永安期货纸浆早报-20251009

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints No clear core viewpoints are presented in the provided content. It mainly contains data on pulp prices, spreads, and profit margins. 3. Summary by Relevant Catalogs Pulp Futures Data - The closing price of the SP main contract on 2025/09/30 was 4,834.00, with a -0.90201% change from the previous day [3]. - The discount to the US dollar price on 2025/09/30 was 592.24 [3]. - The Shandong Yinxing basis on 2025/09/30 was 731, and the Jiangsu-Zhejiang-Shanghai Yinxing basis was 726 [3]. Import Cost and Profit Data - Based on a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -145.57, for Canadian Lion pulp was -588.29, and for Chilean Silver Star pulp was -136.92 [4]. Pulp and Paper Price Data - From 2025/09/24 to 2025/09/30, there were no changes in the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp, nor in the Shandong regional average prices [4]. - From 2025/09/25 to 2025/09/30, there were no changes in the indices of cultural paper (offset and coated paper), packaging paper (white card), and the living paper index [4]. Paper Profit Margin Data - From 2025/09/25 to 2025/09/30, the offset paper profit margin remained at 0.0430%, the coated paper profit margin at 14.9105%, the white card paper profit margin at -10.8970%, and the living paper profit margin increased from 6.6876% to 7.0696% [4]. Pulp Spread Data - From 2025/09/24 to 2025/09/30, the softwood-hardwood pulp spread was 1,325.00 on 2025/09/30, the softwood-natural pulp spread was 165, the softwood-chemimechanical pulp spread was 1,765, and the softwood-waste paper spread was 3,989 [4].