建信期货纸浆日报-20260311

1. Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The pulp supply - demand pressure needs further improvement, and the price will fluctuate at a low level following the sector [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,362 yuan/ton, and the closing price was 5,244 yuan/ton, a decline of 2.20%. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 5,550 yuan/ton. The high - end price dropped 50 yuan/ton compared with the previous trading day's closing price, and the Shandong Yinxing was quoted at 5,280 - 5,300 yuan/ton [7]. - Chile's Arauco Company's March pulp FOB prices: softwood pulp Yinxing remained at $710/ton; natural pulp Jinxing remained at $620/ton; hardwood pulp Mingxing rose $20/ton to $620/ton. In January, 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. In January 2026, the European wood pulp inventory was 681,500 tons, a decrease of 12.7% month - on - month and 5.5% year - on - year; the European wood pulp consumption was 802,400 tons, an increase of 12.5% month - on - month and a decrease of 3.0% year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a decrease of 4.1% month - on - month and 3.8% year - on - year. As of March 5, 2026, the weekly pulp inventory in major regions and ports was 2.3887 million tons, a 1.43% increase month - on - month. Some downstream paper mills have high inventory and mainly make purchases based on rigid demand, with general order volume [8]. 3.2 Industry News - In 2025, the national output of machine - made paper and paperboard was 164.054 million tons, a year - on - year increase of 2.9%. The output of Guangdong Province was 23.8523 million tons, a year - on - year decrease of 9.9%, accounting for 14.5% of the national total. The cumulative operating income of the national machine - made paper and paperboard from January to December 2025 was 1.41867 trillion yuan, a year - on - year decrease of 2.6%. The operating income of Guangdong Province was 239.718 billion yuan, a year - on - year decrease of 7%, accounting for 16.9% of the national total [9]. - Famen Temple Paper Industry plans to build an intelligent upgrading and renovation project for a 100,000 - ton/year cultural paper pulping and paper machine production line. The project is located in the existing factory area of the Third Branch of Shaanxi Famen Temple Paper Industry, with existing papermaking facilities to be demolished and new production lines with a total capacity of 145,600 tons to be built, along with supporting auxiliary equipment [9]. 3.3 Data Overview - There are multiple data charts related to the pulp industry, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][25][28][29].