纸浆数据日报-20260204

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - Recent disturbances have resurfaced on the pulp supply - side, while the demand - side shows a decline. The overall commodity market has been highly volatile recently, and it is recommended to observe cautiously [6] 3. Summary by Relevant Catalogs Price Data - Futures Prices: On February 3, 2026, SP2601 was 5464 yuan/ton with a daily increase of 0.44% and a weekly decrease of 1.69%; SP2609 was 5324 yuan/ton with a daily increase of 0.34% and a weekly decrease of 1.26%; SP2605 was 5276 yuan/ton with a daily increase of 0.19% and a weekly decrease of 1.24% [5] - Spot Prices: On February 3, 2026, the price of coniferous pulp Silver Star was 5320 yuan/ton with no daily change and a weekly decrease of 1.12%; Russian coniferous pulp was 5100 yuan/ton with a daily decrease of 0.97% and a weekly decrease of 1.92%; broad - leaf pulp Goldfish was 4600 yuan/ton with no daily or weekly change [5] - Foreign Quotes: The foreign quote of Chilean Silver Star was 710 dollars/ton, up 1.43% month - on - month; Chilean Star was 590 dollars/ton, up 3.51% month - on - month; Chilean Venus was 620 dollars/ton with no month - on - month change [5] - Import Costs: The import cost of Chilean Silver Star was 5802 yuan/ton, up 1.42% month - on - month; Chilean Star was 4830 yuan/ton, up 3.47% compared to the previous period; Chilean Venus was 5073 yuan/ton with no change [5] Fundamental Data - Supply: In November 2025, the shipment of coniferous pulp to China was 77.8 million tons, a month - on - month increase of 7.31%, and broad - leaf pulp was 135.2 million tons, a month - on - month decrease of 23.40%. The domestic production of broad - leaf pulp and chemimechanical pulp showed some fluctuations from December 2025 to January 2026 [5] - Inventory: As of January 29, 2026, the inventory of China's mainstream pulp ports was 216.9 million tons, a 4.9% increase from the previous period. The inventory of futures delivery warehouses also fluctuated during the same period. The port sample inventory has been accumulating for four consecutive weeks [5] - Demand: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed some decline. The demand for pulp has been stable recently, with a slight increase in tissue paper prices and stable prices for other paper products [5]