Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp fundamentals show no signs of repair, with no significant reduction in pulp port inventory and the number of warehouse receipts, and pulp futures are oscillating [5] Group 3: Summary by Related Catalogs Price Data - On September 17, 2025, the futures prices of SP2601, SP2511, and SP2505 were 5348, 5042, and 5368 respectively, with daily changes of -0.04%, -0.51%, and 0.19%, and weekly changes of 1.44%, 0.92%, and 1.78% [5] - The spot prices of coniferous pulp Silver Star, Russian Needle, and broadleaf pulp Goldfish were 5650, 5250, and 4220 respectively, with daily changes of 0.00%, 0.00%, and 0.96%, and weekly changes of 0.00%, 1.55%, and 0.96% [5] - The outer - disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700, 530, and 590 US dollars respectively, with monthly changes of -2.78%, 3.92%, and 0.00% [5] - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5721, 4344, and 4830 respectively, with monthly changes of -2.75%, 3.87%, and 0.00% [5] Fundamental Data Supply - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month - on - month decrease of 4.72%, and the import volume of broadleaf pulp was 135.1 tons, a month - on - month decrease of 5.85% [5] - The domestic production of broadleaf pulp and chemimechanical pulp from July 31, 2025, to September 11, 2025, fluctuated within a certain range [5] Inventory - As of September 11, 2025, the inventory of China's mainstream pulp ports was 206.2 tons, a decrease of 0.4 tons from the previous period, a month - on - month decrease of 0.2% [5] - The inventory of the futures delivery warehouse from July 31, 2025, to September 11, 2025, also fluctuated [5] Demand - The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard from July 31, 2025, to September 11, 2025, remained relatively stable [5] Valuation Data - On September 17, 2025, the Russian Needle basis was 208 with a quantile level of 0.901, and the Silver Star basis was 608 with a quantile level of 0.871 [5] - The import profit of coniferous pulp Silver Star was -71 with a quantile level of 0.496, and that of broadleaf pulp Goldfish was -124 with a quantile level of 0.522 [5] Market Situation - On the supply side, Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broadleaf pulp quotes [5] - On the demand side, the current demand for paper products is basically stable, and some paper mills have issued price increase letters, but the implementation remains to be seen [5] - On the inventory side, the inventory change is not significant [5]
纸浆数据日报-20250918
Guo Mao Qi Huo·2025-09-18 11:09