纸浆数据日报-20260224

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The pulp market shows a situation where the supply side has stable offers from Chilean companies, the demand side is stable with a slight increase in finished - paper production, and the inventory side is in a continuous accumulation trend. Coniferous pulp is expected to oscillate at a low level due to lack of positive factors but with cost support from pulp mills [5] 3. Summary by Related Catalogs Price Data - Futures Prices: On February 13, 2026, SP2601 was 5446 yuan/ton with a daily -环比 of - 0.04% and a weekly -环比 of - 0.07%; SP2609 was 5304 yuan/ton with a daily -环比 of 0.34% and a weekly -环比 of 0.49%; SP2605 was 5260 yuan/ton with a daily -环比 of 0.42% and a weekly -环比 of 0.50% [5] - Spot Prices: On February 13, 2026, the price of coniferous pulp Silver Star was 5250 yuan/ton, Russian coniferous pulp was 5050 yuan/ton, and broad - leaf pulp Goldfish was 4580 yuan/ton, all with 0.00% daily and weekly changes [5] - External Quotes: In February 2026, the external quote of Chilean Silver Star was 710 dollars/ton (a 1.43% month -环比 increase), Chilean Star was 590 dollars/ton (a 3.51% month -环比 increase), and Chilean Venus was 620 dollars/ton (0.00% month -环比) [5] - Import Costs: The import cost of Chilean Silver Star was 5802 yuan/ton (a 1.42% month -环比 increase), Chilean Star was 4830 yuan/ton (a 3.47% month -环比 increase), and Chilean Venus was 5073 yuan/ton (0.00% month -环比) [5] Fundamental Data - Import Volume: In December 2025, the import volume of coniferous pulp was 77.8 tons (a 7.31% month -环比 increase compared to November), and that of broad - leaf pulp was 135.2 tons (a - 23.40% month -环比 decrease compared to November) [5] - Domestic Production: From January 8, 2025, to February 12, 2026, the domestic production of broad - leaf pulp fluctuated between 24 - 25.2 tons, and that of chemi - mechanical pulp fluctuated between 23.7 - 23.9 tons [5] - Inventory: As of February 12, 2026, the pulp port inventory was 219.5 tons (a 0.6% increase compared to the previous period), and the futures delivery warehouse inventory was 15.1 tons [5] - Demand: In the recent period, pulp demand was stable. The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard had some fluctuations, with a slight increase in production this week [5] Supply - Demand - Inventory Analysis - Supply: Chilean Arauco's February offer for coniferous pulp was 710 dollars/ton (unchanged), broad - leaf pulp Star was 600 dollars/ton (a 10 - dollar increase), and natural pulp Venus was 620 dollars/ton (unchanged) [5] - Demand: Pulp demand was stable recently, finished - paper prices were stable, and production increased slightly this week [5] - Inventory: As of February 12, 2026, the mainstream port sample inventory in China was 219.5 tons, with a continuous inventory accumulation trend for six weeks [5] Strategy - Coniferous pulp lacks positive factors but has cost support from pulp mills, and is expected to oscillate at a low level [5]