Report Information - Report Date: March 19, 2026 [2] - Report Type: Pulp Daily Report [1] Investment Rating - Not provided in the report. Core Viewpoints - The pulp market is showing a weak trend. The pulp futures 05 contract has declined, and the spot price of coniferous pulp in Shandong has also decreased. The fundamentals of the pulp market lack positive drivers, and the game between upstream and downstream is intensifying. [7][8] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The previous settlement price of the pulp futures 05 contract was 5,148 yuan/ton, and the closing price was 5,040 yuan/ton, a decline of 2.10%. The 09 contract rose by 0.56%, and the 2701 contract fell by 0.99%. [7] - Spot Market: The intended transaction price range of coniferous pulp in the Shandong wood pulp market is 4,500 - 5,350 yuan/ton, with the high - end price down 50 - 100 yuan/ton from the previous trading day. The price of Shandong Yinxing is 5,050 - 5,080 yuan/ton. [7] - Foreign Offers: Chile's Arauco Company's March wood pulp foreign offers: Coniferous pulp Yinxing remained flat at $710/ton; Natural pulp Jinxing remained flat at $620/ton; Broad - leaf pulp Mingxing rose $20/ton to $620/ton. [8] - Industry Data: In January, the chemical pulp shipments of 20 major pulp - producing countries decreased by 0.9% year - on - year, with coniferous pulp down 5.5% and broad - leaf pulp up 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, up 3.3% month - on - month and down 5.8% year - on - year; the consumption was 820,700 tons, up 1.2% month - on - month and 3.4% year - on - year. From January to February 2023, the cumulative pulp import volume was 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%. [8] 2. Industry News - On March 17, Nine Dragons Paper issued its third batch of price increase letters this month, announcing that it will continue to raise prices in April, with a single increase of 50 yuan/ton. Multiple production bases will adjust prices in stages and batches in April. The reason for the price increase is the impact of the Middle East situation on energy prices, which has led to a significant increase in the prices of related chemical products and an increased risk of unstable supply, resulting in a continuous increase in the group's operating costs. [9] 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]
建信期货纸浆日报-20260319