永安期货纸浆早报-20260320

Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team at the Research Center - Date: March 20, 2026 [2] 1. SP Main Contract Closing Price - On March 19, 2026, the closing price of the SP main contract was 5104.00 [3] - The price showed fluctuations from March 13 - 19, with a 1.26984% increase on March 19 compared to the previous day [3] - The corresponding US dollar price on March 19 was 645.51, also with daily fluctuations [3] 2. Basis - The Shandong Yinxing basis on March 19 was 21, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 16 [3] - These bases also fluctuated from March 13 - 19 [3] 3. Import Profit - Calculated with 13% VAT, the import profit of Canadian Golden Lion pulp was 148.34, while that of Canadian Lion pulp was - 696.81, and Chilean Silver Star pulp was - 480.87 [4] - The US dollar price and RMB price used Zhuochuang data, with the previous day's exchange rate at 6.90 [4] 4. Market Average Prices - From March 13 - 19, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged [4] - The average prices in Shandong region for these pulp types also remained stable during this period [4] 5. Paper Index and Profit Margin - The cultural paper (double - offset and double - copper), packaging paper (white card), and living paper indexes showed little change from March 13 - 19 [4] - The profit margins of these papers changed slightly, with the double - offset profit margin changing by - 0.2032, double - copper by - 0.2000, white card by - 0.1402, and living paper by - 0.1617 from March 16 - 19 [4] 6. Price Spreads - The price spreads between different pulp types (softwood - hardwood, softwood - natural color, softwood - chemimechanical, softwood - waste paper) fluctuated from March 13 - 19 [4]