纸浆数据日报-20260119

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp demand has been stable recently, with a slight increase in the price of household paper and stable prices of other paper products. The production of major wood-pulp paper is stable. As of January 15, 2026, the inventory of mainstream pulp ports in China continued to accumulate. Recently, pulp futures warrants have been centrally registered, with limited room for further increase, and the price of hardwood pulp has slightly weakened. Consider shorting after a rebound [6] 3. Summary by Related Catalogs Price Data - Futures Prices: On January 18, 2026, SP2601 was 5,542 yuan/ton, up 2.44% day-on-day and 1.13% week-on-week; SP2609 was 5,400 yuan/ton, down 1.57% day-on-day and 3.61% week-on-week; SP2605 was 5,362 yuan/ton, down 1.36% day-on-day and 3.39% week-on-week [6] - Spot Prices: On January 18, 2026, the price of coniferous pulp Silver Star was 5,600 yuan/ton, up 2.75% day-on-day and 0.90% week-on-week; the price of coniferous pulp Russian Needle was 5,250 yuan/ton, down 0.94% day-on-day and 2.78% week-on-week; the price of hardwood pulp was 4,700 yuan/ton, down 1.05% day-on-day and week-on-week [6] - Foreign Offers: In January 2026, the offer of Chilean Silver Star was 700 US dollars/ton, up 2.94% month-on-month; the offer of Brazilian Goldfish was 540 US dollars/ton, up 1.89% month-on-month; the offer of Chilean Venus was 620 US dollars/ton, unchanged month-on-month [6] - Import Costs: In January 2026, the import cost of Chilean Silver Star was 5,721 yuan/ton, up 2.91% month-on-month; the import cost of Brazilian Goldfish was 4,425 yuan/ton, up 1.87% month-on-month; the import cost of Chilean Venus was 5,073 yuan/ton, unchanged month-on-month [6] Fundamental Data - Supply: In November 2025, the import volume of coniferous pulp was 72.5 tons, up 4.92% month-on-month; the import volume of hardwood pulp was 176.5 tons, up 33.92% month-on-month. The pulp shipment volume to China in November 2025 was 178 thousand tons, up 3.00% month-on-month. From January 8 to January 15, 2026, the domestic production of hardwood pulp was 25.2 tons, and the domestic production of chemimechanical pulp was 23.7 tons [6] - Inventory: As of January 15, 2026, the pulp port inventory was 201.4 tons, up 0.3% month-on-month; the futures delivery warehouse inventory was 14.9 tons [6] - Demand: From December 4, 2025, to January 15, 2026, the production of offset paper was 20.3 tons, the production of coated paper was 8.3 tons, the production of household paper was 29.3 tons, and the production of white cardboard was 38.4 tons [6]