纸浆数据日报-20251009

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp fundamentals still show no signs of repair. Pulp port inventories and the number of warehouse receipts have not significantly decreased, and pulp futures are running weakly. It is recommended to consider a 11 - 1 reverse spread strategy [6]. 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - Futures Prices: On September 30, 2025, SP2601 was 5142 with a daily decrease of 0.62% and a weekly decrease of 2.47%; SP2511 was 4834 with a daily decrease of 0.90% and a weekly decrease of 3.47%; SP2505 was 5184 with a daily decrease of 0.58% and a weekly decrease of 1.97% [5]. - Spot Prices: On September 30, 2025, the price of coniferous pulp Silver Star was 5550 with a daily decrease of 0.89% and a weekly decrease of 1.77%; Russian Needle was 5100 with a daily decrease of 0.97% and a weekly decrease of 1.92%; Broadleaf pulp Goldfish was 4250 with no daily change and a weekly increase of 0.71% [5]. - Outer - Disk Quotes: The outer - disk quote for Chilean Silver Star was 700 dollars, a monthly decrease of 2.78%; Japanese - origin was 530 dollars, a monthly increase of 3.92%; Chilean Venus was 590 dollars with no monthly change [5]. - Import Costs: The import cost of Brazilian Goldfish was 4344, a monthly increase of 3.87%; Chilean Venus was 4830 with no monthly change [5]. 3.2 Pulp Fundamental Data - Supply: In August 2025, the import volume of coniferous pulp was 61.4 tons, a monthly decrease of 4.95%; the import volume of broadleaf pulp was 125.8 tons, a monthly decrease of 6.88%. The pulp shipment volume to China was 162 tons, a 4.50% increase. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations [5]. - Demand: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed certain fluctuations, but the overall demand for paper products was basically stable, and the price of paper products had no obvious rebound [5]. - Inventory: As of September 25, 2025, the inventory of mainstream Chinese pulp ports was 203.3 tons, a decrease of 7.9 tons from the previous period, a 3.7% decrease, showing a destocking trend [5]. 3.3 Pulp Valuation Data - Basis: On September 30, 2025, the Russian Needle basis was 266 with a quantile level of 0.915; the Silver Star basis was 716 with a quantile level of 0.92 [5]. - Import Profit: On September 30, 2025, the import profit of coniferous pulp Silver Star was - 171 with a quantile level of 0.359; the import profit of broadleaf pulp Goldfish was - 94 with a quantile level of 0.554 [5].