纸浆数据日报-20260312

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp futures are expected to oscillate in the range of 5,200 - 5,400 yuan/ton. The lower limit is supported by the shutdown of a Finnish softwood pulp mill, while the upper limit is restricted by weak domestic demand and high inventory. The large number of warehouse receipts registered today also affects the price movement [5] Group 3: Summary by Relevant Catalogs 1. Pulp Price Data - Futures Prices: On March 11, 2026, SP2701 was 5,488 yuan/ton with a daily increase of 0.07% and a weekly increase of 0.29%; SP2609 was 5,318 yuan/ton with a daily increase of 0.26% and a weekly increase of 0.26%; SP2605 was 5,260 yuan/ton with a daily increase of 0.31% and a weekly increase of 0.27% [5] - Spot Prices: On March 11, 2026, the price of softwood pulp Silver Star was 5,350 yuan/ton with no daily change and a weekly increase of 1.90%; Russian softwood pulp was 5,150 yuan/ton with no daily change and a weekly increase of 1.98%; hardwood pulp Goldfish was 4,600 yuan/ton with no daily or weekly change [5] - Outer - disk Quotes: The outer - disk quotes of Chilean Silver Star, Star, and Venus were 710, 600, and 620 dollars/ton respectively, with no monthly change [5] - Import Costs: The import costs of Chilean Silver Star, Star, and Venus were 5,802, 4,911, and 5,073 yuan/ton respectively, with no monthly change [5] 2. Pulp Fundamental Data - Import Volume: In December 2025, the import volume of softwood pulp was 77.8 tons, a 7.31% increase from November 2025; the import volume of hardwood pulp was 135.2 tons, a 23.40% decrease from the previous period [5] - Domestic Production: On March 5, 2026, the domestic production of hardwood pulp was 24.3 tons, and that of chemimechanical pulp was 23.8 tons [5] - Pulp Port Inventory: As of March 5, 2026, the inventory of China's main pulp ports was 240.8 tons, a 0.3% increase from the previous period [5] - Futures Delivery Warehouse Inventory: As of a certain period, the inventory was 15.3 tons [5] - Demand for Finished Paper: The production of double - offset paper, coated paper, tissue paper, and kraft liner paper showed different trends. For example, the production of double - offset paper on a certain date was 19.80 tons [5] 3. Supply and Demand Analysis - Supply Side: Chile's Arauco Company's March softwood pulp offer was 710 dollars/ton, unchanged; the hardwood pulp Star offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus offer was 620 dollars/ton, unchanged [5] - Demand Side: The pulp demand has been stable recently. The price of finished paper is stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5] 4. Inventory Analysis - As of March 5, 2026, the inventory of China's main pulp ports showed a cumulative trend. After the Spring Festival, the port inventory has been increasing for two consecutive weeks [5]