永安期货纸浆早报-20251202

Report Summary Report Information - Report title: Pulp Morning Report - Research team: Energy and Chemicals Team of the Research Center - Date: December 2, 2025 [2] Core Data - SP main contract closing price on December 1, 2025: 5190.00 [3] - Price changes from November 25 - December 1, 2025: closing price decreased from 5212.00 to 5190.00, with a daily change of -0.15391% on December 1; converted US - dollar price decreased from 641.47 to 641.02; Shandong Yinxing basis decreased from 253 to 185; Jiangsu - Zhejiang - Shanghai Yinxing basis decreased from 238 to 195 [3] - Import profit on December 1, 2025: Canada's Golden Lion - 110.31, Lion - 600.29; Chile's Yinxing - 135.27 [4] - National average price from November 25 - December 1, 2025: no change in the average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp; for paper products, cultural paper, packaging paper prices remained unchanged, while the living paper index increased by 2; profit margins of double - offset paper remained unchanged, double - copper paper increased by 0.0163, white cardboard increased by 0.0117, and living paper increased by 0.7022 [4] - Price differences on December 1, 2025: softwood - hardwood pulp price difference 925.00, softwood - natural pulp price difference - 25, softwood - chemimechanical pulp price difference 1575, softwood - waste paper price difference 3799 [4][5] Core View The report presents the price data of the SP main contract, import profit, national average price of pulp and paper products, and price differences in the pulp market from November 25 - December 1, 2025, reflecting the current market price trends and profit situations [3][4][5]