纸浆数据日报-20260323

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The weak pattern of the pulp futures fundamentals continues, with limited upside potential for short - term position - reduction rallies. It is expected to fluctuate weakly in the short term [6]. 3. Directory Summaries 3.1 Pulp Price Data - Futures Prices: On March 20, 2026, SP2701 futures price was 5,510 yuan/ton, up 0.99% day - on - day and down 0.29% week - on - week; SP2609 was 5,272 yuan/ton, up 0.96% day - on - day and down 1.09% week - on - week; SP2605 was 5,164 yuan/ton, up 1.18% day - on - day and down 2.05% week - on - week [5]. - Spot Prices: Coniferous pulp Silver Star was 5,150 yuan/ton, up 1.98% day - on - day and down 2.83% week - on - week; Coniferous pulp Russian Needle was 5,000 yuan/ton, up 2.04% day - on - day and down 2.91% week - on - week; Broadleaf pulp Goldfish was 4,550 yuan/ton, with no day - on - day change and down 1.09% week - on - week [5]. - External Offer and Import Cost: The external offer of Chilean Silver Star was 710 US dollars/ton, unchanged; Chilean Star was 600 US dollars/ton, unchanged; Chilean Venus was 620 US dollars/ton, unchanged. The import costs of these pulps also remained unchanged [5]. 3.2 Pulp Fundamental Data - Import Volume: In February 2026, the import volume of coniferous pulp was 58.02 million tons, down 30.86% month - on - month; the import volume of broadleaf pulp was 147.13 million tons, down 2.94% month - on - month [5]. - Shipment Volume to China: In January 2026, the shipment volume of pulp to China was 170 thousand tons, down 19.80% month - on - month [5]. - Domestic Production: On March 19, 2026, the domestic production of broadleaf pulp was 26.3 million tons, and that of chemimechanical pulp was 24.5 million tons [5]. - Inventory: As of March 19, 2026, the pulp port inventory was 229.7 million tons, down 7.6 million tons from the previous period, a 3.2% decline. The futures delivery warehouse inventory was 18.2 million tons [5]. - Demand (Finished Paper Production): On March 19, 2026, the production of offset paper was 20.60 million tons, coated paper was 7.60 million tons, tissue paper was 31.00 million tons, and white cardboard was 37.50 million tons [5]. 3.3 Supply and Demand Analysis - Supply: Chile's Arauco Company's March offer for coniferous pulp was 710 US dollars/ton, unchanged; the offer for broadleaf pulp Star was 620 US dollars/ton, up 20 US dollars/ton; the offer for natural pulp Venus was 620 US dollars/ton, unchanged [5]. - Demand: The demand for pulp has been stable recently. The prices of finished paper are stable, and the production has increased this week. However, the price increase letters issued by paper mills are expected to be difficult to implement [5].