纸浆早报-20260108

Group 1: Report Information - Report title: Pulp Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Report date: January 8, 2026 [2] Group 2: SP Main Contract Closing Price - Closing price on January 7, 2026: 5596.00 [3] - Closing prices from January 5 to December 30, 2025: 5530.00, 5612.00, 5532.00, 5568.00 [3] - Dollar - converted prices and daily changes from January 5 to December 30, 2025: 692.18 (-0.03615%), 702.51 (1.48282%), 691.61 (-0.64655%), 696.05 (1.05263%) [3] - Shandong Yinxing basis and Jiangsu - Zhejiang - Shanghai Yinxing basis from January 5 to December 30, 2025: 35, -22, 58, 22; 30, -22, 28, -8 [3] Group 3: Import Information - Import profit calculation based on 13% VAT: Canada's Golden Lion (CFR, port price 780, Shandong RMB price 6300, profit 69.01), Canada's Lion (CFR, port price 730, Shandong RMB price 5590, profit -246.05), Chile's Yinxing (CFR 90 - day credit, port price 700, Shandong RMB price 5590, profit -9.09) [4] - Exchange rate on the previous day: 6.99 [4] Group 4: Price Averages - National and Shandong price averages of different pulp types from December 30, 2025, to January 7, 2026: no change in all types including softwood, hardwood, natural, and chemimechanical pulp [4] - Price indexes of cultural paper, packaging paper, and living paper from December 31, 2025, to January 7, 2026: no change in cultural and packaging paper indexes; living paper index changed from 859 to 863 and back to 859 [4] Group 5: Profit Margins - Profit margins of different paper types from December 31, 2025, to January 7, 2026: double - offset paper margin changed from -4.8428% to -5.3540%, double - copper paper margin changed from 5.6167% to 5.1750%, white cardboard margin changed from -9.2148% to -9.7229%, living paper margin changed from 4.1121% to 3.9350% [4] Group 6: Price Spreads - Price spreads between different pulp types from January 7 to December 30, 2025: softwood - hardwood spread 850.00, 890, 890, 915, 930; softwood - natural spread 190, 190, 165, 190, 190; softwood - chemimechanical spread 1715, 1715, 1690, 1740, 1740; softwood - waste paper spread 4014, 4014, 3989, 4014, 4014 [4]