建信期货纸浆日报-20251013

Group 1: Report Information - Report Title: Pulp Daily Report [1] - Date: October 13, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - Pulp futures contract 01 decreased by 0.59%, and the pulp market showed a low - level volatile adjustment. The downstream demand was weak, and the supply pressure of double - offset paper remained due to new capacity [7]. Group 4: Summary by Section 1. Market Review and Operation Suggestions - Pulp futures 01 contract: The previous settlement price was 5108 yuan/ton, and the closing price was 5078 yuan/ton, a decline of 0.59% [7]. - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4810 - 6600 yuan/ton, up 10 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5520 - 5550 yuan/ton [7]. - Arauco's September offer: Coniferous pulp Yinxing was 700 dollars/ton, down 20 dollars/ton from last month; natural pulp Venus was 590 dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 dollars/ton, up 20 dollars/ton from last month [7]. - August production and import data: The chemical pulp shipments of 20 major pulp - producing countries increased by 10.3% year - on - year. China's pulp import volume was 265.3 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [7]. - Inventory data: As of October 9, 2025, the weekly pulp inventory in major regions and ports decreased by 0.51% month - on - month [7]. - Downstream market: The enthusiasm of downstream paper mills to purchase pulp was low, and most maintained just - in - time purchases. The offer of double - offset paper still declined after the festival, and there was still supply pressure [7]. 2. Industry News - On October 10, the import of waste pulp attracted the attention of customs. Customs required importers to indicate the production process of recycled pulp in the customs declaration form from October 10, 2025 [8]. 3. Data Overview - Multiple data charts were provided, including import softwood pulp spot price, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [14][16][18]