建信期货纸浆日报-20260107

1. Report Information - Report title: Pulp Daily [1] - Date: January 7, 2025 [2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core Viewpoints - The pulp futures 05 contract closed at 5530 yuan/ton, down 0.43% from the previous settlement price. The intended transaction price range of softwood pulp in Shandong's wood pulp market remained stable, with the Shandong Yinxing quotation at 5580 - 5600 yuan/ton [7]. - Asia Symbol announced a 150 yuan/ton increase in the price of hardwood pulp, while there was no news of adjustment in the FOB price of softwood pulp. In November, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased year - on - year, with a significant decline in shipments to the Chinese market. In November 2025, the European wood pulp inventory decreased month - on - month and increased year - on - year, while consumption decreased both month - on - month and year - on - year. The total pulp imports in November 2025 increased both month - on - month and year - on - year. As of December 25, 2025, the weekly pulp inventory in major regions and ports decreased week - on - week [8]. - On the demand side, some paper mills have price increase expectations due to cost pressure, but the paper price increase is weak due to insufficient terminal orders, and the mainstream quotation of offset printing paper remains stable. During the holiday, the fundamentals changed little, and the market focused on the pricing of near - month warehouse receipts, with the market fluctuating and adjusting [8]. 4. Section Summaries 4.1 Market Review and Operation Suggestions - Market data: The pulp futures 05 contract's previous settlement price was 5554 yuan/ton, and the closing price was 5530 yuan/ton, a 0.43% decline. The intended transaction price range of softwood pulp in Shandong was 4950 - 6300 yuan/ton, stable compared to the previous trading day, with the Shandong Yinxing quoted at 5580 - 5600 yuan/ton [7]. - Industry situation: Asia Symbol raised the hardwood pulp price by 150 yuan/ton. In November, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased year - on - year. In November 2025, European wood pulp inventory and consumption showed different changes. The total pulp imports increased in November 2025, and the weekly inventory in major regions and ports decreased as of December 25, 2025. On the demand side, paper price increases were weak, and the market fluctuated and adjusted during the holiday [8]. 4.2 Industry News - On January 6, the Rizhao Branch of the People's Bank of China guided Rizhao Bank to successfully implement the first batch of transformation financial financing of 125 million yuan in the papermaking industry in Shandong. Among them, 120 million yuan of transformation financial letter - of - credit business financing was handled for Asia Symbol (Shandong) Pulp & Paper Co., Ltd., and 5 million yuan of transformation financial loans were provided for upstream enterprises of Rizhao Xiaolongtai Paper Co., Ltd. through supply - chain financing [9]. 4.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences in Shandong Yinxing, softwood - hardwood price differences in Shandong, inter - delivery price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and differences of coated paper and offset printing paper, prices and differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][25][26][27]