建信期货纸浆日报-20260324

Report Information - Report Name: Pulp Daily Report [1] - Date: March 24, 2026 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp market has a pattern of strong supply and weak demand, and it is mainly in a low-level shock adjustment. The pulp price has rebounded after falling to the cost support line, and the port inventory accelerated destocking last week, but the overall pattern has not changed. The downstream market is wait-and-see, and the paper mills' intention to accept raw materials is poor, with relatively flat demand growth. [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price of 5,132 yuan/ton and a closing price of 5,188 yuan/ton, a overall increase of 1.09%. The intended transaction price range of softwood pulp in the Shandong market was 4,620 - 5,350 yuan/ton, with the high-end price rising 40 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,180 - 5,200 yuan/ton. [7] - Arauco's March pulp FOB prices: Silver Star softwood pulp remained flat at $710/ton, Venus natural pulp remained flat at $620/ton, and Star hardwood pulp rose 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, softwood pulp by 5.5% year-on-year, and hardwood 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 2026, the cumulative total import volume of pulp 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 was 2.1888 million tons, a month-on-month decrease of 5.89%. [8] 2. Industry News - On March 23, Beihai City is planning high-end paper industry with a full-industry chain mindset, focusing on leading "chain-master" enterprises such as Sun Paper and Nine Dragons Paper, continuously promoting industrial expansion, quality improvement, and chain perfection. So far, the city has built 26 pulp and paper production lines with an annual production capacity exceeding 10.19 million tons. [9] - On March 18, Shandong Bohui Paper and the Rudong base of Gold Hongye Paper were awarded the title of "National Green Factory" by the Ministry of Industry and Information Technology for their outstanding performance in green manufacturing, energy conservation, carbon reduction, and environmental management. [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot-futures price difference in Shandong (Silver Star), softwood-hardwood price difference in Shandong, inter - delivery spread SP5 - 9, inter - delivery spread SP9 - 1, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar to RMB exchange rate. [15][17][24][26][30]