纸浆数据日报-20251201

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp is expected to move in a volatile manner recently as there has been a certain amount of cancellation of warehouse receipts and registration of new warehouse receipts [6] Group 3: Summary According to Relevant Catalogs Pulp Price Data - Futures Prices: On November 28, 2025, SP2601 was 5198 yuan/ton (up 0.27% day-on-day, down 0.57% week-on-week), SP2512 was 4704 yuan/ton (up 0.73% day-on-day, down 1.71% week-on-week), and SP2605 was 5248 yuan/ton (up 0.27% day-on-day, down 0.72% week-on-week) [6] - Spot Prices: On November 28, 2025, the price of coniferous pulp Silver Star was 5400 yuan/ton (unchanged day-on-day, down 0.92% week-on-week), Russian Needle was 5170 yuan/ton (unchanged day-on-day, down 0.58% week-on-week), and broadleaf pulp Golden Crown was 4400 yuan/ton (unchanged day-on-day and week-on-week) [6] - Outer - disk Quotes: In November 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton (down 2.86% month - on - month), Brazilian Goldfish was 530 dollars/ton (up 3.92% month - on - month), and Chilean Venus was 590 dollars/ton (unchanged month - on - month) [6] - Import Costs: In November 2025, the import cost of Chilean Silver Star was 5559 yuan/ton (down 2.83% month - on - month), Brazilian Goldfish was 4344 yuan/ton (up 3.87% month - on - month), and Chilean Venus was 4830 yuan/ton (unchanged month - on - month) [6] Pulp Fundamental Data - Supply: In October 2025, the import volume of coniferous pulp was 69.1 tons (unchanged month - on - month), and broadleaf pulp was 131.8 tons (down 2.80% month - on - month). The domestic production of broadleaf pulp and chemimechanical pulp fluctuated in late October 2025. The pulp shipment volume to China decreased by 7.49% [6] - Inventory: As of November 27, 2025, the pulp port inventory was 217.2 tons (down 0.1 tons from the previous period, down 0.05% month - on - month), and the futures delivery warehouse inventory was 21.1 tons [6] - Demand: In late November 2025, the production of double - offset paper, coated paper, tissue paper, and white cardboard fluctuated. Recently, wood - pulp paper companies have issued price increase letters, with only white cardboard having a good implementation situation [6] Pulp Valuation Data - Basis: On November 28, 2025, the Russian Needle basis was 466 with a quantile level of 0.948, and the Silver Star basis was 696 with a quantile level of 0.911 [6] - Import Profit: On November 28, 2025, the import profit of coniferous pulp Silver Star was - 159, and that of broadleaf pulp Goldfish was 56 [6]