Yongan Futures(SH:600927) Yong An Qi Huo·2025-10-31 01:08Report Summary 1. Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: October 31, 2025 [2] 2. SP Main Contract Closing Price - On October 30, 2025, the closing price of the SP main contract was 5224.00, with a decrease of 0.34338% from the previous day. The closing prices from October 24 - 29 were 5240.00, 5258.00, 5226.00, 5242.00 respectively, with corresponding daily changes of -0.19048%, 0.34351%, -0.60860%, 0.30616% [3]. - The converted US dollar prices from October 24 - 30 were 642.32, 645.65, 642.60, 644.73, 644.73 respectively [3]. - The Shandong Yinxing basis from October 24 - 30 was 350, 242, 274, 258, 276 respectively; the Jiangsu - Zhejiang - Shanghai Yinxing basis was 310, 277, 309, 268, 286 respectively [3]. 3. Import Price and Profit - Calculated with 13% VAT, for Canadian Golden Lion (CFR), the port US dollar price was 780, the Shandong region RMB price was 6200, and the import profit was -127.94; for Canadian Lion (CFR), the port US dollar price was 730, the Shandong region RMB price was 5350, and the import profit was -576.79; for Chilean Yinxing (CFR letter of credit 90 days), the port US dollar price was 680, the Shandong region RMB price was 5500, and the import profit was -25.64. The previous day's exchange rate was 7.10 [4]. 4. National and Regional Pulp and Paper Prices - From October 24 - 30, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, 3686.25 respectively; the Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, 3600.00 respectively [4]. - The cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged from October 27 - 30, 2025, at 5725, 5670, 4350, 841 respectively [4]. - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper from October 27 - 30, 2025, were 0.2667%, 13.2903%, -9.2823%, 6.9932% (with a change of -0.0191 for living paper) respectively [4]. 5. Pulp Price Spreads - From October 24 - 30, 2025, the softwood - hardwood pulp price spread changed from 1350 to 1250; the softwood - natural pulp price spread changed from 190 to 100; the softwood - chemimechanical pulp price spread changed from 1790 to 1700; the softwood - waste paper price spread changed from 4014 to 3924 [4].