纸浆周报：国内港口库存转升，盘面低位运行-20260130

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - The pulp futures main contract SP2605 dropped significantly, with a weekly decline of 3.39%. The domestic pulp port inventory is still at a relatively high historical level, and it's necessary to observe the destocking situation. Paper mills have limited acceptance of high prices, and transactions are difficult to increase. The pre - holiday restocking may have limited impact on demand due to weak terminal consumption and some paper mills' early holidays. The cost side provides some support, and the pre - holiday market is expected to fluctuate at a low level, waiting for demand - side guidance [7][33] Group 3: Summary by Directory 1. This Week's Market Review - The pulp futures main contract SP2605 dropped significantly, with a weekly decline of 3.39% [7] 2. Fundamental Analysis - Pulp Market Price: As of January 29, the weekly average price of imported softwood pulp was 5358 yuan/ton, down 0.43% from last week; the weekly average price of imported hardwood pulp was 4593 yuan/ton, down 0.93% from last week [11] - Accumulated Pulp Imports from January to December: In December 2025, China imported 3.113 million tons of pulp, with an import value of 1.7994 billion US dollars and an average unit price of 578.03 US dollars/ton. The accumulated import volume and value from January to December increased by 4.9% and - 2.4% respectively compared with the same period last year [15] - Port Inventory Situation: As of January 29, 2026, the weekly pulp inventory in major Chinese regions and ports was 2.1199 million tons, up 4.96% from last week, and the increase rate expanded by 1.59 percentage points [19] - European Main Port Chemical Pulp Consumption and Inventory in December: In December 2025, the consumption of European chemical pulp was 722,400 tons, a year - on - year increase of 0.58%; the inventory was 759,600 tons, a year - on - year increase of 2.38%. The inventory days were 28 days, up 1 day from the same period last year [22] - SHFE Pulp Inventory: No detailed data provided - Downstream Pulp Variety Operating Rates: Waste paper pulp consumption accounts for 63% of the total pulp consumption in China. As of January 29, the operating load rates of downstream paper types showed obvious differentiation. The operating rates of double - copper paper and household paper increased slightly, while those of double - offset paper and white cardboard decreased [27] 3. Future Outlook - The domestic pulp port inventory is still at a relatively high historical level, and it's necessary to observe the destocking situation. Paper mills have limited acceptance of high prices, and transactions are difficult to increase. The pre - holiday restocking may have limited impact on demand due to weak terminal consumption and some paper mills' early holidays. The cost side provides some support, and the pre - holiday market is expected to fluctuate at a low level, waiting for demand - side guidance [33]