建信期货纸浆日报-20250930

General Information - Report Title: Pulp Daily Report [1] - Date: September 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Review and Operation Suggestions Market Review - Pulp futures contract 01 had a previous settlement price of 5,290 yuan/ton and a closing price of 5,174 yuan/ton, a decline of 2.19% [7]. - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,920 - 6,600 yuan/ton, down 30 yuan/ton from the previous trading day. The price of Arauco Silver Star in Shandong was 5,550 - 5,580 yuan/ton [7]. Company Quotes and Industry Data - Chile's Arauco Company announced its September wood pulp export prices: Silver Star softwood pulp was $700/ton, down $20/ton from last month; Venus natural pulp was $590/ton, unchanged from last month; Star hardwood pulp was $540/ton, up $20/ton from last month [8]. - In August, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 10.3% year - on - year, with softwood pulp up 5% and hardwood pulp up 14.7% [8]. - China's total pulp imports in August were 2.653 million tons, a 7.9% decrease from the previous month and a 5.6% decrease year - on - year [8]. - As of September 25, 2025, the weekly pulp inventory in major regions and ports decreased by 3.84% month - on - month [8]. Market Outlook - Before the holiday, the replenishment enthusiasm of the downstream base paper industry increased limitedly, and the demand growth was slow. As the holiday approached, market transactions slowed down, and demand support was limited. Near - month contracts were testing the cost line. In the short term, pulp prices would continue to fluctuate at a low level [8]. Industry News - From January to August 2025, the total profit of industrial enterprises above designated size in China was 4,692.97 billion yuan, a year - on - year increase of 0.9%. The paper and paper products industry achieved a total profit of 2.293 billion yuan, a year - on - year decrease of 18.8%; the printing and recording media reproduction industry achieved a total profit of 2.072 billion yuan, a year - on - year decrease of 5.2% [9]. - Chief statistician Yu Weining of the National Bureau of Statistics interpreted the profit data of industrial enterprises from January to August 2025, stating that due to multiple factors such as the effectiveness of macro - policies, the in - depth promotion of the national unified market, and the low base in the same period last year, the profits of industrial enterprises above designated size improved significantly, revenue remained stable, the equipment manufacturing industry played a key role, and the profits of different - sized enterprises improved [9]. Data Overview - The report includes various data charts, such as European main port wood pulp inventory, domestic main port area pulp inventory, and prices and spreads of different types of paper [23][25]