建信期货纸浆日报-20250926

Industry Investment Rating - No information provided Core Viewpoints - The pulp market is undergoing short - term fluctuations. The external market quotations show a mixed trend, the supply - side tightening needs to be reflected in shipments, port inventories are at a high level, and downstream paper mills still aim to reduce costs and increase efficiency. The market is expected to continue its low - level volatile adjustment [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5268 yuan/ton, and the closing price was 5314 yuan/ton, a rise of 0.87%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5000 - 6600 yuan/ton, remaining stable compared to the previous trading day. The quotation of Shandong Silver Star was 5600 - 5620 yuan/ton [7] - Chile's Arauco Company announced its new September wood pulp export quotations: softwood pulp Silver Star was 700 US dollars/ton, down 20 US dollars/ton from last month; natural pulp Venus was 590 US dollars/ton, unchanged from last month; hardwood pulp Star was 520 US dollars/ton, up 20 US dollars/ton from last month [8] - In August, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 10.3% year - on - year, with softwood pulp up 5% and hardwood pulp up 14.7%. China's total pulp imports in August were 2.653 million tons, a decrease of 7.9% month - on - month and 5.6% year - on - year. As of September 25, 2025, the weekly pulp inventory in major regions and ports decreased by 3.84% month - on - month [8] - In the downstream cultural paper market, affected by typhoon weather, the operation of individual production lines in South China declined, and the production of some downstream enterprises stagnated. The trading in the base paper market weakened, showing a weak and volatile trend [8] 2. Industry News - On September 25, the PM71 paper machine at Shanying's Suzhou base was successfully started. After the successful start of the PM72 at the same base, this is another major milestone achieved by Voith and Shanying. The dual - machine operation of PM71&72 at the Suzhou base marks a key step in Shanying's layout in the high - end corrugated base paper market [9] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][24][30]