建信期货纸浆日报-20251212

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: December 12, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Viewpoints - The pulp futures 05 contract rose 2.95% to 5586 yuan/ton. The intended transaction price range of softwood pulp in the Shandong wood pulp market increased by 100 yuan/ton. The price of Arauco's pulp in December showed a mixed trend. The shipment volume of chemical pulp from 20 pulp - producing countries in October decreased year - on - year. European port pulp inventory decreased in October 2025. Pulp imports in November 2025 increased. The weekly pulp inventory in major areas and ports as of December 4, 2025, increased slightly. Downstream paper prices had narrow adjustments, with cost pressure remaining. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [7][8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Market Review: The pre - settlement price of the pulp futures 05 contract was 5426 yuan/ton, and the closing price was 5586 yuan/ton, a 2.95% increase. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4850 - 6300 yuan/ton, up 100 yuan/ton. The Shandong Yinxing quotation was 5580 - 5600 yuan/ton. Arauco's December pulp quotes: softwood pulp Yinxing rose 20 dollars/ton to 700 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing rose 20 dollars/ton to 570 dollars/ton [7][8] - Industry Data: In October, the shipment volume of chemical pulp from 20 world pulp - producing countries decreased 3.5% year - on - year, softwood pulp decreased 7.1% year - on - year, and hardwood pulp decreased 1.9% year - on - year, with a significant decline in shipments to the Chinese market. In October 2025, the total wood pulp inventory in European ports decreased 10.2% month - on - month and 6.5% year - on - year. In November 2025, pulp imports were 324.6 million tons, a 24% month - on - month and 15.9% year - on - year increase. As of December 4, 2025, the weekly pulp inventory in major regions and ports was 2.0429 billion tons, a 0.09% month - on - month increase [8] - Operation Suggestions: Downstream base paper prices had narrow adjustments, with processing cost pressure remaining. The spot transaction center of cultural paper remained stable, and social demand was still limited. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [8] 2. Industry News - On December 3, the Ministry of Ecology and Environment solicited opinions on the revised draft of the "Catalogue for the Classification Management of Environmental Impact Assessments of Construction Projects". Compared with the 2021 version, there are 56 first - level categories, 199 second - level industry categories, and 4 general processes after the revision. The second - level industry categories increased by 30. The "paper products manufacturing" is no longer in the catalogue, which is a major benefit for the base paper processing industry and will expand paper consumption. The opinion - soliciting period ends on January 5, 2026 [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate. The data sources are mainly Wind and Zhuo Chuang Information [15][17][19]