纸浆数据日报-20251231

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp market is currently experiencing a fierce game between the narratives of "strong supply" and "weak demand", and is subject to significant fluctuations due to market macro funds. It is recommended to adopt a wait - and - see approach [3] Group 3: Summary of Key Data Price Data - On December 30, 2025, the daily change rate of SP2601 was -0.97%, and the weekly change rate was 1.03%, with a price of 5496 yuan/ton; the daily change rate of SP2609 was 0.83%, and the weekly change rate was -1.16%, with a price of 5604 yuan/ton; the daily change rate of SP2605 was -0.93%, and the price was 5568 yuan/ton [6] - The daily change rate of coniferous pulp Silver Star was 0.00%, and the weekly change rate was 0.00%, with a price of 5600 yuan/ton; the daily change rate of coniferous pulp Russian Needle was 0.00%, and the weekly change rate was 0.00%, with a price of 5400 yuan/ton; the daily change rate of broad - leaf pulp Goldfish was 1.05%, with a price of 4670 yuan/ton [6] - The monthly change rate of Chilean Silver Star was 2.94%, with a price of 5721 yuan/ton (last price was 5600 yuan/ton); the monthly change rate of Brazilian Goldfish was 3.70%, and the import cost was 4587 yuan/ton (last price was 4425 yuan/ton) [6] Supply - side Data - In November 2025, the shipment volume of pulp to China: coniferous pulp was 72,500 tons (a 4.92% increase from October), and broad - leaf pulp was 131,800 tons (a 33.92% decrease from October) [6] - Suzano announced a full - scale price increase for global broad - leaf pulp in January 2026. The price of Goldfish broad - leaf pulp increased by 20 dollars in Asia and 120 dollars in Europe and North America [6] Demand - side Data - The demand side remains weak. Among mainstream wood - pulp papers, the price of cultural paper continues to decline, while the prices of tissue paper and white cardboard have slightly increased [6] Inventory - side Data - As of December 25, 2025, the sample inventory of China's mainstream pulp ports 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]