建信期货纸浆日报-20250917

Group 1: Report Overview - Report title: Pulp Daily [1] - Date: September 17, 2025 [2] Group 2: Market Conditions and Recommendations - Pulp futures contract 01 had a previous settlement price of 5308 yuan/ton and a closing price of 5350 yuan/ton, rising 0.79% overall. 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's closing price. The Shandong Yinxing was quoted at 5680 - 5700 yuan/ton [7] - Arauco of Chile announced the new September wood pulp export prices: softwood pulp Yinxing at 700 USD/ton, down 20 USD/ton from last month; natural pulp Venus at 590 USD/ton, unchanged from last month; hardwood pulp Mingxing at 520 USD/ton, up 20 USD/ton from last month [8] - In August, the European wood pulp inventory was 70.78 million tons, up 3.5% month - on - month and 11.3% year - on - year; the consumption was 70.08 million tons, down 13.7% month - on - month and up 2.4% year - on - year. China's pulp imports in August were 265.3 million tons, down 7.9% month - on - month and 5.6% year - on - year. As of September 11, 2025, the weekly pulp inventory in major regions and ports was 207.20 million tons, up 0.71% from last week [8] - In the downstream cultural paper market, the restart of previously shut - down production lines led to an increase in supply, but new orders from printing factories were limited, and the market was weak. In the short term, pulp supply was relatively abundant. Although the downstream paper mills'开工 rate increased, they mainly purchased at low prices under cost pressure, and the market continued to fluctuate at a low level [8] Group 3: Industry News - On September 11, the State Administration for Market Regulation issued Announcement No. 21 of 2025, approving the release of 622 recommended national standards and 6 recommended national standard modification orders, including 6 national standards in the papermaking field. Four were revision projects and two were formulation projects. The release and implementation of these standards improved the papermaking standard system and promoted the healthy development of the industry [9] Group 4: Data Overview - The report includes multiple data charts such as import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, and inventory data [15][17][19][28][29][32]