纸浆数据日报-20251212

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of wood chips in the international market has been tight recently, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood kraft pulp (BHK) for orders received in December in Asia. On the demand side, pulp paper companies have recently issued price increase notices, with only white cardboard showing good implementation. Double-offset paper has issued another round of price increase notices, and their implementation needs attention. As of December 4, 2025, the inventory in major Chinese pulp ports decreased by 710,000 tons from the previous period, a 3.3% decline, showing a continuous slight de-stocking trend for two consecutive weeks. The pulp futures increased significantly with heavy positions during the night session, but there is no corresponding news from the industrial side, so the short - term risk is high. It is recommended to avoid unilateral trading and suggest a 1 - 5 reverse spread strategy [6]. 3. Summary by Relevant Catalogs Pulp Price Data - Futures Prices (Yuan/ton): On December 11, 2025, SP2601 was 5508, up 2.76% day - on - day and 0.22% week - on - week; SP2512 was 4810, up 1.99% day - on - day and 0.80% week - on - week; SP2605 was 5586, up 2.76% day - on - day and 0.90% week - on - week [6]. - Spot Prices (Yuan/ton): Coniferous pulp Silver Star was 5600, up 1.82% day - on - day and unchanged week - on - week; Russian Needle was 5250, unchanged both day - on - day and week - on - week; Broadleaf pulp Goldfish was 4500, unchanged both day - on - day and week - on - week [6]. - Outer - market Quotes (Dollars/ton): Chilean Silver Star was 680, unchanged; Japanese pulp was 540, up 1.89% from the previous period; Chilean Venus was 590, unchanged [6]. - Import Costs (Yuan/ton): Chilean Silver Star was 5559, unchanged; Brazilian Goldfish was 4425, up 1.87% from the previous period; Chilean Venus was 4830, unchanged [6]. Pulp Fundamental Data - Supply: In October 2025, the import volume of coniferous pulp was 691,000 tons, unchanged from September; the import volume of broadleaf pulp was 1.318 million tons, down 2.80% from September. The monthly domestic production of broadleaf pulp and chemimechanical pulp fluctuated. The shipment volume of pulp to China decreased by 7.49% [6]. - Inventory: As of December 4, 2025, the pulp port inventory was 2.107 million tons, and the futures delivery warehouse inventory was 210,000 tons. The port inventory showed a de - stocking trend [6]. - Demand: The production volume of finished paper such as double - offset paper, coated paper, tissue paper, and white cardboard also fluctuated monthly [6].