纸浆数据日报-20260122

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The pulp market shows a trend of inventory accumulation this cycle. The inventory in Qingdao Port, a major domestic pulp port, has a narrow - range increase, and the daily average shipping speed has increased compared to the previous cycle. The pulp futures have limited room for further increase, and the price of broad - leaf pulp has slightly declined. It is advisable to consider short - selling after a rebound [5][6] 3. Summary According to Relevant Catalogs 3.1 Price Data - Futures Prices: On January 21, 2026, SP2601 was 5528 yuan/ton, down 0.40% day - on - day and up 1.06% week - on - week; SP2609 was 5396 yuan/ton, down 0.26% day - on - day and down 2.60% week - on - week; SP2605 was 5360 yuan/ton, down 0.30% day - on - day and down 2.44% week - on - week [5] - Spot Prices: Coniferous pulp silver star was 5600 yuan/ton, up 3.70% day - on - day and up 0.90% week - on - week; coniferous pulp Russian needle was 5250 yuan/ton, unchanged day - on - day and down 1.87% week - on - week; broad - leaf pulp goldfish was 4650 yuan/ton, down 1.06% day - on - day and down 1.69% week - on - week [5] - Outer - disk Quotes: Chilean silver star was 700 dollars/ton, up 2.94% month - on - month; US dollar 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] 3.2 Supply Data - Import Volume: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month; the import volume of broad - leaf pulp was 135.2 tons, down 23.40% month - on - month [5] - Domestic Production: As of January 15, 2026, the domestic production of broad - leaf pulp was 25.2 tons; the domestic production of chemical mechanical pulp was 23.7 tons [5] - Supply News: Chile's Arauco company's January coniferous pulp offer was 710 dollars/ton, up 10 dollars/ton; broad - leaf pulp star offer was 590 dollars/ton, up 20 dollars/ton; natural pulp Venus offer was 620 dollars/ton, unchanged [5] 3.3 Inventory Data - Pulp Port Inventory: As of January 15, 2026, the inventory of China's main pulp ports was 201.4 tons, up 0.3% month - on - month [5] - Futures Delivery Warehouse Inventory: As of January 15, 2026, the inventory of the futures delivery warehouse was 14.9 tons [5] 3.4 Demand Data - Finished Paper Production: The production of offset paper was 20.30 tons; the production of coated paper was 8.30 tons; the production of tissue paper was 29.30 tons; the production of white cardboard was 38.40 tons [5] - Demand Situation: The demand side of pulp has been stable recently. The price of tissue paper has increased slightly, and the prices of other paper products are stable. The production of major wood - pulp paper is stable [5] 3.5 Strategy - Due to the recent concentrated registration of pulp futures warehouse receipts and limited upward space, combined with the slight decline in broad - leaf pulp prices, it is recommended to consider short - selling after a rebound [6]