建信期货纸浆日报-20260317

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp fundamentals have limited driving forces and continue to undergo low - level shock adjustments. The downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market: The previous settlement price of the pulp futures 05 contract was 5,268 yuan/ton, and the closing price was 5,232 yuan/ton, a decline of 0.68%. The 09 contract decreased by 0.23%, and the 2701 contract decreased by 0.36% [7]. - Spot Market: The intended transaction price range of softwood pulp in the Shandong wood pulp market is 4,700 - 5,550 yuan/ton, with the high - end price down 50 yuan/ton from the previous trading day's closing price. The Shandong Yinxing is quoted at 5,280 - 5,300 yuan/ton [7]. - External Quotes: Chile's Arauco Company's March wood pulp export quotes show that the softwood pulp Yinxing remains at 710 US dollars/ton, the natural pulp Jinxing remains at 620 US dollars/ton, and the hardwood pulp Mingxing increases by 20 US dollars/ton to 620 US dollars/ton [8]. - Industry Data: In January, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 0.9% year - on - year, with softwood pulp down 5.5% and hardwood pulp up 3.5%. In January 2026, the European wood pulp inventory was 681,500 tons, a month - on - month decrease of 12.7% and a year - on - year decrease of 5.5%; the European wood pulp consumption was 802,400 tons, a month - on - month increase of 12.5% and a year - on - year decrease of 3.0%. In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64% [8]. 3.2 Industry News - ST Chenming announced that as of the disclosure date, its five production bases in Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin have fully resumed production, with the overall production capacity restored to 100%. The company believes that full production can improve its operating cash flow, restore its self - hematopoietic function, and it will strengthen cost - reduction and efficiency - improvement and new product development to enhance profitability and competitiveness and resolve debt risks [9]. 3.3 Data Overview - The report provides multiple data charts, 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 and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30].