纸浆周报：低位震荡，关注需求企稳情况-20260206

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The pulp futures main contract SP2605 continued to decline, with a weekly decline of 0.87%. The commodity market generally fell, and downstream demand was weak, not supporting a significant upward movement of the market [7]. - It is expected that the pre - holiday market will mainly fluctuate at a low level, waiting for guidance from the demand side [34]. Group 3: Summary by Directory 1. This Week's Market Review - The pulp futures main contract SP2605 continued to decline, with a weekly decline of 0.87%. The decline was due to the general fall in the commodity market and weak downstream demand [7]. 2. Fundamental Analysis - Pulp Market Price: As of February 5th, the weekly average price of imported softwood pulp was 5302 yuan/ton, a 1.05% decrease from the previous week, and the decline rate increased by 0.62 percentage points compared to the previous period. The weekly average price of imported hardwood pulp was 4553 yuan/ton, a 0.87% decrease from the previous week, and the decline rate narrowed by 0.06 percentage points [13]. - Accumulated Pulp Imports from January to December: In December 2025, China imported 3.113 billion 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 to the previous year [17]. - Port Inventory Situation: As of February 5, 2026, the weekly pulp inventory in major Chinese regions and ports was 2.1127 billion tons, a 0.34% decrease from the previous week, changing from an increase to a decrease [21]. - European Port Wood Pulp Inventory in December: In December 2025, the total inventory in European ports increased by 8.58% month - on - month and 4.38% compared to December 2024. The inventory in ports in the Netherlands/Belgium/France/Switzerland, the UK, and Germany increased by 14.92%, 10.07%, and 14.99% respectively month - on - month, while the inventory in ports in Italy and Spain decreased by 0.73% and 4.90% respectively [24]. - Shanghai Futures Exchange Pulp Inventory: No detailed data provided. - Weekly On - Site Operating Rate of Downstream Pulp Types: Waste paper pulp consumption accounts for 63% of the total pulp consumption in China. Wood pulp consumption accounts for 31%, and imported wood pulp consumption accounts for 21%. Non - wood pulp consumption accounts for 6%. As of February 5th, the operating load rate of double - copper paper increased by 1.74 percentage points from the previous week; the operating load rate of double - offset paper increased by 3.09 percentage points; the operating load rate of white cardboard increased by 4.96 percentage points; the operating load rate of household paper decreased by 0.75 percentage points [30]. 3. Future Outlook - The domestic pulp port inventory is still at a relatively high historical level, and it is necessary to observe the destocking situation. Paper mills have limited acceptance of high prices, and it is difficult to see a significant increase in transactions. The pre - holiday stockpiling may have limited impact on demand due to weak terminal consumption demand and some paper mills taking 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 [34].