纸浆数据日报-20260320

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market shows a trend of inventory reduction at major ports. The demand side is currently stable, with stable prices of finished paper and an increase in production this week. The price increase notices issued by paper mills are expected to be difficult to implement. For pulp futures, after a sharp decline with increasing positions, there has been a small rebound with decreasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [5][6] 3. Summary According to Relevant Contents Pulp Price Data - Futures Prices: On March 19, 2026, SP2701 was 5456 yuan/ton, with a daily increase of 1.19% and a weekly decrease of 0.76%; SP2609 was 5222 yuan/ton, with a daily increase of 1.16% and a weekly decrease of 1.51%; SP2605 was 5104 yuan/ton, with a daily increase of 1.27% and a weekly decrease of 2.82% [5] - Spot Prices: Coniferous pulp Silver Star was 5050 yuan/ton, unchanged daily and down 4.72% weekly; Coniferous pulp Russian Needle was 4900 yuan/ton, unchanged daily and down 4.85% weekly; Broadleaf pulp Goldfish was 4550 yuan/ton, unchanged daily and down 1.09% weekly [5] - Foreign Quotes and Import Costs: Chilean Silver Star's foreign quote was 710 dollars/ton, unchanged; its import cost was 5802 yuan/ton, unchanged. Chilean Star's foreign quote was 600 dollars/ton, unchanged; its import cost was 4911 yuan/ton, unchanged. Chilean Venus's foreign quote was 620 dollars/ton, unchanged; its import cost was 5073 yuan/ton, unchanged [5] Pulp Fundamental Data - 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 2025; the import volume of broadleaf pulp was 135.2 tons, a month - on - month decrease of 23.40% compared to November 2025 [5] - Shipment Volume to China: In January 2026, the shipment volume of pulp to China was 170,000 tons, a month - on - month decrease of 19.80% [5] - Domestic Production Volume: On March 19, 2026, the domestic production volume of broadleaf pulp was 26.3 tons; the domestic production volume of chemimechanical pulp was 24.5 tons [5] - Inventory Data: As of March 19, 2026, the pulp port inventory was 229.7 tons, a decrease of 7.6 tons from the previous period, a month - on - month decrease of 3.2%; the futures delivery warehouse inventory was 18.2 tons [5] - Finished Paper Production Volume: On March 19, 2026, the production volume of offset paper was 20.6 tons; the production volume of coated paper was 7.6 tons; the production volume of tissue paper was 31.0 tons; the production volume of white cardboard was 37.5 tons [5] Supply and Demand - Supply Side: Chile's Arauco Company's March offer for coniferous pulp was 710 dollars/ton, unchanged; the offer for broadleaf pulp Star was 620 dollars/ton, up 20 dollars/ton; the offer for natural pulp Venus was 620 dollars/ton, unchanged [5] - Demand Side: The demand side of pulp has been stable recently. The prices of finished paper are stable, and the production volume has increased this week. The price increase notices issued by paper mills are expected to be difficult to implement [5] Strategy - Pulp futures have seen a small rebound with decreasing positions after a sharp decline with increasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [6]