建信期货纸浆日报-20260226

Group 1: Report Information - Report Name: Pulp Daily [1] - Date: February 26, 2026 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The short - term trend of pulp is strong. Recently, the overseas market consumption has recovered, and the accumulation of domestic ports during the festival is not high, which boosts the performance of pulp. However, the medium - and long - term performance depends on the supply disturbance and the further improvement of industry profits [8] Group 4: Summary by Directory 4.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5322 yuan/ton, and the closing price was 5348 yuan/ton, a rise of 0.49%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4750 - 5600 yuan/ton, up 30 yuan/ton from the previous closing price. The quotation of Shandong Yinxing was 5370 - 5380 yuan/ton [7] - Suzano announced a price increase of $20 in the Asian market and $50 in the European market in March 2026. According to the December report of PPPC, the chemical pulp shipments of the world's 20 major pulp - producing countries decreased by 1.4% year - on - year, softwood pulp by 2.3%, and hardwood pulp by 0.9%. Shipments to the Chinese market decreased slightly by 1.2% year - on - year [8] - According to UTIPULP data, the European wood pulp inventory in January 2026 was 681,500 tons, a month - on - month decrease of 12.7% and a year - on - year decrease of 5.5%. The European wood pulp consumption was 802,400 tons, a month - on - month increase of 12.5% and a year - on - year decrease of 3.0%. In December 2025, the total pulp import volume was 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8% [8] - During the festival, downstream consumption slowed down, and port inventory accumulated seasonally. The downstream offset paper market's trading recovery was limited, and paper prices mostly continued the pre - festival policy. Some shut - down production lines resumed work, but some downstream printing factories were still on holiday, and the willingness to purchase base paper was low [8] 4.2 Industry News - In January 2026, the national ex - factory prices of industrial producers decreased by 1.4% year - on - year, with the decline narrowing by 0.5 percentage points compared with the previous month; and increased by 0.4% month - on - month, with the increase expanding by 0.2 percentage points compared with the previous month. Notably, the ex - factory prices of industrial producers in the printing and recording media reproduction industry decreased by 3.7% year - on - year, and those in the paper and paper products industry decreased by 2.4% year - on - year [9] 4.3 Data Overview - Multiple data charts are presented, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood pulp price difference, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][25][26][29]