纸浆早报-20260121

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Relevant Catalogs SP Main Contract Closing Price - On 2026/01/20, the SP main contract closing price was 5376.00, with a 0.26110% increase from the previous day. The corresponding dollar price was 674.62. The Shandong Yinxing basis was 34, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was also 34 [3]. Import Pulp Information - For Canadian pulp brands, the CFR price of Golden Lion was 780 dollars, with an import profit of 95.46 yuan in Shandong; the CFR price of Lion was 730 dollars, with an import loss of -446.30 yuan. For Chilean Silver Star pulp with a 90 - day CFR letter of credit, the price was 700 dollars, with an import loss of -165.36 yuan in Shandong [4]. Pulp Price Averages - From 2026/01/14 to 2026/01/20, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75 yuan, 4810.75 yuan, 5415 yuan, and 3686.25 yuan respectively; the Shandong regional average prices also remained unchanged [4]. Paper Indexes - From 2026/01/15 to 2026/01/20, the double - offset paper index, double - coated paper index, white cardboard index, and tissue paper index remained unchanged at 5725, 5670, 4350, and 867 respectively [4]. Paper Profit Margins - From 2026/01/15 to 2026/01/20, the double - offset paper profit margin increased from -5.0973% to -4.3786% (a change of 0.1797); the double - coated paper profit margin increased from 5.4250% to 6.0750% (a change of 0.1500); the white cardboard profit margin increased from -9.5497% to -9.0993% (a change of 0.1039); the tissue paper profit margin increased from 5.2522% to 6.4919% (a change of 0.2875) [4]. Pulp Price Spreads - From 2026/01/14 to 2026/01/20, the softwood - hardwood pulp price spread decreased from 810 yuan to 750 yuan; the softwood - natural pulp price spread decreased from 150 yuan to 10 yuan; the softwood - chemimechanical pulp price spread decreased from 1675 yuan to 1535 yuan; the softwood - waste paper price spread decreased from 3974 yuan to 3834 yuan [4][5].