建信期货纸浆日报-20260318

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market has no positive drivers in terms of fundamentals. It is at a key industry meeting point, with intensified games between upstream and downstream. Capital shifting continues to exert pressure, but there is still cost support at the integer - level price. The market is expected to move in a low - level oscillation [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The previous settlement price of the pulp futures 05 contract was 5,278 yuan/ton, and the closing price was 5,088 yuan/ton, a decline of 3.60%. The intended transaction price range of softwood pulp in the Shandong market was 4,600 - 5,400 yuan/ton, with the high - end price dropping by 100 - 150 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5,130 - 5,150 yuan/ton [7] - Arauco's March pulp export quotes: softwood pulp Yinxing remained at $710/ton; unbleached pulp Jinxing remained at $620/ton; hardwood pulp Mingxing increased by $20/ton to $620/ton. According to the January report released by PPPC, 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. According to UTIPULP data, in February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. 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%. Some downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8] 3.2行业要闻 - On March 17, the second - phase project of Asia - Pacific Senbo's 500,000 - ton annual household paper project was under construction. The second - phase project is expected to add 6 household paper production lines, slitting, post - processing production lines and production systems, and is expected to increase the household paper production capacity by 150,000 tons after completion. The project has completed about 30% of the total progress, and the company aims to complete and put it into production by the end of April next year [9] 3.3数据概览 - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, 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][22][27][30]