建信期货纸浆日报-20251205

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The pulp market is currently in a state of low - level wide - range oscillatory adjustment. Although short - term overseas mill shutdowns boost the futures price and some cultural paper mills' price increase letters in December boost market confidence, the fundamentals have not formed a trend - driving force yet [8] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,402 yuan/ton, and the closing price was 5,496 yuan/ton, a rise of 1.74%. The intended trading price range of softwood pulp in the Shandong wood pulp market was 4,820 - 6,300 yuan/ton, up 70 yuan/ton from the previous trading day's closing price, with the Shandong Yinxing offer at 5,500 - 5,550 yuan/ton [7] - Recently, the international wood chip supply has been tight. APRIL and Bracell under the Golden Eagle Group announced a 20 - dollar/ton increase in the price of bleached hardwood pulp in Asia in December. In October, the chemical pulp shipments of 20 major pulp - producing countries decreased by 3.5% year - on - year, softwood pulp by 7.1%, and hardwood pulp by 1.9%, with a significant decline in shipments to the Chinese market. In October 2025, the total wood pulp inventory in European ports decreased by 10.2% month - on - month and 6.5% year - on - year. As of November 27, 2025, the weekly pulp inventory in major regions and ports increased by 1.51% month - on - month. Downstream base paper prices have made narrow adjustments, and the processing cost pressure remains high [8] 3.2. Industry News - On December 3, six departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Plan for Enhancing the Adaptability of Consumer Goods Supply and Demand and Further Promoting Consumption". The plan aims to optimize the consumer goods supply structure by 2027, form 3 trillion - level consumption sectors and 100 - billion - level consumption hotspots, and build high - quality consumer goods. By 2030, a high - quality development pattern of positive interaction between supply and consumption is expected to be basically formed [9] 3.3. Data Overview - The report presents 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 totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate. The data sources are mainly Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [15][17][19]