建信期货纸浆日报-20260305

Report Information - Report Title: Pulp Daily Report [1] - Report Date: March 5, 2026 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp supply-demand pressure needs further improvement, and the market is mainly in a low-level wide-range shock adjustment [8] - Driven by the decline in cost and the marginal recovery of downstream demand, the expectation of industry profit repair has increased, and some stocks in the A-share papermaking sector have witnessed a phased rise [9] Section Summaries 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,236 yuan/ton, and the closing price was 5,246 yuan/ton, a rise of 0.19%. The intended transaction price range of softwood pulp in the Shandong market was 4,700 - 5,550 yuan/ton, with the high-end price down 50 yuan/ton from the previous trading day's closing price. The quotation of Shandong Yinxing was 5,280 - 5,300 yuan/ton [7] - Arauco's March pulp list prices: softwood pulp Yinxing remained flat at $710/ton; unbleached pulp Jinxing remained flat at $620/ton; hardwood pulp Mingxing rose $20/ton to $620/ton [8] - According to the January report released by PPPC, the chemical pulp shipments of the world's top 20 pulp-producing countries 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 imports were 3.113 million tons, a month-on-month decrease of 4.1% and a year-on-year decrease of 3.8%. As of February 26, the total inventory in major domestic regions and ports was 2.3551 million tons, a 13.3% increase from the week before the holiday, and the overall shipment speed was gradually recovering [8] - Downstream paper mills had a process of rigid demand inquiry, but the overall inventory replenishment rhythm was relatively gentle, and double-offset paper mills had a strong willingness to hold prices. The suspension of production of a large Finnish softwood pulp mill in March last night boosted the performance of the futures market [8] 2. Industry News - On March 4, the papermaking industry saw another wave of price increases. Many listed companies had a phased rise. In March, the domestic papermaking industry entered a new round of intensive price increase cycles, and many leading paper mills successively issued price increase letters, covering mainstream categories such as white kraft paper, white cardboard, cultural paper, and packaging paper, with price increases ranging from 50 yuan/ton to 300 yuan/ton [9] - On March 4, Stora Enso announced that its Joutseno pulp mill would suspend production to adapt to market changes. The suspension of production aimed to adjust pulp production to adapt to the uncertainty of current Asian market demand [9] 3. Data Overview - The report provided various data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot-futures price differences, softwood-hardwood price differences, inter-period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and double-offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar to RMB exchange rate [15][17][19][24][25][27]