), Peng Jinglin (Polyolefins), Feng Zeren (Glass and Soda Ash) [3][4] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The pulp futures 01 contract rose 1.53% overall. The pulp market has continuous supply pressure, weak demand during the peak season, and the supply - demand contradiction remains unimproved, with prices mainly fluctuating at a low level [7][8] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - Pulp Futures Market: The 01 contract of pulp futures had a previous settlement price of 5226 yuan/ton and a closing price of 5306 yuan/ton, rising 1.53%. The 09 contract and 05 contract also had corresponding price changes [7] - Spot Market: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4980 - 6600 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 5680 - 5700 yuan/ton [7] - Supply - demand Situation: Arauco's new August pulp offer was stable compared to June. The chemical pulp shipment volume of 20 major pulp - producing countries in July increased by 7.3% year - on - year. EU port pulp inventory in July decreased by 1.9% month - on - month and increased by 19.2% year - on - year. China's pulp imports in August decreased by 7.8% month - on - month and 5.5% year - on - year. As of September 11, 2025, the weekly pulp inventory in major regions and ports decreased by 0.07% month - on - month. The cumulative profit of the papermaking and paper products industry in July decreased by 21.9% year - on - year, with a slightly expanding decline. The demand for offset paper was in a wait - and - see state, and the pulp and paper market had continuous supply pressure and weak demand [8] 3.2. Industry News - On September 11, the State Administration for Market Regulation approved and released 622 recommended national standards and 6 recommended national standard modification orders, including 6 national standards in the papermaking field, which is of great significance for standardizing production, improving product quality, and promoting the healthy development of the industry [9] 3.3. Data Overview - Multiple data charts are provided, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port 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][17][19][28][29][32]