纸浆数据日报-20260305

1. Industry Investment Rating - No information provided 2. Core View - Overseas softwood pulp mills have a serious inventory backlog, there is significant pressure on external market quotations, there are no obvious positive factors in domestic demand, and it is expected to fluctuate in a bearish direction [6] 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - Futures Prices: On March 4, 2026, SP2701 was 5472 yuan/ton, up 0.70% day-on-day and down 1.23% week-on-week; SP2609 was 5304 yuan/ton, up 0.53% day-on-day and down 1.78% week-on-week; SP2605 was 5246 yuan/ton, up 0.50% day-on-day and down 1.91% week-on-week [5] - Spot Prices: On March 4, 2026, softwood pulp Silver Star was 5250 yuan/ton, unchanged day-on-day and down 1.87% week-on-week; Russian softwood pulp was 5050 yuan/ton, unchanged day-on-day and down 1.94% week-on-week; hardwood pulp Goldfish was 4600 yuan/ton, unchanged day-on-day and week-on-week [5] - External Market Quotes: Chilean Silver Star was 710 dollars/ton, Chilean Star was 600 dollars/ton, and Chilean Venus was 620 dollars/ton, all unchanged month-on-month [5] - Import Costs: The import cost of Chilean Silver Star was 5802 yuan/ton, Chilean Star was 4911 yuan/ton, and Chilean Venus was 5073 yuan/ton, all unchanged month-on-month [5] 3.2 Pulp Fundamental Data Supply - Import Volume: In December 2025, softwood pulp imports were 77.8 tons, up 7.31% month-on-month; hardwood pulp imports were 135.2 tons, down 23.40% month-on-month [5] - Domestic Production: From January 8 to February 26, 2026, the domestic production of hardwood pulp and chemimechanical pulp was relatively stable [5] Inventory - Port Inventory: As of February 26, 2026, the inventory of China's major pulp ports was 240.1 tons, up 20.6 tons from the previous period and 9.4% month-on-month [5] - Futures Delivery Warehouse Inventory: As of February 26, 2026, the inventory of futures delivery warehouses was 15.2 tons [5] Demand - Finished Paper Production: From January 8 to February 26, 2026, the production of double-coated paper, coated paper, tissue paper, and white cardboard showed some fluctuations, with a general downward trend in the week [5]