建信期货纸浆日报-20251211

Report Information - Report Type: Pulp Daily Report [1] - Date: December 11, 2025 [2] Industry Investment Rating - Not provided Core View - Recently, the international wood chip supply has been continuously tight, and APRIL and Bracell under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood pulp in Asia in December. In October, the chemical pulp shipments of the world's top 20 pulp-producing countries decreased year-on-year, with significant declines in shipments to the Chinese market. In October 2025, the total wood pulp inventory at European ports decreased both month-on-month and year-on-year, while the weekly pulp inventory in major regions and ports increased month-on-month as of November 27, 2025. The downstream base paper prices have been adjusted slightly, and the processing cost pressure remains high. Some cultural paper mills issued price increase letters in December, boosting market confidence. In the short term, the suspension of overseas pulp mills has boosted the futures price. The main contract is mainly a game between new and old warehouse receipts, and the fundamentals have not yet formed a trend, so it is still regarded as a low-level wide-range shock adjustment [8]. Summary by Directory 1. Market Review and Operation Suggestions - Market Review: The previous settlement price of the pulp futures 05 contract was 5,460 yuan/ton, and the closing price was 5,436 yuan/ton, a overall decrease of 0.44%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, with prices remaining stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5,500 yuan/ton [7]. - Operation Suggestions: The fundamentals have not yet formed a trend, and it is still regarded as a low-level wide-range shock adjustment [8]. 2. Industry News - On December 3, the Ministry of Ecology and Environment issued a letter soliciting opinions on the revised draft of the "Catalogue for the Classification Management of Environmental Impact Assessments of Construction Projects". Compared with the 2021 version, the revised "Catalogue" has 56 primary categories, 199 secondary industry categories, and 4 general processes. The adjustment has added 30 secondary industry categories. The "paper products manufacturing" industry is no longer in the "Catalogue", which means that new projects will simplify the requirements for environmental assessment management next year, which is a major benefit for the base paper processing industry and will further expand paper consumption. The deadline for soliciting opinions is January 5, 2026 [9]. 3. Data Overview - Pulp Futures Data: Includes information on contracts such as SP2601, SP2605, and SP2609, including opening price, closing price, highest price, lowest price, change rate, trading volume, open interest, etc. [7] - Inventory Data: In October 2025, the total wood pulp inventory at 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 [8] - Price Data: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, and the quote for Shandong Silver Star was 5,500 yuan/ton [7]