Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The pulp fundamentals show no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5]. Group 3: Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On September 23, 2025, SP2601 was 5272, down 0.30% day-on-day and 1.46% week-on-week; SP2511 was 5008, unchanged day-on-day and down 1.18% week-on-week; SP2505 was 5288, down 0.53% day-on-day and 1.31% week-on-week [5]. - Spot Prices: On September 23, 2025, the price of coniferous pulp Silver Star was 5650, unchanged day-on-day and week-on-week; Russian Needle was 5200, unchanged day-on-day and down 0.95% week-on-week; broadleaf pulp Goldfish was 4220, unchanged day-on-day and up 0.96% week-on-week [5]. - Foreign Quotes: The quote for Chilean Silver Star was 700 dollars, down 2.78% month-on-month; Japanese X was 530 dollars, up 3.92% month-on-month; Chilean Venus was 590 dollars, unchanged month-on-month [5]. - Import Costs: The import cost of Chilean Silver Star was 5721, down 2.75% month-on-month; Brazilian Goldfish was 4344, up 3.87% month-on-month; Chilean Venus was 4830, unchanged month-on-month [5]. Pulp Fundamental Data - Supply: In August 2025, the import volume of coniferous pulp was 61.4 tons, down 4.95% month-on-month; broadleaf pulp was 125.8 tons, down 6.88% month-on-month. The pulp shipment volume to China in July 2025 was 158 tons, up 23.00% year-on-year [5]. - Inventory: As of September 18, 2025, the pulp port inventory was 211.2 tons, and the futures delivery warehouse inventory was 24.4 tons [5]. - Demand: The production volume of finished paper such as offset paper, coated paper, household paper, and white cardboard showed certain fluctuations in different periods [5]. Pulp Valuation Data - Basis: On September 23, 2025, the Russian Needle basis was 192, and the quantile level was 0.899; the Silver Star basis was 642, and the quantile level was 0.881 [5]. - Import Profit: On September 23, 2025, the import profit of coniferous pulp Silver Star was -71, and the quantile level was 0.497; broadleaf pulp Goldfish was -124, and the quantile level was 0.523 [5]. Market Analysis and Strategy - Supply: The foreign quotes of coniferous pulp decreased, and the quotes of broadleaf pulp increased. Chilean Arauco's September quotes showed a decrease in coniferous pulp and an increase in broadleaf pulp [5]. - Demand: The current demand for paper products is basically stable, the paper product prices have not rebounded significantly, and the benefits of the "Golden September and Silver October" to the pulp demand side have not been reflected [5]. - Inventory: As of September 18, 2025, the inventory of China's mainstream pulp ports showed a narrow - range accumulation trend [5]. - Strategy: The pulp fundamentals have no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5].
纸浆数据日报-20250924
Guo Mao Qi Huo·2025-09-24 06:14