Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Recently, the supply side of pulp has been disrupted again, but the demand side is weak. Pulp lacks a clear trading logic and is expected to fluctuate [6]. Group 3: Summary by Relevant Catalogs Pulp Price Data - Futures and Spot Prices: On February 4, 2026, the SP2601 futures price was 5520 yuan/ton, up 1.02% day - on - day and down 1.15% week - on - week. The SP2609 spot price was 5374 yuan/ton, up 0.94% day - on - day and down 0.85% week - on - week. The price of coniferous pulp Silver Star was 5320 yuan/ton, unchanged day - on - day and down 1.12% week - on - week. The price of coniferous pulp Russian Needle was 5100 yuan/ton, unchanged day - on - day and down 1.92% week - on - week. The price of broadleaf pulp Gold Fish was 4600 yuan/ton, unchanged both day - on - day and week - on - week [5]. - External Quotes and Import Costs: The external quote of Chilean Silver Star was 710 dollars/ton, up 1.43% month - on - month. Its import cost was 5802 yuan/ton, up 1.42% month - on - month. The external quote of Chilean Star was 590 dollars/ton, up 3.51% month - on - month, and its import cost was 4830 yuan/ton, up 3.47% month - on - month. The external quote of Chilean Venus was 620 dollars/ton, unchanged month - on - month, and its import cost was 5073 yuan/ton, unchanged month - on - month [5]. Pulp Fundamental Data - Supply: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month. The import volume of broadleaf pulp was 135.2 tons, down 23.40% month - on - month. The shipment volume of pulp to China in November 2025 was 178 (in ten - tons), up 3.00% month - on - month. As of January 29, 2026, the domestic production of broadleaf pulp was 24 tons, and that of chemimechanical pulp was 23.7 tons [5]. - Demand: The production of double - offset paper, coated paper, and day - card paper decreased, while the production of tissue paper increased slightly. The demand for pulp has been stable recently, with a slight increase in tissue paper prices and stable prices for other paper products [5]. - Inventory: As of January 29, 2026, the sample inventory of China's main pulp ports was 216.9 tons, an increase of 10.1 tons from the previous period, a 4.9% increase. The inventory has continued to accumulate in this cycle, and the port sample inventory has shown a trend of accumulation for four consecutive weeks [5].
纸浆数据日报-20260205
Guo Mao Qi Huo·2026-02-05 03:00