建信期货纸浆日报-20251113

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core View - In the short term, pulp prices are trending stronger due to low warrant quantities and rising overseas quotes in November. It is recommended to monitor the cost digestion performance of downstream paper mills and adopt a wait - and - see approach [7]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,492 yuan/ton, and the closing price was 5,482 yuan/ton, a decline of 0.18%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,870 - 6,500 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing quotation was 5,520 - 5,530 yuan/ton [7]. - Finnforest Metsa notified Chinese customers that the November quote for softwood pulp would be raised by $20. In September, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market continued to grow [7]. - As of November 6, 2025, the weekly pulp inventory in major regions and ports decreased by 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [7]. - The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while other base papers mainly replenished inventory as needed. Tendering for offset paper publications was ongoing, but social demand was limited [7]. 2. Industry News - On November 12, during the 8th CIIE, the sub - forum "Promoting Green Trade Liberalization and Accelerating Global Green Transformation" of the 8th Hongqiao International Economic Forum was held. Zhai Jingli, Vice President of Asia Pulp & Paper (APP), was invited to attend and discuss with domestic and foreign political, business, academic, and research guests [8]. 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price spreads, needle - broadleaf price spreads, inter - delivery spreads, warrant totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [14][16][18][25][26][27]