建信期货纸浆日报-20250919

Report Information - Report Title: Pulp Daily Report [1] - Date: September 19, 2025 [2] Industry Investment Rating - No information provided Core Viewpoints - The pulp futures 01 contract decreased by 0.41%, with the previous settlement price at 5344 yuan/ton and the closing price at 5322 yuan/ton. The intended transaction price range of softwood pulp in the Shandong market is 5020 - 6600 yuan/ton, and the low - end price remained stable compared to the previous trading day. The quoted price of Arauco's Silver Star in Shandong is 5630 - 5650 yuan/ton [7]. - Arauco's new September pulp export prices: Silver Star (softwood pulp) is 700 US dollars/ton, down 20 US dollars/ton from last month; Venus (unbleached pulp) is 590 US dollars/ton, unchanged from last month; Star (hardwood pulp) is 520 US dollars/ton, up 20 US dollars/ton from last month. UPM extended the shutdown and maintenance of two Finnish pulp mills by two weeks [8]. - In August, the European pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%; the European pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4%. China's pulp import volume in August was 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 18, 2025, the weekly pulp inventory in major regions and ports increased by 0.54% month - on - month [8]. - In the downstream cultural paper market, the supply increased due to the resumption of previously shut - down production lines, and the inventory pressure of paper enterprises increased recently, showing a weak and volatile trend. In the short term, pulp supply is relatively abundant. Although the start - up rate of downstream paper mills has increased, they mainly purchase at low prices under cost pressure, and the pulp market will continue to adjust with low - level fluctuations [8]. Summary by Directory 1. Market Review and Operation Suggestions - Market Review: The pulp futures 01 contract (SP2601) had an opening price of 5344 yuan/ton, a high of 5354 yuan/ton, a low of 5290 yuan/ton, and a closing price of 5322 yuan/ton, down 0.41%. The trading volume was 36,585 lots, and the open interest decreased by 504 lots to 30,131 lots. For SP2605, the closing price was 5346 yuan/ton, down 0.19%. The Shandong softwood pulp market had an intended transaction price range of 5020 - 6600 yuan/ton, and the Silver Star was quoted at 5630 - 5650 yuan/ton [7]. - Industry News Impact: Arauco's price adjustments and UPM's extended shutdown, along with European and Chinese pulp inventory and consumption data, as well as the situation in the downstream cultural paper market, all affect the short - term pulp market, which is expected to remain in a low - level volatile adjustment [8]. 2. Industry Highlights - On September 18, the Shanghai Futures Exchange announced the first batch of delivery warehouses for offset printing paper futures. Jianfa Warehousing and Jianfa Pulp & Paper, subsidiaries of Jianfa Co., Ltd., obtained the qualifications for delivery warehouses and delivery factories respectively. Offset printing paper, mainly made of bleached wood pulp, is widely used in books, textbooks, and magazines, and double - sided offset printing paper accounts for about 40% of domestic cultural paper consumption. This is significant for stabilizing the industrial supply chain and promoting market development [9] 3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate. The data sources are Wind and Zhuochuang Information [15][25][27]