纸浆：宽幅震荡20260320

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market is in a wide - range shock. The spot price of softwood pulp has dropped significantly, and the overall market trading is light. The price of hardwood pulp has also declined, but the decline is relatively small due to the support of high - priced foreign markets. The downstream demand remains weak, and the port inventory shows a de - stocking trend, which provides some support for pulp prices [6]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Data - Futures Market (05 Contract): The daily closing price of the pulp main contract was 5,104 yuan/ton yesterday, up 64 yuan from the day before; the night - closing price was 5,122 yuan/ton, up 102 yuan. The trading volume was 373,360 lots, a decrease of 7,449 lots; the open interest was 313,144 lots, a decrease of 8,950 lots; the warehouse receipt quantity was 182,075 tons, a decrease of 9,993 tons; the net position of the top 20 members was - 41,486 lots, an increase of 4,583 lots [3]. - Spread Data: The basis of Silver Star - futures main contract was - 54, a decrease of 64; the basis of Goldfish - futures main contract (non - standard) was - 554, a decrease of 64; the monthly spread of SP05 - SP07 was - 66, a decrease of 2 [3]. - Spot Market: The domestic prices of softwood pulp such as Northwood and Cariboo were 5,300 yuan/ton, Moon was 5,000 yuan/ton, and Silver Star was 5,050 yuan/ton with an international price of 710 US dollars/ton. The domestic prices of hardwood pulp such as Goldfish and Star were 4,550 yuan/ton, and Star had an international price of 620 US dollars/ton. The domestic price of chemimechanical pulp (Kunhe) was 3,800 yuan/ton, and the domestic price of unbleached pulp (Venus) was 4,800 yuan/ton with an international price of 620 US dollars/ton [3]. - Trend Intensity: The pulp trend intensity is 0, indicating a neutral view [3]. 3.2 Industry News - As of Thursday this week, the average spot tax - included price of imported mainstream softwood pulp was 5,207 yuan/ton, a 1.5% decrease from the previous period; the average spot tax - included price of hardwood pulp was 4,573 yuan/ton, a 0.6% decrease; the average spot tax - included price of unbleached pulp was 4,829 yuan/ton, a 0.4% decrease; the average spot tax - included price of chemimechanical pulp was 3,800 yuan/ton, unchanged from the previous period [4]. 3.3 Reasons for Pulp Price Fluctuations - There were rumors of foreign market price cuts during the pulp week, which suppressed the futures market and led to a weakening of the spot price. - Hardwood pulp had strong cost support due to the continuously high foreign market quotes, so the decline was relatively limited, while softwood pulp was more directly affected by futures sentiment. - Downstream paper mills had low purchasing willingness and mostly adopted a wait - and - see attitude, and the market lacked substantial demand support [6].