纸浆数据日报-20251014

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for the 2026 contract. The futures price may be priced based on Russian needles and high - quality softwood pulp. The 11 - 1 reverse spread strategy is maintained [5] 3. Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On October 13, 2025, SP2601 was 5158, up 1.58% day - on - day and down 2.16% week - on - week; SP2511 was 4842, up 1.13% day - on - day and down 3.47% week - on - week; SP2505 was 5228, up 1.79% day - on - day and down 1.28% week - on - week [5] - Spot Prices: On October 13, 2025, the price of softwood pulp Silver Star was 5500, down 0.36% day - on - day and down 1.79% week - on - week; Russian Needle was 5000, down 0.99% day - on - day and down 2.91% week - on - week; hardwood pulp was 4250, with no change [5] - Foreign Quotes: In October 2025, the foreign quote of Chilean Silver Star was 700 dollars/ton, down 2.78% month - on - month; Brazilian Goldfish was 530 dollars/ton, up 3.92% month - on - month; Chilean Venus was 590 dollars/ton, with no change [5] - Import Costs: In October 2025, the import cost of Chilean Silver Star was 5721, down 2.75% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, with no change [5] Pulp Fundamental Data - Supply: In August 2025, the import volume of softwood pulp was 61.4 tons, down 4.95% month - on - month; hardwood pulp was 125.8 tons, down 6.88% month - on - month. The domestic production of hardwood pulp in September 2025 was 23.8 tons, and chemimechanical pulp was 22.3 tons [5] - Inventory: As of September 25, 2025, the pulp port inventory was 203.3 tons, down 3.7% from the previous period; the futures delivery warehouse inventory was 23.5 tons [5] - Demand: In September 2025, the production of offset paper was 21.00 tons, coated paper was 8.50 tons, tissue paper was 28.07 tons, and white cardboard was 35.90 tons [5] Pulp Valuation Data - Basis: On October 13, 2025, the basis of Russian Needle was 158, with a quantile level of 0.877; the basis of Silver Star was 658, with a quantile level of 0.886 [5] - Import Profit: On October 13, 2025, the import profit of softwood pulp Silver Star was - 221, with a quantile level of 0.284; hardwood pulp Goldfish was - 94, with a quantile level of 0.554 [5]