国贸期货纸浆数据日报-20250915

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp fundamentals show no signs of repair, with no significant reduction in pulp port inventories and the number of warehouse receipts. It is expected to remain weak in the short term [5] Group 3: Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On September 12, 2025, SP2601 was 5300 with a daily increase of 0.64% and a weekly decrease of 0.34%; SP2511 was 5016 with a daily increase of 0.40% and a weekly decrease of 0.71%; SP2509 was 4960 with a daily increase of 0.45% and a weekly decrease of 0.68% [5] - Spot Prices: On September 12, 2025, the price of coniferous pulp Silver Star was 5650 with no daily change and a weekly decrease of 1.22%; Russian Needle was 5170 with no daily change and a weekly decrease of 0.58%; broadleaf pulp Goldfish was 4180 with no daily change and a weekly decrease of 0.48% [5] - Foreign Quotes: The quote for Chilean Silver Star was 720 dollars, a monthly decrease of 2.70%; Japanese NBSK was 530 dollars, a monthly increase of 3.92%; Chilean Venus was 590 dollars with no monthly change [5] - Import Costs: The import cost of Chilean Silver Star was 5884, a monthly decrease of 2.68%; Brazilian Goldfish was 4344, a monthly increase of 3.87%; Chilean Venus was 4830 with no monthly change [5] Pulp Fundamental Data - Supply - Import Volume: In July 2025, the import volume of coniferous pulp was 64.6 tons, a monthly decrease of 4.72%; broadleaf pulp was 135.1 tons, a monthly decrease of 5.85% [5] - Supply - Domestic Production: The domestic production of broadleaf pulp and chemimechanical pulp fluctuated slightly from July 31 to September 11, 2025 [5] - Supply - Shipment Volume: The pulp shipment volume to China in July 2025 was 158 tons, a year - on - year increase of 23.00% [5] - Inventory - Port Inventory: As of September 11, 2025, the inventory of China's major pulp ports was 206.2 tons, a decrease of 0.4 tons from the previous period, a monthly decrease of 0.2% [5] - Inventory - Futures Delivery Warehouse Inventory: As of September 11, 2025, the inventory of futures delivery warehouses was 24.5 tons, showing a slight change compared to previous periods [5] - Demand - Finished Paper Production: From July 31 to September 11, 2025, the production of double - offset paper, coated paper, tissue paper, and white cardboard fluctuated slightly [5] Pulp Valuation Data - Basis: On September 12, 2025, the Russian Needle basis was 154 with a quantile level of 0.877; the Silver Star basis was 634 with a quantile level of 0.879 [5] - Import Profit: On September 12, 2025, the import profit of coniferous pulp Silver Star was - 234 with a quantile level of 0.27; broadleaf pulp Goldfish was - 164 with a quantile level of 0.478 [5] Market Situation - Supply Side: Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025. Chile's Arauco notified the August quotes, with the coniferous pulp Silver Star at 720 dollars/ton, broadleaf pulp Star at 520 dollars/ton (supply reduced by 50%), and natural pulp Venus at 590 dollars/ton [5] - Demand Side: The current demand for paper products remains basically stable. Some double - offset paper and white cardboard manufacturers have issued price increase letters, but the implementation remains to be seen [5] - Inventory Side: As of September 11, 2025, the inventory of China's major pulp ports showed a narrow - range destocking trend [5] Strategy - The pulp fundamentals show no signs of repair, and the pulp port inventory and the number of warehouse receipts have not significantly decreased. It is expected to remain weak in the short term [5]