建信期货纸浆日报-20260320

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp futures 05 contract closed at 5104 yuan/ton, up 0.79% from the previous settlement price. The high - end price of the coniferous pulp in the Shandong wood pulp market decreased by 50 yuan/ton compared to the previous trading day. The port inventory is accelerating the destocking process, and the pulp price rebounded after breaking through the integer - level support. It is necessary to pay attention to the support strength [7][8] - The demand for household paper and fluff pulp remains strong, and it is expected to account for two - thirds of the global coniferous wood pulp demand by 2030. NBSK has strategic value due to its excellent fiber strength, good adaptability, and ability to improve production efficiency [9] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The pulp futures 05 contract had a previous settlement price of 5064 yuan/ton and a closing price of 5104 yuan/ton, with an overall increase of 0.79%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4500 - 5300 yuan/ton, and the high - end price dropped by 50 yuan/ton compared to the previous trading day. The offer price of Shandong Yinxing was 5030 - 5050 yuan/ton [7] - Arauco's March wood pulp FOB prices: coniferous pulp Yinxing remained at $710/ton; natural pulp Jinxing remained at $620/ton; broad - leaf pulp Mingxing increased by $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, coniferous pulp decreased by 5.5% year - on - year, and broad - leaf pulp increased by 3.5% year - on - year. 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 pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 19, 2026, the weekly pulp inventory in major regions and ports decreased by 5.89% month - on - month. Some downstream paper mills still face inventory pressure, with slow overall shipments and average market sales [8] 3.2 Industry News - On March 19, the CEO of Stora Enso analyzed the structural changes and impacts in the current pulp market. He pointed out that even under the background of continued macro - economic uncertainty, geopolitical tensions, and the gradual decline in the demand for printing and writing paper, the demand for household paper and fluff pulp remains strongly growing. It is expected that by 2030, household paper and fluff pulp will account for two - thirds of the global coniferous wood pulp demand. NBSK has strategic value as it can help customers optimize production operations, with higher tensile strength, lower beating energy consumption, and improved paper machine operation efficiency [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 white board paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30]