永安期货纸浆早报-20251114

Group 1: Report Information - The report is a pulp morning report released on November 14, 2025, by the energy and chemical team of the research center [1] Group 2: SP Main Contract Data - The closing price of the SP main contract on November 13, 2025, was 5534.00 [1] - The closing prices from November 7 - 13, 2025, were 5394.00, 5468.00, 5484.00, 5482.00, and 5534.00 respectively [1] - The corresponding converted US - dollar prices were 661.50, 671.16, 672.85, 672.93, and 672.93 respectively [1] - The daily price changes were 0.48435%, 1.37189%, 0.29261%, - 0.03647%, and 0.94856% respectively [1] - The Shandong Yinxing basis on November 13, 2025, was 6, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 31 [1] Group 3: Import Profit Data - With a 13% VAT calculation and an exchange rate of 7.12, the import profit for Canadian Golden Lion was - 145.57, for Canadian Lion was - 443.29, and for Chilean Yinxing was - 1.01 [2] - The port US - dollar prices were 780, 730, and 680 respectively, and the Shandong region RMB prices were 6200, 5500, and 5540 respectively [2] Group 4: Pulp and Paper Price Averages - From November 7 - 13, 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 region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) prices remained unchanged from November 10 - 13, 2025 [2] Group 5: Pulp and Paper Profit Margin Estimates - From November 10 - 13, 2025, the estimated profit margins for double - offset paper were - 0.7226%, - 1.0753%, - 1.0753%, - 1.0753% respectively [2] - For double - copper paper, they were 12.4839%, 12.1935%, 12.1935%, 12.1935% respectively [2] - For white - card paper, they were - 7.9436%, - 8.1551%, - 8.1551%, - 8.1551% respectively [2] - For living paper, they were 5.2551%, 4.7968%, 4.7968%, 4.7968% respectively [2] Group 6: Pulp Price Spreads - From November 7 - 13, 2025, the softwood - hardwood price spread was 1240, 1185, 1180, 1165, 1165 respectively [2] - The softwood - natural price spread was 100, 125, 140, 140, 140 respectively [2] - The softwood - chemimechanical price spread was 1700, 1725, 1740, 1740, 1740 respectively [2] - The softwood - waste paper price spread was 3924, 3949, 3964, 3964, 3964 respectively [2]