Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The coniferous pulp futures have stabilized, boosting the market and leading to a slight improvement in spot transactions. The foreign market price of broadleaf pulp has been continuously increasing, providing cost support for the firmness of the spot price. However, the pattern of high inventory and weak demand remains unchanged, and the market lacks directional guidance. It is expected that the upward space for pulp is limited, and the market will maintain a volatile trend [7]. 3. Summary by Related Catalog Demand - During the week, the production of household paper, coated paper, and white cardboard decreased, while the production of offset paper increased [6]. Supply - The sample production of Chinese broadleaf pulp was 250,000 tons, an increase of 13,000 tons compared to last week. The sample broadleaf pulp market remained stable this period, and the production enterprises' equipment returned to normal production. It is expected that the sample production will maintain a stable trend in the short term [7]. Inventory - As of November 6, 2025, the sample inventory of mainstream pulp ports in China was 2.008 million tons, a decrease of 53,000 tons compared to the previous period, with a month - on - month decline of 2.6%. The inventory showed a narrow - range destocking trend this period [7]. - The inventory changes of different ports: Qingdao Port decreased by 3.9% (from 1.41 million tons to 1.355 million tons), Changshu Port increased by 0.6% (from 503,000 tons to 506,000 tons), Gaolan Port increased by 64.7% (from 34,000 tons to 56,000 tons), Tianjin Port decreased by 29.2% (from 72,000 tons to 51,000 tons), and Rizhao Port decreased by 4.8% (from 42,000 tons to 40,000 tons) [9]. Profit - The price of domestic waste paper continued to rise, and due to strong cost pressure, the gross profit of corrugated paper, boxboard paper, and white board paper shrank. The demand for bobbin paper was good, and the increase in the price of base paper exceeded the cost, resulting in a 11.00% month - on - month increase in gross profit. Due to more positive news on the demand side of social white cardboard, the increase in base paper price was greater than that of pulp price, and the gross profit increased by 78.18% month - on - month. The price of cultural printing paper base paper remained flat, while the price of domestic chemimechanical pulp increased month - on - month, so the gross profit of double - copper paper decreased by 4.37% month - on - month [7]. - Specific profit data: The gross profit of boxboard paper decreased by 3.24% (from 683 yuan/ton to 661 yuan/ton), corrugated paper decreased by 7.79% (from 408 yuan/ton to 376 yuan/ton), bobbin paper increased by 11.00% (from 100 yuan/ton to 111 yuan/ton), white board paper decreased by 9.73% (from 339 yuan/ton to 306 yuan/ton), social white cardboard increased by 78.18% (from 110 yuan/ton to 196 yuan/ton), offset paper decreased by 2.37% (from - 253 yuan/ton to - 259 yuan/ton), double - copper paper decreased by 4.37% (from 183 yuan/ton to 175 yuan/ton), and household paper remained unchanged at 149 yuan/ton [11].
金信期货日刊-20251107
Jin Xin Qi Huo·2025-11-07 06:41