纸浆数据日报-20260227

1. Report's Industry Investment Rating - No information provided 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 at the inventory side continued to accumulate in this cycle, with the port sample inventory showing an accumulation trend for six consecutive weeks. Coniferous pulp lacks positive factors but is supported by mill costs at the bottom, and is expected to fluctuate between 5,200 - 5,400 [5]. 3. Summary According to the Directory Futures and Spot Prices - Futures Prices: On February 26, 2026, SP2601 was 5,530 yuan/ton, down 0.18% day - on - day and up 1.88% week - on - week; SP2609 was 5,364 yuan/ton, down 0.67% day - on - day and up 1.59% week - on - week; SP2605 was 5,312 yuan/ton, down 0.67% day - on - day and up 1.45% week - on - week [5]. - Spot Prices: On February 26, 2026, the spot price of coniferous pulp Silver Star was 5,350 yuan/ton (0% day - on - day, 1.90% week - on - week), Russian Needle was 5,150 yuan/ton (0% day - on - day, 1.98% week - on - week), and broad - leaf pulp Goldfish was 4,600 yuan/ton (0% day - on - day, 0.44% week - on - week) [5]. Outer - Disk Quotes and Import Costs - Outer - Disk Quotes: In February 2026, the outer - disk quote of Chilean Silver Star was 710 US dollars/ton (0% month - on - month), Chilean Star was 600 US dollars/ton (up 1.69% month - on - month), and Chilean Venus was 620 US dollars/ton (0% month - on - month) [5]. - Import Costs: The import cost of Chilean Silver Star was 5,802 yuan/ton (0% month - on - month), Chilean Star was 4,911 yuan/ton (up 1.68% month - on - month), and Chilean Venus was 5,073 yuan/ton (0% month - on - month) [5]. Supply - Side Data - Imports: In December 2025, coniferous pulp imports were 77.8 million tons, up 7.31% month - on - month compared to November; broad - leaf pulp imports were 135.2 million tons, down 23.40% month - on - month compared to November. The pulp shipment volume to China in December 2025 was 212 thousand tons, up 19.10% month - on - month [5]. - Domestic Production: On February 26, 2026, the domestic production of broad - leaf pulp was 25.2 million tons, and that of chemimechanical pulp was 23.8 million tons [5]. Inventory Data - Pulp Port Inventory: On February 26, 2026, the pulp port inventory was 240.1 million tons, showing an accumulation trend [5]. - Futures Delivery Warehouse Inventory: On February 26, 2026, the futures delivery warehouse inventory was 15.2 million tons [5]. Demand - Side Data - Finished - Paper Production: On February 26, 2026, the production of offset paper was 17.50 million tons, copperplate paper was 7.40 million tons, tissue paper was 23.98 million tons, and white cardboard was 36.10 million tons [5]. Supply - Demand - Inventory Summary and Strategy - Summary: The supply side: Arauco's February coniferous pulp offer was flat, broad - leaf pulp Star increased, and natural pulp Venus was flat. The demand side was stable, and the inventory side continued to accumulate. - Strategy: Coniferous pulp is expected to fluctuate between 5,200 - 5,400 [5].