Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp fundamentals still show no signs of recovery, with no significant reduction in pulp port inventories and the number of warehouse receipts. The pulp futures are expected to fluctuate, and an 11 - 1 reverse spread is recommended [5][6]. 3. Summary by Relevant Catalog Price Data - Futures Prices: On September 25, 2025, SP2601 was 5314 with a daily increase of 0.34% and a weekly decrease of 0.15%; SP2511 was 5060 with a daily increase of 0.32% and a weekly increase of 0.92%; SP2505 was 5328 with a daily increase of 0.30% and a weekly decrease of 0.34% [5]. - Spot Prices: Coniferous pulp Silver Star was 5650, Russian Needle was 5200; Broad - leaf pulp Goldfish was 4220, all with no daily or weekly changes [5]. - Outer - disk Quotes: Chilean Silver Star decreased by 2.78% to 700 dollars; Japanese quotes increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - Import Costs: Chilean Silver Star decreased by 2.75% to 5721; Brazilian Goldfish increased by 3.87% to 4344; Chilean Venus remained unchanged at 4830 [5]. Fundamental Data - Supply: In August 2025, coniferous pulp imports were 61.4 tons, a month - on - month decrease of 4.95%; broad - leaf pulp imports were 125.8 tons, a month - on - month decrease of 6.88%. The pulp shipment volume to China in August was 162 tons, a 4.50% increase [5]. - Production: Domestic broad - leaf pulp production on September 25, 2025, was 23.8 tons; chemimechanical pulp production was 22.3 tons [5]. - Inventory: As of September 25, 2025, the pulp port inventory was 203.3 tons, a decrease of 7.9 tons from the previous period, a 3.7% decrease. The futures delivery warehouse inventory was 23.5 tons [5]. - Demand: On September 25, 2025, double - offset paper production was 21.00 tons; coated paper production was 8.50 tons; tissue paper production was 28.07 tons; white cardboard production was 35.90 tons [5]. Valuation Data - Basis: On September 25, 2025, the Russian Needle basis was 140 with a quantile level of 0.867; the Silver Star basis was 590 with a quantile level of 0.86 [5]. - Import Profit: Coniferous pulp Silver Star had an import profit of - 71 with a quantile level of 0.497; broad - leaf pulp Goldfish had an import profit of - 124 with a quantile level of 0.523 [5]. Market Analysis - Supply Side: Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broad - leaf pulp quotes [5]. - Demand Side: Current paper product demand is stable, prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on pulp demand has not been reflected [5]. - Inventory Side: As of September 25, 2025, the pulp inventory showed a de - stocking trend [5].
纸浆数据日报-20250926
Guo Mao Qi Huo·2025-09-26 03:24