永安期货纸浆早报-20250912

Report Summary 1. Report Information - Report title: Pulp Morning Report - Research team: Energy and Chemicals Team of the Research Center - Date: September 12, 2025 [2] 2. Core Viewpoints - There is limited information in the report, mainly presenting data on the pulp market including contract prices, import costs, and price differentials, without clear core viewpoints on investment or market trends [3][4] 3. Key Data Summaries 3.1 SP Main Contract Data - On September 11, 2025, the closing price of the SP main contract was 5016.00, with a daily increase of 0.40032%. The converted US - dollar price was 614.44. The Shandong Yinxing basis was 674, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 684 [3] 3.2 Import Pulp Data - For imported pulp from different origins and brands on September 11, 2025, Canadian Golden Lion (CFR) had a port US - dollar price of 780, a Shandong - area RMB price of 6200, and an import profit of - 45.57. Canadian Lion (CFR) had a port US - dollar price of 730, a Shandong - area RMB price of 5410, and an import profit of - 533.29. Chilean Yinxing (CFR, 90 - day letter of credit) had a port US - dollar price of 720, a Shandong - area RMB price of 5690, and an import profit of - 172.83 [4] 3.3 Pulp Price Averages - From September 5 to September 11, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong - area average prices also remained unchanged [4] 3.4 Paper Product Indexes and Margins - From September 8 to September 11, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged. The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper also remained unchanged [4] 3.5 Pulp Price Differentials - From September 5 to September 11, 2025, the softwood - hardwood price differential was between 1510 - 1525, the softwood - natural price differential was between 290 - 315, the softwood - chemimechanical price differential was between 1865 - 1890, and the softwood - waste paper price differential was between 4114 - 4139 [4]