建信期货纸浆日报-20260312

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Report Date: March 12, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 05 contract was 5,276 yuan/ton, and the closing price was 5,260 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 5,550 yuan/ton, with the high - end price down 50 yuan/ton from the previous trading day's closing price. The Shandong Yinxing quotation was 5,280 - 5,300 yuan/ton [7] - Foreign Offers: In March, Arauco's foreign offers for softwood pulp Yinxing were flat at $710/ton, for unbleached pulp Jinxing were flat at $620/ton, and for hardwood pulp Mingxing increased by $20/ton to $620/ton [8] - Market Data: 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 [8] - Market Outlook: Some downstream paper enterprises have high inventory, mainly making rigid purchases, and the order scale is average. The supply - demand pressure of pulp needs further improvement, and it will fluctuate and adjust at a low level following the sector [8] Group 3: Industry News - ST Chenming: According to the company's 2025 semi - annual report, the company's inventory assets were 2.522 billion yuan, including raw materials worth 1.231 billion yuan, work - in - progress worth 24 million yuan, finished goods worth 168 million yuan, and consumable biological assets (mainly forestry assets) worth 1.099 billion yuan. The proportion of finished goods is small and in a normal sales state. Pay attention to the company's 2025 annual report for the impact of the off - balance - sheet financing lease on assets and liabilities [9] - Jiulong: On March 11, Jiulong's 10 major bases uniformly issued the fourth price increase letter after the Spring Festival. Some bases even "raised prices three times in one letter". The price adjustment is mainly due to the continuous pressure on the industry's cost side. Affected by the Middle East situation, energy prices soared, leading to a significant increase in the prices of related chemical products and a greater risk of unstable supply, resulting in a continuous rise in operating costs. The price adjustment of upstream base paper has gradually spread to downstream paperboard manufacturers [9] Group 4: Data Overview - The report includes multiple data charts, such as import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures spreads, needle - broadleaf spreads in Shandong, inter - period spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset printing paper prices and spreads, white cardboard and whiteboard paper prices and spreads, and the US dollar - RMB exchange rate [15][17][19][25][28][29]