纸浆数据日报-20251022

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of the pulp market have not improved significantly, but there may be a shortage of delivery resources for Russian needles in 2026. The futures market may be priced based on Russian needles and high - quality softwood pulp. The 11 - 1 reverse spread strategy is maintained [5][6] 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - Futures Prices: On October 21, 2025, SP2601 was 5170 with a daily increase of 0.27% and a weekly increase of 0.19%; SP2511 was 4854 with a daily decrease of 0.08% and a weekly increase of 0.17%; SP2605 was 5226 with a daily increase of 0.27% and a weekly decrease of 0.08% [6] - Spot Prices: On the same day, the price of softwood pulp Silver Star was 2500 (no daily or weekly change), Russian softwood pulp was 5100 (no daily change, 2.00% weekly increase), and hardwood pulp Goldfish was 4250 (no daily or weekly change) [6] - Foreign Market Quotes: In October 2025, the quote for Chilean Silver Star was 680 dollars/ton (down 20 dollars/ton compared to the previous period), Nisshin Goldfish was 530 dollars/ton (up 20 dollars/ton), and Chilean Venus was 590 dollars/ton (unchanged) [6] - Import Costs: The import cost of Brazilian Goldfish was 4344, up 3.87% from the previous period; Chilean Venus was 4830, unchanged [6] 3.2 Pulp Fundamental Data - Supply - Import Volume: In September 2025, the import volume of softwood pulp was 69.1 tons, a 12.54% increase from August; the import volume of hardwood pulp was 135.6 tons, a 7.79% increase [6] - Domestic Production: The domestic production of hardwood pulp and chemimechanical pulp fluctuated in different periods, with no obvious trend [6] - Shipping Volume to China: The shipping volume of pulp to China in August 2025 was 162, a 4.50% increase [6] - Inventory - Port Inventory: As of October 16, 2025, the pulp inventory in China's main ports was 207.4 tons, a 0.1% decrease from the previous period, showing a narrow - range de - stocking trend [6] - Futures Delivery Warehouse Inventory: It showed a downward trend in different periods [6] - Demand: The production of finished paper products such as offset paper, coated paper, tissue paper, and white cardboard fluctuated slightly, and the overall demand for paper products remained stable. The positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [6] 3.3 Pulp Valuation Data - Basis: On October 21, 2025, the Russian needle basis was 246 with a quantile level of 0.911; the Silver Star basis was 646 with a quantile level of 0.878 [6] - Import Profit: The import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.511; the import profit of hardwood pulp Goldfish was - 94 with a quantile level of 0.555 [6]