建信期货纸浆日报-20260213

Market Review and Operation Suggestions - The previous settlement price of the pulp futures contract 05 was 5,228 yuan/ton, and the closing price was 5,238 yuan/ton, with an overall increase of 0.19%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,670 - 5,550 yuan/ton, and the price remained stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5,300 - 5,320 yuan/ton [7]. - Arauco announced its February quotation. The price of softwood pulp Yinxing remained flat at $710/ton, and the price of hardwood pulp Mingxing increased to $600/ton. According to PPPC, the chemical pulp shipments of 20 pulp - producing countries in the world in November 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 year - on - year. According to UTIPULP data, the total wood pulp inventory in European ports in December 2025 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 February 12, 2026, the weekly pulp inventory in major regions and ports decreased by 1.61% month - on - month. On the demand side, approaching the Spring Festival holiday, the pulp market trading came to a standstill. Before the festival, the fundamentals changed little, and the low - cost support led to a small rebound [8]. Industry News - According to the China Packaging Federation, from January to December 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%. From January to December 2025, the total import and export volume of the national packaging industry was $52.317 billion, an increase of $1.019 billion compared to the same period of the previous year. Among them, 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% [9].