建信期货纸浆日报-20251219

Report Information - Report Title: Pulp Daily Report - Report Date: December 19, 2025 [2] 1. Industry Investment Rating - No relevant information provided 2. Core观点 - The pulp market has limited fundamental changes. After the December delivery, the market focuses on the new warehouse receipt pricing and is mainly in a state of shock adjustment [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures contract 05 was 5,478 yuan/ton, and the closing price was 5,500 yuan/ton, with an overall increase of 0.40%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,800 - 6,300 yuan/ton, and the price remained stable compared with the closing price of the previous working day. Among them, the offer price of Arauco's Silver Star in Shandong was 5,550 yuan/ton [7] - Arauco's December pulp export quotes: Silver Star softwood pulp increased by $20/ton to $700/ton; Venus natural pulp remained flat at $620/ton; Star hardwood pulp increased by $20/ton to $570/ton [8] - According to PPPC, in October, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 3.5% year - on - year, softwood pulp by 7.1% year - on - year, and hardwood pulp by 1.9% year - on - year. Shipments to the Chinese market decreased significantly [8] - According to UTIPULP data, in November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6%. In November 2025, the total pulp import volume was 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 18, 2025, the weekly pulp inventory in major regions and ports decreased by 1.73% month - on - month [8] - The cultural paper market is mainly driven by rigid demand. Publishing orders continue to be picked up. The inventory of some paper mills has decreased compared with the previous period, and the price has not changed much [8] 3.2 Industry News - On December 17, it was reported that the household tissue consumption characteristic park in Linyi County, Shanxi Province, has achieved a leap - forward improvement from spontaneous agglomeration to cluster development in recent years. The park currently has an annual production capacity of 400,000 tons of high - grade household tissue and 50,000 tons of flushable and degradable non - woven fabrics. The degradable non - woven fabric project fills the technological gap in the province, achieving a virtuous cycle of guaranteed upstream raw material supply and supported downstream market expansion [9] 3.3 Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference (Shandong Silver Star), softwood - hardwood price difference in Shandong, inter - delivery spread (SP1 - 5, SP5 - 9), warehouse receipt total, domestic main port area pulp inventory, European main port wood pulp inventory, coated paper and offset paper price and price difference, white cardboard and white board paper price and price difference, and US dollar to RMB exchange rate. The data sources are mainly Wind and Zhuochuang Information [15][17][19][24][25][29]