纸浆数据日报-20260114

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Recent pulp futures warehouse receipts are concentrated for registration, with limited further upside potential. However, the firmness of broadleaf pulp and the stabilization of finished paper prices provide bottom support for pulp futures and spot prices. Pulp futures are expected to trade in the range of 5,400 - 5,700 [7]. 3. Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On January 13, 2026, SP2601 was 5,422 yuan/ton with a daily increase of 0.07% and a weekly decrease of 1.92%; SP2609 was 5,540 yuan/ton with a daily increase of 0.07% and a weekly decrease of 1.91%; SP2605 was 5,492 yuan/ton with a daily increase of 0.04% and a weekly decrease of 2.14% [6]. - Spot Prices: Coniferous pulp Silver Star was 5,600 yuan/ton with no daily change and a weekly increase of 0.90%; Coniferous pulp Russian Needle was 5,350 yuan/ton with no daily change and a weekly decrease of 0.93%; Broadleaf pulp Goldfish was 4,750 yuan/ton with no daily change and a weekly increase of 0.64% [6]. - External Quotes and Import Costs: Chilean Silver Star's external quote was 710 dollars/ton, up 1.43% from the previous period, and its import cost was 5,802 yuan/ton, up 1.42%; Brazilian Goldfish's external quote was 560 dollars/ton, up 3.70% from the previous period, and its import cost was 4,587 yuan/ton, up 3.66%; Chilean Venus's external quote was 620 dollars/ton with no change, and its import cost was 5,073 yuan/ton with no change [6]. Pulp Fundamental Data - Supply: In November 2025, coniferous pulp imports were 72.5 tons, a month - on - month increase of 4.92%; broadleaf pulp imports were 176.5 tons, a month - on - month increase of 33.92%. The shipment volume of pulp to China in November 2025 was 178 thousand tons, a month - on - month increase of 3%. From December 25, 2025, to January 8, 2026, the domestic production of broadleaf pulp was around 25 tons, and that of chemimechanical pulp was around 23.9 tons [6]. - Inventory: As of January 4, 2026, the sample inventory of China's mainstream pulp ports was 199.7 tons, a week - on - week increase of 4.8%. The inventory of futures delivery warehouses increased from 9.9 tons on December 18, 2025, to 13.5 tons on January 8, 2026 [6]. - Demand: The production of finished paper products was relatively stable. Double - offset paper production was around 20.4 tons, coated paper production was around 8.4 tons, tissue paper production was around 29.33 tons, and white cardboard production was around 38.3 tons [6].