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1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In 2026, the import volume of pulp is expected to tighten, and the supply of softwood pulp will be significantly tightened. The downstream paper mills are mainly focused on cost - reduction and efficiency - improvement, with general procurement enthusiasm. The pulp market trading will gradually recover after the Spring Festival, and the spot price of imported softwood pulp may rise. However, the domestic pulp port inventory is still at a relatively high historical level, with great de - stocking pressure. It is recommended to pay attention to the support near the previous low, and consider light - position trial long if the market stabilizes [1][2][3] 3. Summary by Directory 3.1 Market Review - In February 2026, the main contract SP2605 of pulp futures first declined and then rose. Before the Spring Festival, the domestic port inventory was still at a relatively high historical level, and the de - stocking rhythm was slow. Affected by the weak terminal consumption demand and some paper enterprises' early holidays, the pre - holiday stocking had limited impact on demand. The short - sellers added positions, causing the market to decline. After the Spring Festival, the procurement of downstream paper enterprises gradually started, the pulp market trading will gradually recover. Affected by the financial attributes of the product, the spot price of imported softwood pulp may rise. The short - sellers reduced positions, and the market rebounded following the industrial product sector [7] 3.2 Fundamental Analysis 3.2.1 Expected Tightening of Softwood Pulp Imports - China has a high external dependence on pulp, especially for bleached softwood pulp. In 2025, the cumulative pulp import volume was 36.038 million tons, a year - on - year increase of 4.9%, and the cumulative import amount decreased by 2.4% compared with the previous year. In 2026, the pulp import volume is expected to tighten. In January 2026, the exports of softwood and hardwood pulp from Brazil to China decreased compared with the previous month and the same period last year. The exports of softwood, hardwood, and unbleached pulp from Chile to China showed different trends. Large pulp mills may permanently shut down production capacity or reduce production, and the supply of softwood pulp in 2026 is expected to be significantly tightened [12][13] 3.2.2 Decline in European Port Inventory and Gradual Recovery of Overseas Demand - In January 2026, the consumption and inventory of European chemical pulp decreased year - on - year, and the inventory days remained the same as last year. The European wood pulp port inventory is slowly declining, and the overseas wood pulp demand may show a slow recovery trend. Against the background of the merger wave in the European paper industry, the pulp outer - market quotation is firm [16] 3.2.3 Continuous Increase in Outer - Market Quotations - The outer - market price of imported hardwood pulp has been rebounding since August 2025 and continued to rise in February 2026. The import cost has a strong support for the domestic price. As of February 26, the weekly average price of imported softwood pulp and hardwood pulp increased compared with the previous week before the Spring Festival [19] 3.2.4 Slow Resumption of Work in Downstream Paper Mills and Increasing Import Cost Pressure - The outer - market quotations of softwood and hardwood pulp are continuously strong, increasing the production cost of downstream paper enterprises. The increase in the price of downstream base paper is weak, squeezing the enterprise profit and suppressing the procurement willingness for high - price raw materials. Affected by the shutdown and maintenance during the Spring Festival, the operating load rates of various paper types decreased. The downstream paper mills are mainly focused on cost - reduction and efficiency - improvement, with general procurement enthusiasm and slow resumption of work, which drags down the increase of the actual order price of hardwood pulp [23][25] 3.2.5 Increase in Domestic Main Port Inventory and Still at a High Level - As of February 26, 2026, the total pulp inventory in Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port increased by 13.30% compared with the previous week before the Spring Festival, turning from a decline to an increase. The domestic pulp port inventory is still at a relatively high historical level, with great de - stocking pressure, waiting for the recovery of demand [29] 3.3 Future Outlook - The supply side shows that the pulp import volume is expected to tighten in 2026. The demand side shows that the operating load rates of downstream paper types decreased due to the Spring Festival shutdown and maintenance. The procurement enthusiasm of downstream paper mills is general, and the resumption of work is slow. The supply of softwood pulp is expected to be significantly tightened, the outer - market quotation is firm, and the pulp market trading will gradually recover after the Spring Festival. The spot price of imported softwood pulp may rise, but the domestic pulp port inventory is still at a high level, with great de - stocking pressure. It is recommended to pay attention to the support near the previous low, and consider light - position trial long if the market stabilizes [31][32][33]