纸浆数据日报-20260115

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The pulp futures have limited room for further upside due to the recent concentrated registration of pulp futures warrants, but the firmness of hardwood pulp and the stabilization of finished paper prices provide bottom support for pulp futures and spot prices. The 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 14, 2026, SP2601 was 5,470 yuan/ton, up 0.89% day - on - day and down 0.91% week - on - week; SP2609 was 5,540 yuan/ton, unchanged day - on - day and down 1.84% week - on - week; SP2605 was 5,494 yuan/ton, up 0.04% day - on - day and down 1.82% week - on - week [6]. - Spot Prices: Coniferous pulp Silver Star was 5,600 yuan/ton, unchanged day - on - day and up 0.90% week - on - week; Coniferous pulp Russian Needle was 5,350 yuan/ton, unchanged day - on - day and down 0.93% week - on - week; Hardwood pulp Goldfish was 4,730 yuan/ton, down 0.42% day - on - day and up 0.21% week - on - week [6]. - Outer - disk Quotes and Import Costs: Chilean Silver Star's outer - disk quote was 710 dollars/ton, up 1.43% month - on - month, and its import cost was 5,802 yuan/ton, up 1.42% month - on - month; Brazilian Goldfish's outer - disk quote was 560 dollars/ton, up 3.70% month - on - month, and its import cost was 4,587 yuan/ton, up 3.66% month - on - month; Chilean Venus's outer - disk quote was 620 dollars/ton, unchanged month - on - month, and its import cost was 5,073 yuan/ton, unchanged month - on - month [6]. Pulp Fundamental Data - Import Volume: In November 2025, the import volume of coniferous pulp was 72.5 tons, up 4.92% month - on - month compared to October; the import volume of hardwood pulp was 176.5 tons, up 33.92% month - on - month compared to October [6]. - Shipment Volume to China: In November 2025, the shipment volume of pulp to China was 178 thousand tons, up 3.00% month - on - month [6]. - Domestic Production Volume: As of January 8, 2026, the domestic production volume of hardwood pulp was 25.1 tons, and that of chemimechanical pulp was 23.9 tons [6]. - Port Inventory: As of January 4, 2026, the inventory of China's mainstream pulp ports was 199.7 tons, up 4.8% compared to the previous period, ending five consecutive weeks of destocking [6][7]. - Futures Delivery Warehouse Inventory: As of January 8, 2026, the futures delivery warehouse inventory was 13.5 tons [6]. - Finished Paper Production Volume: The production volume 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 Side: Chile's Arauco Company's January coniferous pulp offer was 710 dollars/ton, up 10 dollars/ton; hardwood pulp Star's offer was 590 dollars/ton, up 20 dollars/ton; and natural pulp Venus's offer was 620 dollars/ton, unchanged [6]. - Demand Side: The demand for pulp has been stable recently. The price of tissue paper has risen slightly, while the prices of other paper products have been stable. The production volume of major wood - pulp paper products has been stable [6].