建信期货纸浆日报-20260122

Report Information - Report Title: Pulp Daily Report [1] - Date: January 22, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term pulp is restricted by the sector and weak downstream procurement, showing a wide - range oscillatory trend with both upward pressure and downward support [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price and closing price of 5376 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong market was 4900 - 5700 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 5400 - 5420 yuan/ton [7] - Arauco's January pulp export prices: softwood pulp Yinxing increased by 10 dollars/ton to 710 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing increased by 20 dollars/ton to 590 dollars/ton [8] - In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, softwood pulp by 7.6%, and hardwood pulp by 7.3%. Shipments to the Chinese market decreased significantly [8] - In December 2025, the European pulp inventory was 759,600 tons, up 7.6% month - on - month and 2.4% year - on - year; the European pulp consumption was 722,400 tons, down 10.9% month - on - month and up 0.6% year - on - year [8] - In December 2025, the total pulp imports were 3.113 million tons, down 4.1% month - on - month and 3.8% year - on - year [8] - As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - In the cultural paper market, some idle production lines in South China plan to resume production. Some publishing orders have been picked up, weakening the rigid demand support for offset paper, and the mainstream quotes remained stable [8] 2. Industry News - On January 21, the 6600 paper machine of Yunnan Dongsheng Paper was successfully put into operation. It is the first 6600 paper machine of Sichuan Chengfa Papermaking Machinery Co., Ltd., with a high - speed output of packaging paper and stable product quality [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, copperplate paper and offset paper prices and differences, white cardboard and whiteboard paper prices and differences, and the US dollar to RMB exchange rate [15][26][31]