永安期货纸浆早报-20251029

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - No clear - cut core view is presented in the given report content. 3. Summary by Related Catalogs 3.1 SP Main Contract Closing Price - The closing price of the SP main contract on October 28, 2025, was 5226.00. The closing prices on October 27, 24, 23, and 22 were 5258.00, 5240.00, 5250.00, and 5220.00 respectively. The daily price changes were - 0.60860%, 0.34351%, - 0.19048%, 0.57471%, and 0.96712% [3]. - The converted US - dollar prices on these dates were 645.65, 645.65, 642.32, 643.64, and 639.70 respectively. The basis for Shandong Yinxing was 274, 242, 350, 350, and 380, and for Jiangsu, Zhejiang, and Shanghai Yinxing was 309, 277, 310, 310, and 340 [3]. 3.2 Import Profit and Price Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US - dollar price was 780, the Shandong region RMB price was 6200, and the import profit was - 136.75. For Canadian Lion (CFR), the port US - dollar price was 730, the Shandong region RMB price was 5350, and the import profit was - 585.04. For Chilean Yinxing (CFR, 90 - day letter of credit), the port US - dollar price was 680, the Shandong region RMB price was 5500, and the import profit was - 33.32 [4]. 3.3 Pulp and Paper Price Averages - From October 22 to 28, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged [4]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from October 23 to 28, 2025. The double - offset, double - copper, white - card, and living - paper indices were 5725, 5670, 4350, and 841 respectively [4]. 3.4 Pulp Profit Margin Estimation - The estimated profit margins of double - offset paper on October 23, 24, 27, and 28, 2025, were - 0.0774%, - 0.0430%, 0.2667%, and 0.2667% respectively. For double - copper paper, they were 12.9677%, 13.0000%, 13.2903%, and 13.2903%. For white - card paper, they were - 10.3133%, - 10.2892%, - 9.2823%, and - 9.2823%. For living paper, they were 7.1077%, 7.1459%, 6.9932%, and 6.9932% [4]. 3.5 Pulp Price Spreads - The price spreads between softwood and hardwood pulp on October 28, 27, 24, 23, and 22, 2025, were 1250.00, 1250, 1350, 1360, and 1350 respectively. The spreads between softwood and natural pulp were 100, 100, 190, 200, and 200. The spreads between softwood and chemimechanical pulp were 1700, 1700, 1790, 1800, and 1800. The spreads between softwood pulp and waste paper were 3924, 3924, 4014, 4024, and 4024 [4].