纸浆数据日报-20260108

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Pulp is currently pulled by the trading logic of "strong supply" and "weak demand". With a relatively strong recent macro - sentiment, the 05 contract is expected to oscillate strongly in the range of 5400 - 5700 yuan/ton [6] 3. Summary According to the Catalog Price Data - Futures Prices: On January 7, 2026, SP2601 was 5520 yuan/ton, down 0.14% day - on - day and up 1.47% week - on - week; SP2609 was 5644 yuan/ton, down 0.07% day - on - day and up 1.55% week - on - week; SP2605 was 5596 yuan/ton, down 0.29% day - on - day and up 1.56% week - on - week [6] - Spot Prices: Coniferous pulp Silver Star was 5600 yuan/ton, unchanged day - on - day and week - on - week; Coniferous pulp Russian Needle was 5400 yuan/ton, unchanged day - on - day and week - on - week; Hardwood pulp Goldfish was 4720 yuan/ton, up 0.43% day - on - day and 1.07% week - on - week [6] - Foreign Quotes: Chilean Silver Star was 710 dollars/ton, up 1.43% month - on - month; Brazilian Goldfish was 560 dollars/ton, up 3.70% month - on - month; Chilean Venus was 620 dollars/ton, unchanged month - on - month [6] - Import Costs: Chilean Silver Star was 5802 yuan/ton, up 1.42% month - on - month; Brazilian Goldfish was 4587 yuan/ton, up 3.66% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged month - on - month [6] Fundamental Data Supply - Import Volume: In November 2025, coniferous pulp imports were 72.5 tons, up 4.92% month - on - month compared to October; hardwood pulp imports were 176.5 tons, up 33.92% month - on - month compared to October [6] - Domestic Production: In December 2025, the domestic production of hardwood pulp fluctuated between 23 - 25.2 tons; the domestic production of chemimechanical pulp fluctuated between 23.6 - 23.9 tons [6] - Shipments to China: In November 2025, pulp shipments to China were 178 thousand tons, up 3.00% month - on - month [6] Inventory - Port Inventory: As of January 4, 2026, the inventory of mainstream pulp ports in China was 199.7 tons, up 9.1 tons from the previous period, a 4.8% increase, ending five consecutive weeks of destocking [6] - Futures Delivery Warehouse Inventory: It fluctuated between 9.9 - 22.2 tons from November 2025 to December 2025 [6] Demand - Finished Paper Production: From November 2025 to December 2025, the production of offset paper fluctuated between 20.4 - 20.9 tons; coated paper between 8 - 8.6 tons; tissue paper between 28.48 - 29.07 tons; white cardboard between 35.3 - 38.4 tons [6]