建信期货纸浆日报-20260304

Group 1: Report Overview - Report date: March 4, 2026 [2] - Report type: Pulp Daily [1] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The supply - demand pressure of pulp has insufficient improvement, and it is mainly in a low - level wide - range shock adjustment, pending a further decline in overseas market shipments or a continuous improvement in the profitability of the papermaking industry [8] Group 4: Market Review and Operation Suggestions Market Review - Pulp futures 05 contract: The previous settlement price was 5,244 yuan/ton, the closing price was 5,220 yuan/ton, a decline of 0.46%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,700 - 5,550 yuan/ton, and the high - end price dropped by 50 yuan/ton compared with the previous working day's closing price. The quotation of Shandong Yinxing was 5,280 - 5,300 yuan/ton [7] - Pulp futures 09 contract: The price related data shows a decline of 0.42% [7] Industry Data - Asia - Pacific Senbo announced a 150 - yuan increase per ton of hardwood pulp in March [8] - According to the January report released by PPPC, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year [8] - According to UTIPULP data, in January 2026, the European wood pulp inventory 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% [8] - 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] - As of February 26, the total inventory of major domestic regions and ports was 2.3551 million tons, an increase of 13.3% compared with the week before the holiday, and the overall shipment speed was gradually recovering [8] - Downstream paper enterprises had a process of rigid - demand inquiries, but the overall inventory replenishment rhythm was relatively gentle, and double - offset paper enterprises had a relatively strong willingness to hold prices [8] Group 5: Industry News - On March 3, it was reported that the Jiangxi Hukou High - tech Park was expanding a paper project with a scale of over one million tons. The project planned to produce 400,000 tons of high - grade information paper, 700,000 tons of paper, and 100,000 tons of coated paper annually, without a pulping link, and all the required pulp came from the project's chemimechanical pulp and purchased commercial pulp. Multiple production lines would be newly built [9] Group 6: Data Overview - Multiple figures are presented, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, double - offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate, with data sources mainly from Wind and Zhuochuang Information [15][17][19][24][25][27]