纸浆数据日报-20251203

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The pulp futures have risen significantly, with the futures market showing a pattern of near - term strength and long - term weakness. The market may trade again on the potential shortage of new warehouse receipts. In the short term, the futures market is expected to be highly volatile, and it is advisable to adopt a wait - and - see approach [6] 3. Summary by Relevant Catalogs 3.1 Price Data 3.1.1 Futures and Spot Prices - Futures prices: SP2601 is 5328 yuan/ton, up 2.66% week - on - week and 2.23% day - on - day; SP2512 is 4714 yuan/ton, up 0.81% week - on - week and 0.04% day - on - day; SP2605 is 5366 yuan/ton, up 2.09% week - on - week and 1.78% day - on - day - Spot prices: Coniferous pulp Silver Star is 5450 yuan/ton, up 0.93% week - on - week and 0.93% day - on - day; Coniferous pulp Russian Needle is 5250 yuan/ton, unchanged week - on - week and day - on - day; Hardwood pulp Goldfish is 4500 yuan/ton, up 2.27% week - on - week and 2.27% day - on - day [6] 3.1.2 Outer - market Quotes and Import Costs - Outer - market quotes: Chilean Silver Star is 680 dollars/ton, unchanged month - on - month; Brazilian Goldfish is 540 dollars/ton, up 1.89% month - on - month; Chilean Venus is 590 dollars/ton, unchanged month - on - month - Import costs: Brazilian imports are 4425 yuan/ton, up 1.87% month - on - month; Chilean Venus is 4830 yuan/ton, unchanged month - on - month [6] 3.2 Fundamental Data 3.2.1 Supply - In October 2025, the import volume of pulp was 173 tons. The import volume of coniferous and hardwood pulp was 69.1 and 131.8 tons respectively, with a month - on - month change of 0.00% and - 2.80% - The domestic production volume of hardwood pulp on November 27, 2025 was 25.2 tons, and that of chemimechanical pulp was 23.7 tons [6] 3.2.2 Inventory - As of November 27, 2025, the pulp port inventory was 217.2 tons, down 0.1 tons from the previous period, a week - on - week decrease of 0.05%. The inventory in futures delivery warehouses was 21.1 tons [6] 3.2.3 Demand - The production volume of finished paper: Double - offset paper was 20.80 tons, coated paper was 8.50 tons, tissue paper was 28.49 tons, and white cardboard was 34.50 tons [6] 3.3 Valuation Data - Basis: The Russian Needle basis was 0.45, and the value was 536; the Silver Star basis was 0.928, and the value was 736 - Import profit: The import profit was - 109 [6]