Yongan Futures(SH:600927) Yong An Qi Huo·2025-11-13 01:27Group 1: Report Summary - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center, dated November 13, 2025 [1] Group 2: SP Main Contract Information - The closing price of the SP main contract on November 12, 2025, was 5482.00 [1] - The closing prices on previous days were 5484.00 (November 11), 5468.00 (November 10), 5394.00 (November 7), and 5368.00 (November 6) [1] - The corresponding dollar - converted prices were 672.85 (November 12 and 11), 671.16 (November 10), 661.50 (November 7), and 658.32 (November 6) [1] - The daily price changes were - 0.03647% (November 12), 0.29261% (November 11), 1.37189% (November 10), 0.48435% (November 7), and 0.14925% (November 6) [1] - The Shandong Yinxing basis was 58 (November 12), 56 (November 11), 57 (November 10), 106 (November 7), and 132 (November 6) [1] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 83 (November 12), 81 (November 11), 57 (November 10), 131 (November 7), and 157 (November 6) [1] Group 3: Import Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, with a Shandong - area RMB price of 6200 and an import profit of - 145.57; the CFR price of Lion was 730 dollars, with a Shandong - area RMB price of 5500 and an import profit of - 443.29 [2] - For Chilean pulp, the CFR price of Silver Star (90 - day letter of credit) was 680 dollars, with a Shandong - area RMB price of 5540 and an import profit of - 1.01 [2] Group 4: Pulp Price Averages - From November 6 to November 12, 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 [2] - The Shandong - area average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] Group 5: Paper Index and Profit Margin - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 7 to November 12, 2025 [2] - The profit margins of double - offset, double - copper, white - card, and living paper changed from November 7 to November 12, and remained unchanged on November 11 and 12 [2] Group 6: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper changed from November 6 to November 12, 2025 [2]