纸浆数据日报-20260319

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - Pulp futures have significantly increased positions and declined. The main reason is the weak current situation leading to the expectation of further decline in foreign market quotes. The bearish sentiment has not been fully released, so short - term bottom - fishing is not recommended [5]. 3. Summary by Related Catalogs Pulp Price Data - Futures prices: SP2701 is 5392 yuan/ton, with a daily decline of 0.52% and a weekly decline of 1.75%; SP2609 is 5162 yuan/ton, with a daily decline of 0.69% and a weekly decline of 2.93%; SP2605 is 5040 yuan/ton, with a daily decline of 0.94% and a weekly decline of 4.18% [5]. - Spot prices: Coniferous pulp Silver Star is 5050 yuan/ton, with a daily decline of 1.94% and a weekly decline of 5.61%; Coniferous pulp Russian Needle is 4900 yuan/ton, with a daily decline of 2.00% and a weekly decline of 4.85%; Broad - leaf pulp Goldfish is 4550 yuan/ton, with no daily change and a weekly decline of 1.09% [5]. - Foreign market quotes: Chilean Silver Star is 710 dollars/ton, Chilean Star is 600 dollars/ton, and Chilean Venus is 620 dollars/ton, all with no monthly change [5]. - Import costs: Chilean Silver Star is 5802 yuan/ton, Chilean Star is 4911 yuan/ton, and Chilean Venus is 5073 yuan/ton, all with no monthly change [5]. Pulp Fundamental Data - Import volume: In December 2025, coniferous pulp import volume was 72.5 tons, a month - on - month increase of 7.31% compared to November; broad - leaf pulp import volume was 176.5 tons, a month - on - month decrease of 23.40% [5]. - Shipment volume to China: In January 2026, the shipment volume of pulp to China was 170 thousand tons, a decline of 19.80% [5]. - Domestic production: On March 12, 2026, broad - leaf pulp domestic production was 23.8 tons, and chemimechanical pulp domestic production was 24.5 tons [5]. - Port inventory: As of March 12, 2026, the 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 decline of 1.5% [5]. - Futures delivery warehouse inventory: As of March 12, 2026, it was 18.0 tons [5]. - Finished paper production: On March 12, 2026, double - offset paper production was 20.10 tons, coated paper production was 7.80 tons, tissue paper production was 30.07 tons, and cardboard production was 33.40 tons [5]. Supply and Demand - Supply: Chilean Arauco's March coniferous pulp offer is 710 dollars/ton, unchanged; broad - leaf pulp Star is quoted at 620 dollars/ton, up 20 dollars/ton; natural pulp Venus is quoted at 620 dollars/ton, unchanged [5]. - Demand: The demand side of pulp has been stable recently. Finished paper prices are stable, and production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].