建信期货纸浆日报-20260211

Group 1: Report Information - Report type: Pulp Daily Report [1] - Date: February 11, 2026 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp futures contract 05: The previous settlement price was 5,220 yuan/ton, and the closing price was 5,202 yuan/ton, a decline of 0.34% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4,670 - 5,550 yuan/ton, with the price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 5,300 - 5,320 yuan/ton [7] - Arauco's February quotation: The price of softwood pulp Silver Star remained flat at $710/ton, and the price of hardwood pulp Star increased to $600/ton [7] - Chemical pulp shipments: In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly [7] - European port wood pulp inventory: 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% [7] - Pulp imports: In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8% [7] - Main regional and port weekly pulp inventory: As of February 4, 2026, it was 2.1127 million tons, a month - on - month decrease of 0.34% [7] - Demand side: The raw material procurement of paper mills has ended, the demand in the pulp market has narrowed, and the purchase and sales have become weaker [7] - Operation suggestion: In the short term, pulp is restricted by the sector and weak downstream procurement, and it will mainly fluctuate and adjust before the Spring Festival. Pay attention to the support at the previous low [7] Group 3: Industry News - Packaging industry in 2025: There were 20,230 above - scale enterprises in the national packaging industry. The cumulative operating income was 2.054627 trillion yuan, a year - on - year decrease of 2.35%. The cumulative total profit was 95.152 billion yuan, a year - on - year decrease of 1.69% [8] - Packaging industry import and export: The total import and export volume was $52.317 billion, an increase of $1.019 billion compared to the same period of the previous year. The import volume was $6.908 billion, a year - on - year decrease of 2.79%, and the export volume was $45.409 billion, a year - on - year increase of 2.76% [8]