纸浆数据日报-20250925

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The pulp fundamentals still show no signs of repair, with no significant reduction in pulp port inventories and the number of warehouse receipts. Pulp futures are expected to fluctuate [5]. 3. Summary by Related Catalogs Pulp Price Data - Futures Prices: On September 24, 2025, SP2601 was priced at 5296, up 0.46% day - on - day and down 0.97% week - on - week; SP2511 was 5044, up 0.72% day - on - day and up 0.04% week - on - week; SP2505 was 5312, up 0.45% day - on - day and down 1.04% week - on - week [5]. - Spot Prices: 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; Hardwood pulp Goldfish was 4220, unchanged day - on - day and week - on - week [5]. - Outer - disk Quotes (USD): Chilean Silver Star was 700, down from 720 last period, a 2.78% decrease; Japanese pulp was 530, up from 510, a 3.92% increase; Chilean Venus was 590, unchanged [5]. - Import Costs: Chilean Silver Star was 5721, down from 5884, a 2.75% decrease; Brazilian Goldfish was 4344, up from 4182, a 3.87% increase; Chilean Venus was 4830, unchanged [5]. Pulp Fundamental Data - Supply: In August 2025, coniferous pulp imports were 61.4 tons, down 4.95% from July; hardwood pulp imports were 125.8 tons, down 6.88% from July. The pulp shipment volume to China in July 2025 was 158 tons, a 23% year - on - year increase [5]. - Inventory: As of September 18, 2025, the pulp port inventory was 211.2 tons, up 5.0 tons from the previous period, a 2.4% increase. The futures delivery warehouse inventory was 24.4 tons [5]. - Demand: The production of finished paper remained relatively stable. For example, double - offset paper production was 20.90 tons on September 18, 2025 [5]. Pulp Valuation Data - Basis: On September 24, 2025, the Russian Needle basis was 156, with a quantile level of 0.876; the Silver Star basis was 606, with a quantile level of 0.868 [5]. - Import Profit: Coniferous pulp Silver Star had an import profit of - 71, with a quantile level of 0.497; hardwood pulp Goldfish had an import profit of - 124, with a quantile level of 0.523 [5]. Market Situation - Supply Side: Chile's Arauco Company's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in hardwood pulp quotes [5]. - Demand Side: Current paper product demand remained stable, with no obvious rebound in paper prices, and the positive impact of the "Golden September and Silver October" on pulp demand was not yet reflected [5]. - Inventory Side: As of September 18, 2025, the pulp inventory in mainstream Chinese ports showed a narrow - range accumulation trend [5].