纸浆数据日报-20260318

Report Industry Investment Rating - Not provided Core View of the Report - Pulp futures significantly increased positions and declined. The main reason is that the current weak reality leads to the expectation of a further decline in the external market quotation. The bearish sentiment has not been fully released for the time being, and it is not recommended to buy at the bottom in the short term [5] Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On March 17, 2026, SP2701 was 5420 yuan/ton, down 1.42% day-on-day and 1.17% week-on-week; SP2609 was 5198 yuan/ton, down 2.07% day-on-day and 2.00% week-on-week; SP2605 was 5088 yuan/ton, down 2.75% day-on-day and 2.97% week-on-week [5] - Spot Prices: On March 17, 2026, the price of coniferous pulp Silver Star was 5150 yuan/ton, down 2.83% day-on-day and 3.74% week-on-week; the price of coniferous pulp Russian Needle was 5000 yuan/ton, down 2.91% day-on-day and 2.91% week-on-week; the price of broadleaf pulp Goldfish was 4550 yuan/ton, down 1.09% day-on-day and 1.09% week-on-week [5] - External Market Quotes: The quotes of Chilean Silver Star, Chilean Star, and Chilean Venus remained unchanged compared to the previous period, at 710, 600, and 620 US dollars/ton respectively [5] - Import Costs: The import costs of Chilean Silver Star, Chilean Star, and Chilean Venus were 5802, 4911, and 5073 yuan/ton respectively, remaining unchanged compared to the previous period [5] Pulp Fundamental Data Supply - Import Volume: In December 2025, the import volume of coniferous pulp was 77.8 tons, a month-on-month increase of 7.31% compared to November; the import volume of broadleaf pulp was 135.2 tons, a month-on-month decrease of 23.40% compared to November [5] - Domestic Production: The domestic production of broadleaf pulp showed fluctuations from January 22 to March 12, 2026, with the highest being 25.2 tons and the lowest being 23.8 tons; the domestic production of chemimechanical pulp also fluctuated, with the highest being 24.5 tons and the lowest being 23.7 tons [5] - Shipment Volume: The shipment volume of pulp to China in January 2026 was 170,000 tons, a month-on-month decrease of 19.80% [5] Inventory - Port Inventory: As of March 12, 2026, the sample inventory of China's main pulp ports was 237.3 tons, a decrease of 3.5 tons compared to the previous period, a month-on-month decrease of 1.5%. The inventory of pulp ports showed a narrow de - stocking trend, and the port inventory changed from a continuous two - week inventory accumulation trend to a de - stocking trend [5] - Futures Delivery Warehouse Inventory: As of March 12, 2026, the inventory of futures delivery warehouses was 18.0 tons, showing an increasing trend compared to previous periods [5] Demand - Finished Paper Production: The production of double - offset paper, coated paper, toilet paper, and white cardboard showed fluctuations from January 22 to March 12, 2026. The demand side of pulp has been stable recently, the price of finished paper has been stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5]