Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - Not explicitly stated in the provided content 3. Summary by Relevant Catalogs SP Main Contract - The closing price of the SP main contract on September 23, 2025, was 5008.00, with no change from the previous day. The corresponding US dollar price was 614.33. The price has shown a fluctuating trend in the past few days, with a -0.51302% change on September 17, -0.55534% on September 18, 0.07978% on September 19, -0.19928% on September 22, and 0.00000% on September 23 [3]. - The Shandong Yinxing basis was 602 on September 23, 2025, and the Jiangsu-Zhejiang-Shanghai Yinxing basis was 617 [3]. Import Pulp Price and Profit - For imported pulp, taking a 13% VAT into account, the Canadian Golden Lion (CFR) had a port US dollar price of 780 and a Shandong region RMB price of 6200, with an import profit of -136.75. The Canadian Lion (CFR) had a port US dollar price of 730, a Shandong region RMB price of 5410, and an import profit of -525.04. The Chilean Silver Star (CFR letter of credit 90 days) had a port US dollar price of 700, a Shandong region RMB price of 5610, and an import profit of -84.01 [4]. Pulp and Paper Prices and Margins - From September 17 - 23, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained stable [4]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and tissue paper (tissue index) did not change from September 18 - 23, 2025 [4]. - The profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper showed some fluctuations from September 18 - 23, 2025. As of September 23, the double - offset profit margin was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the tissue profit margin was 6.6876% [4]. Pulp Price Spreads - The spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp have shown certain changes from September 17 - 23, 2025. As of September 23, the softwood - hardwood spread was 1370.00, the softwood - natural spread was 210, the softwood - chemimechanical spread was 1785, and the softwood - waste paper spread was 4034 [4].
永安期货纸浆早报-20250924
Yong An Qi Huo·2025-09-24 01:52