纸浆数据日报-20260226

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp demand side has been stable recently, with stable finished paper prices and a slight increase in production this week. The inventory side shows a continuous inventory accumulation trend, with the port sample inventory showing an inventory accumulation trend for six consecutive weeks. The strategy suggests that softwood pulp lacks positive factors but has cost support from pulp mills, and is expected to fluctuate between 5,200 - 5,400 [5]. Group 3: Summary by Relevant Catalogs Futures and Spot Prices - Futures prices: SP2601 is 5,540 yuan/ton, down 0.25% day - on - day and up 2.29% week - on - week; SP2609 is 5,400 yuan/ton, up 0.07% day - on - day and up 2.86% week - on - week; SP2605 is 5,348 yuan/ton, up 0.15% day - on - day and up 2.81% week - on - week [5]. - Spot prices: Coniferous pulp Silver Star is 5,350 yuan/ton, unchanged day - on - day and up 1.90% week - on - week; Coniferous pulp Russian Needle is 5,150 yuan/ton, unchanged day - on - day and up 1.98% week - on - week; Hardwood pulp Goldfish is 4,600 yuan/ton, unchanged day - on - day and up 0.44% week - on - week [5]. Outer - disk Quotes and Import Costs - Outer - disk quotes: Chilean Silver Star is 710 dollars/ton, unchanged; Chilean Star is 600 dollars/ton, up 1.69% month - on - month; Chilean Venus is 620 dollars/ton, unchanged [5]. - Import costs: Chilean Silver Star is 5,802 yuan/ton, unchanged; Chilean Star is 4,911 yuan/ton, up 1.68% month - on - month; Chilean Venus is 5,073 yuan/ton, unchanged [5]. Supply - side Data - Import volume: In December 2025, coniferous pulp import volume was 77.8 tons, up 7.31% month - on - month compared to November; hardwood pulp import volume was 135.2 tons, down 23.40% month - on - month compared to November [5]. - Shipment volume to China: In December 2025, it was 212 thousand tons, up 19.10% month - on - month [5]. - Domestic production: For hardwood pulp, the production volume in February 12, 2026 was 25.2 tons; for chemimechanical pulp, it was 23.8 tons [5]. Inventory Data - Pulp port inventory: As of February 12, 2026, it was 219.5 tons, up 1.3 tons from the previous period, a 0.6% increase [5]. - Futures delivery warehouse inventory: As of February 12, 2026, it was 15.1 tons [5]. Demand - side Data - Finished paper production: For offset paper, the production volume was 20.00 tons; for coated paper, it was 8.40 tons; for white cardboard, it was 27.73 tons; for tissue paper, it was 35.00 tons [5].