纸浆数据日报-20250929

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals of pulp have no signs of repair, the inventory at pulp ports and the number of warehouse receipts have no obvious reduction, and pulp futures are oscillating. It is recommended to consider the 11 - 1 reverse spread [5][6] 3. Summary According to Related Catalogs 3.1 Pulp Price Data - Futures Prices: On September 26, 2025, SP2601 was 5272, down 0.79% day - on - day and 0.83% week - on - week; SP2511 was 5016, down 0.87% day - on - day and 0.04% week - on - week; SP2505 was 5296, down 0.60% day - on - day and 0.71% week - on - week [5] - Spot Prices: On September 26, 2025, the price of coniferous pulp Silver Star was 5650, unchanged day - on - day and week - on - week; Russian Needle was 5200, unchanged; broadleaf pulp Goldfish was 4220, unchanged [5] - Foreign Offer Prices: In September 2025, the offer price of Chilean Silver Star was 700 dollars, down 2.78% month - on - month; the offer price of a certain unnamed variety was 530 dollars, up 3.92% month - on - month; the offer price of Chilean Venus was 590 dollars, unchanged [5] - Import Costs: The import cost of Brazilian Goldfish was 4344, up 3.87% month - on - month; the import cost of Chilean Silver Star was 5721, down 2.75% month - on - month; the import cost of Chilean Venus was 4830, unchanged [5] 3.2 Pulp Fundamental Data - Supply: In August 2025, the import volume of coniferous pulp was 61.4 tons, down 4.95% month - on - month; the import volume of broadleaf pulp was 125.8 tons, down 6.88% month - on - month. The pulp shipment volume to China was 162 tons, up 4.50% [5] - Inventory: As of September 25, 2025, the pulp port inventory was 203.3 tons, down 7.9 tons from the previous period, a 3.7% decline. The inventory showed a de - stocking trend [5] - Demand: The current demand for paper products is basically stable, paper product prices have no obvious rebound, and the positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [5] 3.3 Pulp Valuation Data - Basis: On September 26, 2025, the Russian Needle basis was 184, with a quantile level of 0.897; the Silver Star basis was 634, with a quantile level of 0.877 [5] - Import Profit: On September 26, 2025, the import profit of coniferous pulp Silver Star was - 71, with a quantile level of 0.497; the import profit of broadleaf pulp Goldfish was - 124, with a quantile level of 0.523 [5] 3.4 Strategy - Consider the 11 - 1 reverse spread as the pulp fundamentals have no signs of repair, and the pulp port inventory and warehouse receipt numbers have no obvious reduction, with pulp futures oscillating [6]