国贸期货纸浆数据日报-20251226

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The implementation of the new round of price increase letters is good, domestic inventories have decreased, and the market is expected to be in a volatile and bullish trend [5][6] 3. Summary by Relevant Catalog 3.1 Pulp Price Data - Futures Prices: On December 25, 2025, SP2601 was priced at 5,532 yuan/ton, down 0.36% day-on-day and up 2.03% week-on-week; SP2609 was 5,650 yuan/ton, down 0.18% day-on-day and up 2.32% week-on-week; SP2605 was 5,604 yuan/ton, down 0.28% day-on-day and up 1.89% week-on-week [6] - Spot Prices: The spot price of coniferous pulp Silver Star was 5,600 yuan/ton, with no change day-on-day and week-on-week; the price of coniferous pulp Russian Needle had a calculation error; the price of broadleaf pulp Goldfish was 0 yuan/ton, down 100% day-on-day and week-on-week [6] - Foreign Quotes: The foreign quotes of Chilean Silver Star were 700 dollars/ton, up 2.94% month-on-month; Brazilian Goldfish were 580 dollars/ton, up 3.57% month-on-month; and Chilean Venus were 620 dollars/ton, with no change month-on-month [6] - Import Costs: The import cost of Chilean Silver Star was 5,721 yuan/ton, up 2.91% month-on-month; Brazilian Goldfish was 4,749 yuan/ton, up 3.53% month-on-month; and Chilean Venus was 5,073 yuan/ton, with no change month-on-month [6] 3.2 Pulp Fundamental Data - Supply: In November 2025, the import volume of coniferous pulp was 72.5 tons, up 4.92% from October; the import volume of broadleaf pulp was 176.5 tons, up 33.92% from October. The domestic production of broadleaf pulp and chemimechanical pulp fluctuated slightly. Suzano announced a global price increase for broadleaf pulp in January 2026 [6] - Inventory: As of December 26, 2025, the inventory of mainstream ports in China was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease. The inventory has been decreasing for five consecutive weeks [6] - Demand: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated. Currently, the demand side remains weak, with the prices of cultural paper in mainstream wood pulp paper products continuing to decline, while tissue paper and white cardboard have slightly increased [6]