纸浆：震荡运行20260213

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - As the Spring Festival holiday approaches, the spot market for imported pulp has a weak trading atmosphere, showing characteristics of shrinking volume and stable prices. The average weekly prices of various types of pulp have slightly decreased, with the demand from downstream paper mills limited and the market in a state of digesting previous orders. Port inventories continue to accumulate slightly, suppressing pulp price fluctuations [4][5] 3. Summary by Relevant Catalogs 3.1 Fundamental Data - In the futures market, for the pulp main contract (05 contract), the daily - closing price increased by 2 yuan/ton to 5,238 yuan/ton, the night - closing price increased by 2 yuan/ton to 5,254 yuan/ton, the trading volume increased by 4,600 hands to 152,334 hands, the open interest decreased by 20,879 hands to 280,912 hands, the warehouse receipt quantity increased by 4,988 tons to 151,415 tons, and the net position of the top 20 members increased by 1,679 hands to - 17,850 hands. In terms of spread data, the basis of Silver Star - futures main dropped by 2, the basis of Goldfish - futures main (non - standard) dropped by 2, and the monthly spread of SP03 - SP05 dropped by 2. In the spot market, the domestic prices of various pulp brands are as follows: Northwood and Cariboo are 5,450 yuan/ton, Moon is 5,150 yuan/ton, Silver Star is 5,250 yuan/ton, Russian needles are 5,050 yuan/ton, eucalyptus pulp such as Huimu and Star is around 4,580 yuan/ton, and Kunhe chemical mechanical pulp is 3,800 yuan/ton, Jinxing natural color pulp is 4,900 yuan/ton [3] 3.2 Industry News - As the Spring Festival holiday approaches, the trading atmosphere in the imported pulp spot market weakens. The average spot prices of coniferous pulp, broad - leaf pulp, natural color pulp, and chemical mechanical pulp this week are 5,246 yuan/ton, 4,564 yuan/ton, 4,921 yuan/ton, and 3,800 yuan/ton respectively, with the first three showing decreases of 1.6%, 0.8%, and 0.6% compared to the previous period, while the chemical mechanical pulp remains the same. The reasons for pulp price fluctuations are the slowdown of downstream paper mill operations, the completion of raw material replenishment, the concentration of coniferous pulp trading in the futures - cash arbitrage link, and the accumulation of port inventories [4][5]