建信期货纸浆日报-20251230

Report Information - Report Name: Pulp Daily Report [1] - Date: December 30, 2025 [2] Investment Rating - Not provided Core View - Supply data for pulp is positive, but the market is constrained by weak demand. It is expected to fluctuate and adjust, with the market focusing on the pricing of near - month warehouse receipts [8] Summary by Section 1. Market Review and Operation Suggestions - Market Review: The previous settlement price of the SP2605 pulp futures contract was 5,608 yuan/ton, and the closing price was 5,510 yuan/ton, a decline of 1.75%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,950 - 6,300 yuan/ton, up 50 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5,580 - 5,600 yuan/ton [7] - Industry Data: April under the Golden Eagle Group announced a $20/ton price increase for bleached hardwood pulp (BHK) orders in Asia starting from January. In November, the chemical pulp shipments of 20 major pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% month - on - month decrease and a 6.3% year - on - year increase; consumption was 805,600 tons, a 6.2% month - on - month and 4.6% year - on - year decrease. The total pulp imports in November 2025 were 3.246 million tons, a 24% month - on - month and 15.9% year - on - year increase. As of December 25, 2025, the weekly pulp inventory in major areas and ports was 1.8891 million tons, a 2.47% week - on - week decrease [8] - Demand Situation: Some paper mills have expectations of raising prices due to cost pressure, but the price increase is weak due to insufficient terminal orders. The mainstream price of offset paper remains stable [8] 2. Industry News - On December 29, Rugao Customs of Nantong City implemented the "advance declaration + direct pick - up at the ship's side" integrated customs clearance model, reducing the customs clearance time of imported pulp by over 70% and logistics costs by 30%, helping Asia Pulp & Paper Co., Ltd. (APP) operate efficiently. APP, a key foreign - invested project in Rugao, produces 1.2 million tons of high - end food - grade white cardboard annually, with over 90% of raw materials relying on imported pulp and a daily consumption of nearly 2,000 tons. The new model saves over one million yuan in logistics and tax costs and ensures the safety and smoothness of the supply chain [9] 3. Data Overview - The report provides multiple data charts, including those related to the spot price of imported softwood pulp in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][25][29]