纸浆数据日报-20260304

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View - The overseas coniferous pulp mills have a serious inventory build - up, the external market quotation is under great pressure, and there is no obvious positive news for domestic demand. It is expected to fluctuate with a downward bias [6] Group 3: Summary by Relevant Catalogs 1. Price Data - Futures Prices: On March 3, 2026, SP2601 was 5434 yuan/ton, down 0.62% day - on - day and 2.16% week - on - week; SP2609 was 5276 yuan/ton, down 0.75% day - on - day and 2.22% week - on - week; SP2605 was 5220 yuan/ton, down 0.61% day - on - day and 2.25% week - on - week [5] - Spot Prices: On March 3, 2026, the price of coniferous pulp Silver Star was 5250 yuan/ton, unchanged day - on - day and down 1.87% week - on - week; the price of coniferous pulp Russian Needle was 5050 yuan/ton, unchanged day - on - day and down 1.94% week - on - week; the price of broad - leaf pulp Goldfish was 4600 yuan/ton, unchanged both day - on - day and week - on - week [5] - External Quotes: The external quote of Chilean Silver Star was 710 dollars/ton, unchanged; the quote of Chilean Star was 600 dollars/ton, up 1.69% month - on - month; the quote 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] 2. Fundamental Data - Pulp Shipment Volume to China: In January 2026, the pulp shipment volume to China was 170 thousand tons, down 19.80% month - on - month [5] - Domestic Production: In February 26, 2026, the domestic production of broad - leaf pulp was 25.2 tons, and the production of chemical mechanical pulp was 23.8 tons [5] - Inventory: As of February 26, 2026, the pulp port inventory was 240.1 tons, up 9.4% month - on - month; the futures delivery warehouse inventory was 15.2 tons [5] - Demand: In terms of finished paper production, on February 26, 2026, the production of offset paper was 17.5 tons, copperplate paper was 7.4 tons, tissue paper was 23.98 tons, and white cardboard was 36.1 tons [5] 3. Supply, Demand and Inventory Summary - Supply: The February offer of coniferous pulp from Chile's Arauco Company was 710 dollars/ton, unchanged; the offer of broad - leaf pulp Star was 600 dollars/ton, up 10 dollars/ton; the offer of natural pulp Venus was 620 dollars/ton, unchanged [5] - Demand: The demand side of pulp has been stable recently, the price of finished paper is stable, and the production has decreased this week [5] - Inventory: As of February 26, 2026, the inventory of China's main pulp ports has shown a trend of accumulation [5]