建信期货纸浆日报-20260204

Group 1: Report Overview - The report is a daily paper pulp report dated February 4, 2026 [1][2] Group 2: Market Review and Operation Suggestions - The previous settlement price of the SP2605 contract of pulp futures was 5300 yuan/ton, and the closing price was 5276 yuan/ton, a decrease of 0.45%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4700 - 5600 yuan/ton, with the price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5370 - 5380 yuan/ton [7] - Suzano announced a price increase of $10/ton in the Asian market in February 2026, and the external market quotation continued to rise. In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, softwood pulp decreased by 7.6% year - on - year, and hardwood pulp decreased by 7.3% year - on - year, with a significant decline in shipments to the Chinese market. In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 29, 2026, the weekly pulp inventory in major regions and ports was 2.1199 million tons, a month - on - month increase of 4.96% [8] - On the demand side, the pulp procurement rhythm of downstream paper mills slowed down, some small and medium - sized factories showed signs of closing for the holiday, and the trading atmosphere in the spot market became lighter. In the short term, pulp prices were restricted by the sector and weak downstream procurement, and the overall trend was a wide - range shock [8] Group 3: Industry News - On February 2, a fire broke out at Qian'an Boda Paper Co., Ltd. in Tangshan, Hebei Province. This fire was expected to cause short - term supply disruptions in the northern copy paper market. After the production line of Boda Paper stopped, the supply of copy paper in the North China region would directly decrease, and the market might experience a temporary supply shortage. However, the northern copy paper market was supported by the production capacity of leading enterprises such as APP, Sun Paper, Chenming Paper, and Asia Pulp & Paper, with sufficient overall supply elasticity. Since the fire only affected a single enterprise, it was not expected to cause a significant nationwide price fluctuation [9]