Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The pulp fundamentals show no signs of repair, with no obvious reduction in pulp port inventory and the number of warehouse receipts. However, benefiting from the warming of commodity sentiment, pulp futures are expected to run strongly in the short term [5]. 3. Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On September 16, 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 16, 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%; Eucalyptus pulp Goldfish was 4180 with no daily and weekly change [5]. - Outer - disk Quotes: The outer - disk quote of Chilean Silver Star was 720 dollars, a decrease of 2.70% compared to the previous period; Japanese Quote increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - Import Costs: The import cost of Brazilian Goldfish was 4344, an increase of 3.87% compared to the previous period; Chilean Silver Star was 5884, a decrease of 2.68%; Chilean Venus remained unchanged at 4830 [5]. Pulp Fundamental Data - Supply: In July 2025, the import volume of coniferous pulp was 64.6 tons, a decrease of 4.72% compared to June; the import volume of eucalyptus pulp was 135.1 tons, a decrease of 5.85%. The pulp shipment volume to China was 158 tons, a year - on - year increase of 23% [5]. - Production: The domestic production of eucalyptus pulp and chemimechanical pulp remained relatively stable from July 31 to September 11, 2025 [5]. - Inventory: As of September 11, 2025, the inventory of mainstream pulp ports in China was 206.2 tons, a decrease of 0.4 tons compared to the previous period, a 0.2% decrease. The inventory of futures delivery warehouses was 24.5 tons [5]. - Demand: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard remained relatively stable. Some offset paper and white cardboard manufacturers issued price increase letters, but the implementation remains to be observed [5]. Pulp Valuation Data - Basis: On September 16, 2025, the basis of Russian Needle was 144 with a quantile level of 0.871; the basis of Silver Star was 594 with a quantile level of 0.865 [5]. - Import Profit: On September 16, 2025, the import profit of coniferous pulp Silver Star was - 234 with a quantile level of 0.27; the import profit of eucalyptus pulp Goldfish was - 164 with a quantile level of 0.479 [5].
纸浆数据日报-20250917
Guo Mao Qi Huo·2025-09-17 06:58