纸浆数据日报-20260302

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Overseas softwood pulp mills have a serious inventory build - up, there is significant pressure on the FOB quotations, and there is no obvious positive news for domestic demand. It is expected to operate in a volatile and bearish manner [6] 3. Summary According to Relevant Catalogs 3.1 Price Data - Futures Prices: On February 27, 2026, SP2601 was 5470 yuan/ton, down 1.08% day - on - day and up 0.40% week - on - week; SP2609 was 5312 yuan/ton, down 0.97% day - on - day and up 0.49% week - on - week; SP2605 was 5246 yuan/ton, down 1.24% day - on - day and up 0.15% week - on - week [5] - Spot Prices: On February 27, 2026, the price of softwood pulp Silver Star was 5250 yuan/ton, unchanged day - on - day and week - on - week; the price of Russian softwood pulp was 5100 yuan/ton, unchanged day - on - day and up 0.99% week - on - week; the price of hardwood pulp Goldfish was 4600 yuan/ton, unchanged day - on - day and up 0.44% week - on - week [5] - FOB Quotations: The FOB quotation of Chilean Silver Star was 710 dollars/ton, unchanged; the FOB quotation of Chilean Star was 600 dollars/ton, up 1.69% month - on - month; the FOB quotation of Chilean Venus was 620 dollars/ton, unchanged [5] - Import Costs: The import cost of Chilean Silver Star was 5802 yuan/ton, unchanged; the import cost of Chilean Star was 4911 yuan/ton, up 1.68% month - on - month; the import cost of Chilean Venus was 5073 yuan/ton, unchanged [5] 3.2 Fundamental Data - Supply: In December 2025, the import volume of softwood pulp was 77.8 tons, up 7.31% month - on - month; the import volume of hardwood pulp was 135.2 tons, down 23.40% month - on - month. The pulp shipment volume to China in December 2025 was 212 thousand tons, up 19.10% month - on - month. The domestic production of hardwood pulp in February 26, 2026 was 25.2 tons, and the domestic production of chemimechanical pulp was 23.8 tons [5] - Inventory: As of February 26, 2026, the pulp port inventory was 240.1 tons, up 9.4% from the previous period; the futures delivery warehouse inventory was 15.2 tons [5] - Demand: The production of offset paper was 17.50 tons, coated paper was 7.40 tons, tissue paper was 23.98 tons, and white cardboard was 36.10 tons. The pulp demand was stable recently, the price of finished paper was stable, and the production increased slightly this week [5] 3.3 Summary - The main port inventory showed a trend of inventory build - up [5]