纸浆数据日报-20260105

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Pulp has intense competition between the "strong supply" and "weak demand" narratives recently, and is highly volatile due to market macro funds. It is recommended to wait and see [6] Group 3: Summary by Related Catalogs Pulp Price Data - Futures prices of SP2601, SP2609, and SP2605 on December 31, 2025, were 5460 yuan/ton, 5570 yuan/ton, and 5532 yuan/ton respectively, with daily decreases of 0.66%, 0.61%, and 0.65%, and weekly decreases of 1.66%, 1.59%, and 1.57% [6] - Spot prices of coniferous pulp Silver Star, Russian Needle, and broadleaf pulp Golden were 5600 yuan/ton, 5400 yuan/ton, and 4700 yuan/ton respectively on December 31, 2025, with the Golden having a daily and weekly increase of 0.64% [6] - Foreign offers of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700 dollars/ton, 560 dollars/ton, and 620 dollars/ton respectively, with monthly increases of 2.94%, 3.70%, and 0.00% [6] - Import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5721 yuan/ton, 4587 yuan/ton, and 5073 yuan/ton respectively, with monthly increases of 2.91%, 3.66%, and 0.00% [6] Pulp Fundamental Data - In November 2025, imports of coniferous pulp were 72.5 tons, a 4.92% increase from October; imports of broadleaf pulp were 176.5 tons, a 33.92% increase from October [6] - The pulp shipment volume to China in November 2025 was 178 thousand tons, a 3.00% increase [6] - National production of broadleaf pulp and chemimechanical pulp in different weeks from November 13 to December 25, 2025, showed certain fluctuations [6] - As of December 25, 2025, pulp port inventory was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease; futures delivery warehouse inventory was 10.1 tons [6] - Production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard in different weeks from November 13 to December 25, 2025, also showed certain fluctuations [6] Supply, Demand, and Inventory - Suzano announced a full - scale price increase for global broadleaf pulp in January 2026, with a 20 - dollar increase in Asia and a 120 - dollar increase in Europe and North America for Golden broadleaf pulp [6] - The demand side remains weak. Among mainstream wood - pulp papers, the price of cultural paper continues to decline, while tissue paper and white cardboard have a slight increase [6] - As of December 25, 2025, the sample inventory of China's main pulp ports was 190.6 tons, showing a de - stocking trend for five consecutive weeks [6]