Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The pulp fundamentals show no signs of repair, and there is no significant reduction in pulp port inventory and the number of warehouse receipts. In the short term, it will still operate weakly [5] Group 3: Summary by Relevant Catalog Price Data - Futures Prices: On September 15, 2025, SP2601 was 5324 with a daily increase of 0.87% and a weekly increase of 0.64%; SP2511 was 5056 with a daily increase of 1.32% and a weekly increase of 0.60%; SP2509 was 4970 with a daily increase of 0.69% and a weekly decrease of 0.04% [5] - Spot Prices: On September 15, 2025, the price of coniferous pulp Silver Star was 5650 with no daily change and a weekly decrease of 0.88%; Russian Needle was 5200 with a daily and weekly increase of 0.58%; Broadleaf pulp Goldfish was 4180 with no daily or weekly change [5] - Outer - disk Quotes: In September 2025, the outer - disk quote of Chilean Silver Star was 720 dollars, a monthly decrease of 2.70%; Japanese Utsumi was 530 dollars, a monthly increase of 3.92%; Chilean Venus was 590 dollars with no monthly change [5] - Import Costs: In September 2025, the import cost of Brazilian Goldfish was 4344, a monthly increase of 3.87%; Chilean Silver Star was 5884, a monthly decrease of 2.68%; Chilean Venus was 4830 with no monthly change [5] Fundamental Data - Supply: In July 2025, the import volume of coniferous pulp was 64.6 tons, a monthly decrease of 4.72%; the import volume of broadleaf pulp was 135.1 tons, a monthly decrease of 5.85%. The pulp shipment volume to China was 158 tons, a year - on - year increase of 23.00% [5] - Inventory: As of September 11, 2025, the pulp port inventory was 206.2 tons, a decrease of 0.4 tons from the previous period, a monthly decrease of 0.2%. The futures delivery warehouse inventory was 24.5 tons [5] - Demand: The production of finished paper was relatively stable. Some double - offset paper and white cardboard paper mills issued price increase letters, but the implementation situation remains to be observed [5] Valuation Data - Basis: On September 15, 2025, the Russian Needle basis was 144 with a quantile level of 0.871; the Silver Star basis was 594 with a quantile level of 0.865 [5] - Import Profit: On September 15, 2025, the import profit of coniferous pulp Silver Star was - 234 with a quantile level of 0.27; the import profit of broadleaf pulp Goldfish was - 164 with a quantile level of 0.479 [5] Market Situation and Strategy - Supply - side: Brazilian Suzano announced a price increase of 20 dollars/ton in the Asian market in August 2025. Chilean 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 [5] - Inventory - side: As of September 11, 2025, the inventory change was not significant, and the commodity market was running strongly in the short term due to the anti - involution sentiment [5] - Strategy: The pulp fundamentals have no signs of repair, and it will still operate weakly in the short term [5]
纸浆数据日报-20250916
Guo Mao Qi Huo·2025-09-16 03:24