Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Pulp fundamentals have not improved significantly, but there is a potential shortage of delivery resources for 2026 Russian needles, and the futures market may be priced based on Russian needles and high - quality softwood pulp; maintain the 12 - 1 reverse spread strategy [11] Group 3: Summary According to Relevant Catalogs Pulp Price Data - Futures Prices: On November 6, 2025, SP2601 was 5368 with a daily increase of 0.15% and a weekly increase of 2.76%; SP2511 was 4880 with a daily decrease of 0.12% and a weekly increase of 0.91%; SP2605 was 5384 with a daily increase of 0.19% and a weekly increase of 2.28% [6] - Spot Prices: On November 6, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; the price of Russian softwood pulp was 5100 with no daily or weekly change; the price of hardwood pulp Goldfish was 4250 with no daily or weekly change [6] - Foreign Quotes and Import Costs: The foreign quote of Chilean Silver Star was 680 dollars (down 2.86% month - on - month), and its import cost was 5559 (down 2.83% month - on - month); the foreign quote of Brazilian Goldfish was 530 dollars (up 3.92% month - on - month), and its import cost was 4344 (up 3.87% month - on - month); the foreign quote of Chilean Venus was 590 dollars with no month - on - month change, and its import cost was 4830 with no month - on - month change [6] Pulp Fundamental Data - Supply: In September 2025, the import volume of softwood pulp was 69.1 tons (up 12.54% month - on - month), and that of hardwood pulp was 135.6 tons (up 7.79% month - on - month). The domestic production of hardwood pulp on November 6, 2025, was 25 tons, and that of chemimechanical pulp was 23.5 tons. The pulp shipment volume to China was 162, up 4.50% [6] - Inventory: As of November 6, 2025, the pulp port inventory was 200.8 tons (a decrease of 5.3 tons from the previous period, a 2.6% decrease), and the futures delivery warehouse inventory was 22.4 tons [6][11] - Demand: The production of offset paper was 20.80 tons, coated paper was 8.50 tons, tissue paper was 28.36 tons, and white board paper was 35.70 tons on November 6, 2025. White board paper showed an obvious increase in both volume and price, and cultural paper had frequent price increase letters, but overall demand was still weak [6][11] Pulp Valuation Data - Basis: On November 6, 2025, the Russian needle basis was 220 with a quantile level of 0.904; the Silver Star basis was 620 with a quantile level of 0.871 [6] - Import Profit: On November 6, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.513; that of hardwood pulp Goldfish was - 94 with a quantile level of 0.557 [6]
纸浆数据日报-20251107
Guo Mao Qi Huo·2025-11-07 07:12