建信期货纸浆日报-20260106

Group 1: General Information - The report is a daily paper pulp report dated January 6, 2025 [1][2] - The energy and chemical research team includes researchers for different sectors such as paper pulp, crude oil asphalt, etc [4] Group 2: Market Review and Operational Suggestions Market Review - The previous settlement price of the pulp futures 05 contract was 5,554 yuan/ton, and the closing price was 5,530 yuan/ton, a decline of 0.43%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,950 - 6,300 yuan/ton, with prices remaining stable compared to the previous trading day. The Shandong Yinxing offer was 5,580 - 5,600 yuan/ton [7] - Asia Symbol recently announced a 150 yuan/ton increase in the price of hardwood pulp, and there was no news of adjustment for the softwood pulp FOB price. In November, the chemical pulp shipments of the world's top 20 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; the European wood pulp consumption was 805,600 tons, a 6.2% month - on - month decrease and a 4.6% year - on - year decrease. The total pulp imports in November 2025 were 3.246 million tons, a 24% month - on - month increase and a 15.9% year - on - year increase. As of December 25, 2025, the weekly pulp inventory in major regions and ports was 1.8891 million 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 due to insufficient follow - up of terminal orders, paper price increases were weak, and the mainstream price of offset paper remained stable. During the holiday, the fundamentals changed little, and the market focused on the pricing of near - month warehouse receipts and was in a state of oscillatory adjustment [8] Group 3: Industry News - On January 4, 2026, Rizhao Party Secretary Li Zaiwu visited Asia Symbol (Shandong) Pulp & Paper Co., Ltd. to investigate the progress of key projects and solve problems in project promotion [9] Group 4: Data Overview - The report includes multiple data charts related to pulp, such as import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, etc., with data sources from Wind and the research and development department of CCB Futures, as well as some from Zhuochuang Information [7][15][26]