纸浆数据日报-20260120

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp market continues to show a trend of inventory accumulation. In the current cycle, the inventory at Qingdao Port, a major domestic pulp port, has seen a narrow - range increase, with the daily average shipping speed in the port increasing compared to the previous cycle. - Recently, there has been concentrated registration of pulp futures warehouse receipts, limiting the further upside potential. The price of hardwood pulp has slightly weakened. It is advisable to consider short - selling after a rebound [5][6]. 3. Summary by Related Catalogs Pulp Price Data - Futures Prices: On January 19, 2026, SP2601 was 5231 yuan/ton, down 0.11% day - on - day but up 2.18% week - on - week; SP2609 was 5400 yuan/ton, unchanged day - on - day and down 2.46% week - on - week; SP2605 was 5362 yuan/ton, unchanged day - on - day and down 2.33% week - on - week [5]. - Spot Prices: The price of coniferous pulp Silver Star was 5600 yuan/ton, up 2.75% day - on - day and 0.90% week - on - week; Russian coniferous pulp was 5250 yuan/ton, unchanged day - on - day and down 1.87% week - on - week; hardwood pulp Goldfish was 4650 yuan/ton, down 1.69% day - on - day and 2.11% week - on - week [5]. - Outer - disk Quotes: The outer - disk quote for Chilean Silver Star was 700 dollars/ton, up 2.94% month - on - month; Japanese return was 540 dollars/ton, up 1.89% month - on - month; Chilean Venus was 620 dollars/ton, unchanged month - on - month [5]. - Import Costs: The import cost of Chilean Silver Star was 5721 yuan/ton, up 2.91% month - on - month; Brazilian Goldfish was 4425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged month - on - month [5]. Pulp 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. In terms of domestic production, the production volume of hardwood pulp on January 15, 2026, was 25.2 tons; the production volume of chemimechanical pulp was 23.7 tons [5]. - Inventory: As of January 15, 2026, the pulp port inventory was 201.4 tons, up 0.7 tons from the previous period and 0.3% month - on - month. The futures delivery warehouse inventory was 14.9 tons [5]. - Demand: The production volume of double - offset paper was 20.30 tons; copperplate paper was 8.30 tons; tissue paper was 29.30 tons; white cardboard was 38.40 tons [5]. Market Situation - Supply - side: Chile's Arauco Company's January offer for coniferous pulp was 710 dollars/ton, up 10 dollars/ton; the offer for hardwood pulp Star was 590 dollars/ton, up 20 dollars/ton; the offer for natural pulp Venus was 620 dollars/ton, unchanged [5]. - 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 remained stable. The production volume of major wood - pulp paper products has been stable [5]. - Inventory - side: As of January 15, 2026, the inventory of major pulp ports in China was 201.4 tons, with a 0.7 - ton increase from the previous period and a 0.3% month - on - month increase [5].