纸浆数据日报-20251027

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Views - The current demand for paper products remains at a stable level, with no obvious rebound in paper prices, and the positive impact of the "Golden September and Silver October" period on the pulp demand side has not been reflected [5][10] - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for Ural pulp in 2026, and the futures market may be priced based on Ural pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [10] 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - Futures Prices: On October 24, 2025, SP2601 was 5240, down 0.19% day - on - day and up 2.30% week - on - week; SP2511 was 4852, down 0.21% day - on - day and down 0.08% week - on - week; SP2605 was 5278, down 0.23% day - on - day and up 1.81% week - on - week [5] - Spot Prices: On October 24, 2025, the spot price of softwood pulp Silver Star was 5500, unchanged day - on - day and week - on - week; Russian Needle was 5100, unchanged day - on - day and up 2.00% week - on - week; hardwood pulp Goldfish was 4250, unchanged day - on - day and week - on - week [5] - Foreign Quotes: The foreign quote for Chilean Silver Star was 680 dollars/ton, down 20 dollars/ton from the previous period, a decrease of 2.86%; Brazilian Goldfish was 530 dollars/ton, up 20 dollars/ton from the previous period, an increase of 3.92%; Chilean Venus was 590 dollars/ton, unchanged [5] - Import Costs: The import cost of Chilean Silver Star was 5559, down 2.83% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged [5] 3.2 Pulp Fundamental Data - Import Volume: In September 2025, the import volume of softwood pulp was 69.1 tons, up 12.54% month - on - month; hardwood pulp was 135.6 tons, up 7.79% month - on - month [5] - Domestic Production: On October 23, 2025, the domestic production of hardwood pulp was 23.5 tons; chemimechanical pulp was 23.6 tons [5] - Inventory: As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a 0.9% decrease; the futures delivery warehouse inventory was 22.6 tons [5][10] - Demand: On October 23, 2025, the production of offset paper was 20.70 tons; coated paper was 8.50 tons; tissue paper was 28.46 tons; white cardboard was 36.00 tons [5] 3.3 Pulp Valuation Data - Basis: On October 24, 2025, the Russian Needle basis was 248, with a quantile level of 0.912; Silver Star basis was 648, with a quantile level of 0.879 [5] - Import Profit: On October 24, 2025, the import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.511; hardwood pulp Goldfish was - 94, with a quantile level of 0.556 [5]