纸浆数据日报-20260109

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The pulp futures weakened significantly today due to the macro - sentiment of commodities but did not break the 5400 - 5700 trading range. It is expected to be highly volatile in the near term due to commodity sentiment, and it is recommended to take a wait - and - see approach [6] 3. Summary by Relevant Catalogs Pulp Price Data Futures and Spot Prices - On January 8, 2026, SP2601 futures price was 5444 yuan/ton, down 1.38% day - on - day and 0.95% week - on - week; SP2609 was 5564 yuan/ton, down 1.42% day - on - day and 0.71% week - on - week; SP2605 was 5504 yuan/ton, down 1.64% day - on - day and 1.15% week - on - week [6] - The spot price of coniferous pulp Silver Star was 5600 yuan/ton, up 0.90% day - on - day and unchanged week - on - week; the spot price of coniferous pulp Russian Needle was 5300 yuan/ton, down 1.85% both day - on - day and week - on - week; the spot price of broadleaf pulp Goldfish was 4750 yuan/ton, up 1.06% both day - on - day and week - on - week [6] Outer - disk Quotes and Import Costs - The outer - disk quote of Chile Silver Star was 710 dollars/ton, up 1.43% month - on - month; its import cost was 5802 yuan/ton, up 1.42% month - on - month [6] - The outer - disk quote of Brazil Goldfish was 560 dollars/ton, up 3.70% month - on - month; its import cost was 4587 yuan/ton, up 3.66% month - on - month [6] - The outer - disk quote of Chile Venus was 620 dollars/ton, unchanged month - on - month; its import cost was 5073 yuan/ton, unchanged month - on - month [6] Pulp Fundamental Data Import Volume and Shipment - In November 2025, the import volume of coniferous pulp was 72.5 tons, up 4.92% month - on - month; the import volume of broadleaf pulp was 176.5 tons, up 33.92% month - on - month [6] - The pulp shipment volume to China in November 2025 was 178 thousand tons, with a month - on - month increase of 3% [6] Domestic Output - On January 8, 2026, the domestic output of broadleaf pulp was 25.1 tons, and that of chemimechanical pulp was 23.9 tons [6] Inventory - As of January 4, 2026, the sample inventory of China's mainstream pulp ports was 199.7 tons, up 9.1 tons from the previous period and 4.8% higher on a month - on - month basis. The inventory ended the five - week de - stocking trend and started to accumulate in this cycle [6] - On January 8, 2026, the pulp port inventory was 200.7 tons, and the futures delivery warehouse inventory was 13.5 tons [6] Demand (Finished Paper Production) - On January 8, 2026, the production of offset paper was 20.40 tons, coated paper was 8.40 tons, tissue paper was 29.33 tons, and white cardboard was 38.30 tons [6] Supply and Demand - Supply: Chile's Arauco Company's January offer for coniferous pulp was 710 dollars/ton, up 10 dollars/ton; the offer for broadleaf pulp Star was 590 dollars/ton, up 20 dollars/ton; the offer for natural pulp Venus was 620 dollars/ton, unchanged [6] - Demand: The pulp demand has been stable recently. The price of tissue paper has risen slightly, while the prices of other paper products have been stable. The production of major wood - pulp paper products has been stable [6]