建信期货纸浆日报-20251231

Report Information - Report Type: Pulp Daily Report [1] - Date: December 31, 2025 [2] Investment Rating - Not provided Core View - The pulp market shows positive supply data but is restricted by weak demand. The market focuses on the pricing of near - month warehouse receipts and is in an oscillating adjustment state [8] Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price of 5,566 yuan/ton and a closing price of 5,568 yuan/ton, rising 0.04% [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,950 - 6,300 yuan/ton, with prices stable compared to the previous trading day's closing price. The Shandong Yinxing offer was 5,580 - 5,600 yuan/ton [7] - April under the Golden Eagle Group announced a 20 - dollar/ton price increase for bleached hardwood pulp (BHK) in Asian orders starting from January [8] - In November, the chemical pulp shipments of 20 pulp - producing countries in the world 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 [8] - 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; the European wood pulp consumption was 805,600 tons, a 6.2% month - on - month decrease and a 4.6% year - on - year decrease [8] - In November 2025, the total pulp imports were 3.246 million tons, a 24% month - on - month increase and a 15.9% year - on - year increase [8] - As of December 25, 2025, the weekly pulp inventory in major regions and ports was 188,910 tons, a 2.47% week - on - week decrease [8] - On the demand side, some paper mills had price - increase expectations due to cost pressure, but the paper price increase was weak due to insufficient terminal orders, and the mainstream price of offset paper remained stable [8] 2. Industry News - On December 30th, Qingdao Port, as the world's largest pulp import port and a pulp hub port, refreshed the world record for pulp day - and - night unloading for the 5th time with a throughput of 52,698 tons per day and night, which is conducive to building a million - ton - level pulp unloading mother port and an international pulp transfer and distribution center [9] 3. Data Overview - Multiple data charts are presented, including those related to imported softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19]