建信期货纸浆日报-20251127

Report Information - Report Title: Pulp Daily Report - Report Date: November 27, 2025 - Report Industry: Pulp Industry Core Viewpoint - The supply pressure of pulp is showing signs of weakening, but the downstream profit is insufficient, resulting in poor cost transmission. Pulp prices are under pressure to fall from high levels and are expected to fluctuate in a wide range at low levels [8] Summary by Section 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,216 yuan/ton, and the closing price was 5,208 yuan/ton, a decline of 0.15%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,400 yuan/ton, remaining stable compared to the previous trading day's closing price. The quoted price of Shandong Yinxing was 5,480 - 5,500 yuan/ton [7] - The external quotation of imported wood pulp in November is still unclear, with many rumors of price increases, and there is still a wait - and - see attitude in the market. In October, the chemical pulp shipments of 20 major pulp - producing countries decreased by 3.5% year - on - year, softwood pulp by 7.1% year - on - year, and hardwood pulp by 1.9% year - on - year, with a significant decline in shipments to the Chinese market. In October, the European wood pulp inventory was 703,900 tons, a decrease of 2.8% month - on - month and an increase of 3.4% year - on - year; the consumption was 844,100 tons, an increase of 4.8% month - on - month and 1.2% year - on - year. As of November 20, 2025, the weekly pulp inventory in major regions and ports was 2.0104 million tons, an increase of 1.71% from the previous week [8] - The price increase of downstream base paper is weak, and most mainstream prices remain stable. The price increase of white cardboard has slowed down. Currently, paper mills are under processing pressure, have a relatively limited acceptance of high - priced raw materials, and have poor restocking intentions [8] 2. Industry News - On November 26, it was reported that the digitalized automatic warehouse for papermaking products of Asia Symbol, a leading domestic company, completed equipment installation and commissioning and was officially put into operation. The warehouse project started in September 2024, began shelf installation in May 2025, and is now in use, which will bring a qualitative leap to Asia Symbol's warehousing and logistics efficiency [9] - Asia Symbol's annual 500,000 - ton high - grade cultural paper project (PM14) has been well - received since its launch in August 2023. The company plans to increase the proportion of copy paper products, add supporting equipment such as copy paper cutters in the original post - processing workshop, and increase the corresponding supporting warehousing capacity. Considering the insufficient warehousing capacity of white cardboard, it planned and constructed this project according to the demand for cultural paper and white cardboard [9] 3. Data Overview - The report provides multiple data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate, with data sources from Wind and Zhuochuang Information [15][17][19][24][25][27]