纸浆数据日报-20260316

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of pulp are weak, with "Golden March and Silver April" failing to effectively boost papermaking demand. However, the chemical price increase due to the US - Iran war has a driving effect on the pulp futures market, so the overall situation is seen as oscillating [5] 3. Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On March 13, 2026, SP2701 futures price was 5526 yuan/ton, up 0.51% day - on - day and 0.11% week - on - week; SP2609 was 5330 yuan/ton, up 0.53% day - on - day and down 0.71% week - on - week; SP2605 was 5272 yuan/ton, up 0.38% day - on - day and down 0.94% week - on - week [5] - Spot Prices: Coniferous pulp Silver Star was 5300 yuan/ton, unchanged day - on - day and week - on - week; Coniferous pulp Russian Needle was 5150 yuan/ton, unchanged day - on - day and up 0.98% week - on - week; Broadleaf pulp Goldfish was 4600 yuan/ton, unchanged day - on - day and week - on - week [5] - External Quotes and Import Costs: Chilean Silver Star's external quote was 710 dollars/ton, unchanged; its import cost was 5802 yuan/ton, unchanged. Chilean Star's external quote was 600 dollars/ton, unchanged; its import cost was 4911 yuan/ton, unchanged. Chilean Venus's external quote was 620 dollars/ton, unchanged; its import cost was 5073 yuan/ton, unchanged [5] Pulp Fundamental Data - Import Volume: In November 2025, coniferous pulp import volume was 72.5 tons, and in December 2025, it was 77.8 tons, up 7.31% month - on - month. In December 2025, broadleaf pulp import volume was 176.5 tons, and in the subsequent period, it was 135.2 tons, down 23.40% [5] - Domestic Production Volume: On March 12, 2026, broadleaf pulp domestic production volume was 23.8 tons; chemical mechanical pulp was 24.5 tons [5] - Inventory: As of March 12, 2026, pulp port inventory was 237.3 tons, down 3.5 tons from the previous period, a 1.5% decline. Futures delivery warehouse inventory was 18.0 tons [5] - Finished Paper Production Volume: On March 12, 2026, double - offset paper production volume was 20.10 tons; coated paper was 7.80 tons; daily production of tissue paper was 30.07 tons (with another value of 33.40 tons mentioned) [5] Supply - Demand and Strategy - Supply: Chilean Arauco's March coniferous pulp offer was 710 dollars/ton, unchanged; broadleaf pulp Star's quote was 620 dollars/ton, up 20 dollars/ton; natural pulp Venus's quote was 620 dollars/ton, unchanged [5] - Demand: Pulp demand has been stable recently, finished paper prices are stable, and production volume increased this week. Price - increase letters issued by paper mills are expected to be difficult to implement [5] - Strategy: This week, pulp futures warrants increased significantly, and port inventory, especially coniferous pulp, is still at an absolute high. Overall, the situation is seen as oscillating [5]