纸浆：宽幅震荡20260130

Report Details - Report Date: January 30, 2026 [1] - Report Title: Pulp: Wide - range Fluctuation 20260130 [1] 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The pulp price in this period fluctuates due to several reasons, including the near - stagnant demand for new raw material procurement from downstream paper manufacturers, the increasing demand for cash - out from some market holders under capital pressure, and the continuous inventory build - up at ports [6] 3. Summary by Relevant Catalogs 3.1 Fundamental Data - Futures Market (05 Contract): - Day - session closing price of pulp main contract: 5,388 yuan/ton (yesterday), up 14 from the day before [3] - Night - session closing price: 5,416 yuan/ton (yesterday), up 58 from the day before [3] - Trading volume: 215,374 lots (yesterday), down 57,716 from the day before [3] - Open interest: 263,863 lots (yesterday), down 229 from the day before [3] - Warehouse receipt quantity: 141,442 tons (yesterday), up 948 from the day before [3] - Net position of the top 20 members: - 24,693 lots (yesterday), down 3,400 from the day before [3] - Spread Data: - Basis: Silver Star - futures main contract was - 8 (yesterday), down 14 from the day before; Goldfish - futures main contract (non - standard) was - 788 (yesterday), down 14 from the day before [3] - Monthly spread: SP03 - SP05 was - 26 (yesterday), up 6 from the day before [3] - Spot Market: - Coniferous pulp: Northwood was 5,600 yuan/ton; Cariboo was 5,550 yuan/ton; Moon was 5,300 yuan/ton; Silver Star was 5,380 yuan/ton (domestic) and 710 US dollars/ton (international); Russian Needle was 5,200 yuan/ton [3] - Hardwood pulp: Goldfish was 4,600 yuan/ton; Star was 4,600 yuan/ton (domestic) and 590 US dollars/ton (international); Xiaochi was 4,600 yuan/ton; Buzhou was 4,550 yuan/ton [3] - Chemimechanical pulp: Kunhe was 3,800 yuan/ton [3] - Unbleached pulp: Venus was 4,950 yuan/ton (domestic) and 620 US dollars/ton (international) [3] - Trend Intensity: The pulp trend intensity is 0, with a range of [-2, 2] for classification of weak, weakly - bearish, neutral, weakly - bullish, and bullish [3] 3.2 Industry News - As of Thursday this week, the average spot tax - included price of the mainstream imported coniferous pulp brand was 5,353 yuan/ton, down 0.6% from the previous period; the average spot tax - included price of hardwood pulp was 4,629 yuan/ton, down 0.9% from the previous period; the average spot tax - included price of unbleached pulp was 4,979 yuan/ton, down 0.4% from the previous period; the average spot tax - included price of chemimechanical pulp was 3,800 yuan/ton, unchanged from the previous period [4]