纸浆数据日报-20251226

Group 1: Report's Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - The implementation of a new round of price increase letters is good, and domestic inventories have decreased. The market is expected to be volatile and bullish [6] Group 3: Summary Based on Related Catalogs Futures and Spot Prices - On December 25, 2025, the futures prices of SP2601, SP2609, and SP2605 were 5,532 yuan/ton, 5,650 yuan/ton, and 5,604 yuan/ton respectively, with day-on-day changes of -0.36%, -0.18%, and -0.28%, and week-on-week changes of 2.03%, 2.32%, and 1.89% [6] - The spot price of coniferous pulp Silver Star was 5,600 yuan/ton, with no change day-on-day or week-on-week. The data of coniferous pulp Russian Needle and broadleaf pulp Goldfish had abnormal changes [6] Outer Disk Quotes and Import Costs - The outer disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700 dollars/ton, 580 dollars/ton, and 620 dollars/ton respectively, with month-on-month changes of 2.94%, 3.57%, and 0.00% [6] - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5,721 yuan/ton, 4,749 yuan/ton, and 5,073 yuan/ton respectively, with month-on-month changes of 2.91%, 3.53%, and 0.00% [6] Supply - Import Volume, Domestic Production, and Shipment - In November 2025, the import volume of coniferous pulp was 72.5 tons, with a month-on-month increase of 4.92%. The shipment volume of pulp to China decreased by 7.49% month-on-month [6] - The domestic production volume of broadleaf pulp and chemimechanical pulp had minor fluctuations [6] Inventory - Port and Futures Delivery Warehouse - As of December 25, 2025, the pulp port inventory was 190.6 tons, showing a decreasing trend. The futures delivery warehouse inventory also fluctuated [6] Demand - Finished Paper Production - The production volumes of double - offset paper, coated paper, tissue paper, and white cardboard had different degrees of fluctuations [6] Supply - Side and Demand - Side Situations - Suzano announced a global price increase for broadleaf pulp in January 2026. The Goldfish broadleaf pulp increased by 20 dollars in Asia and 120 dollars in Europe and North America [6] - The demand side remained weak. The prices of cultural paper continued to decline, while tissue paper and white cardboard prices increased slightly [6] Inventory - Side Situation - As of December 26, 2025, the sample inventory of mainstream pulp ports in China was 190.6 tons, a decrease of 8.7 tons from the previous period, a month-on-month decrease of 4.4%. The inventory has been decreasing for five consecutive weeks [6]