纸浆周报：大幅反弹，进口成本端提供较强支撑-20251212

Group 1 - Report Industry Investment Rating - No information provided Group 2 - Core View of the Report - The import cost side provides strong support, and the operation suggestion is to consider taking a small - position long trial [34] Group 3 - Summary According to the Directory 1. This Week's Market Review - The main contract of pulp futures, SP2601, rebounded strongly from the bottom, and slightly declined after a rapid rise [7] 2. Fundamental Analysis - Pulp Market Price: As of December 11, the weekly average price of imported softwood pulp was 5,554 yuan/ton, up 1.20% from last week, with the increase rate expanding by 0.76 percentage points compared with the previous period; the weekly average price of imported hardwood pulp was 4,562 yuan/ton, up 2.42% from last week, with the increase rate expanding by 0.96 percentage points [13][34] - Pulp Import Volume in November: In November 2025, China imported 3.246 million tons of pulp, with an import value of 1.8734 billion US dollars and an average unit price of 577.14 US dollars/ton. The cumulative import volume and value from January to November increased by 5.8% and - 1.6% respectively compared with the same period last year [17] - Port Inventory Situation: As of December 11, 2025, the weekly pulp inventory in major Chinese regions and ports was 1.9817 million tons, a week - on - week decrease of 3.00%, changing from an increase to a decrease [21] - European Port Pulp Inventory in October: In October 2025, the total inventory in European ports decreased by 10.22% month - on - month and 6.47% compared with October 2024. Except for a 3.98% month - on - month increase in German port inventory, the inventories in ports of the Netherlands/Belgium/France/Switzerland, the UK, Italy, and Spain decreased by 9.13%, 12.08%, 20.24%, and 2.48% respectively month - on - month [25] - Downstream Pulp Species Operating Rates: Wastepaper pulp consumption accounts for 63% of the total pulp consumption in China. As of December 11, the operating load rate of double - copper paper increased by 0.44 percentage points from last week; the operating load rate of double - offset paper increased by 1.02 percentage points; the operating load rate of white cardboard decreased by 1.80 percentage points; the operating load rate of household paper decreased by 0.36 percentage points [30] 3. Future Outlook - Arauco's December pulp export quotes: The price of softwood pulp Silver Star increased by 20 US dollars/ton to 700 US dollars/ton; the price of natural pulp Venus remained unchanged at 620 US dollars/ton; the price of hardwood pulp Star increased by 20 US dollars/ton to 570 US dollars/ton. International softwood pulp manufacturers have successively announced shutdowns, and the spot market price of imported wood pulp is expected to rise. The actual transaction prices are currently stable, waiting for actual orders to follow up [34]