纸浆数据日报-20251126

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The pulp market is expected to oscillate. The supply side shows that Chile's Arauco company's October quotes for coniferous pulp Silver Star decreased by $20/ton, while quotes for broadleaf pulp Star remained flat, and quotes for natural pulp Venus also remained flat. The demand side indicates that recent price - increase letters for pulp - made paper have been issued, with only white cardboard having good implementation results, and attention should be paid to the implementation of the second batch of price - increase letters for offset paper. As of November 20, 2025, the inventory at China's mainstream pulp ports was 2173000 tons, a 3.0% increase from the previous period, showing a continuous two - week inventory accumulation [6]. 3. Summary by Relevant Catalogs 3.1 Price Data - Futures Prices: On November 25, 2025, SP2601 was 5212 yuan/ton, down 0.15% day - on - day and 3.62% week - on - week; SP2512 was 4724 yuan/ton, up 0.25% day - on - day and down 3.55% week - on - week; SP2605 was 5272 yuan/ton, down 0.11% day - on - day and 2.55% week - on - week [6]. - Spot Prices: On November 25, 2025, the price of coniferous pulp Silver Star was 5400 yuan/ton, unchanged day - on - day and down 2.70% week - on - week; the price of coniferous pulp Russian Needle was 5170 yuan/ton, unchanged day - on - day and down 4.26% week - on - week; the price of broadleaf pulp Golden Needle was 4400 yuan/ton, unchanged day - on - day and week - on - week [6]. - Foreign Market Quotes: The October quote for Chile's Silver Star was $680/ton, down $20/ton; the quote for Star was $540/ton, unchanged; the quote for Venus was $590/ton, unchanged [6]. - Import Costs: The import cost of Chile's Silver Star was 5559 yuan/ton, down 2.83% month - on - month; the import cost of Chile's Venus was 4830 yuan/ton, unchanged month - on - month [6]. 3.2 Fundamental Data - Import Volume: In October 2025, the import volume of coniferous pulp was 691000 tons (unchanged month - on - month), and the import volume of broadleaf pulp was 1318000 tons, down 2.80% month - on - month [6]. - Domestic Production: The domestic production of broadleaf pulp and chemimechanical pulp fluctuated in the period from November 6 to November 20, 2025 [6]. - Inventory: As of November 20, 2025, the pulp port inventory was 2173000 tons, up 63000 tons from the previous period, a 3.0% increase; the futures delivery warehouse inventory was 209000 tons [6]. - Demand: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated during the period from November 6 to November 20, 2025 [6]. 3.3 Valuation Data - Basis: On November 25, 2025, the Russian Needle basis was 446, with a quantile level of 0.946; the Silver Star basis was 676, with a quantile level of 0.895 [6]. - Import Profit: On November 25, 2025, the import profit of coniferous pulp Silver Star was - 159, with a quantile level of 0.378; the import profit of broadleaf pulp Goldfish was 56, with a quantile level of 0.705 [6].