纸浆数据日报-20260324

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. Summary by Relevant Catalogs Pulp Price Data - Futures Prices: On March 23, 2026, SP2701 was 5514 yuan/ton with a daily increase of 0.07% and a weekly increase of 0.29%; SP2609 was 5280 yuan/ton with a daily increase of 0.15% and a weekly decrease of 0.53%; SP2605 was 5188 yuan/ton with a daily increase of 0.46% and a weekly decrease of 0.84% [5]. - Spot Prices: Coniferous pulp Silver Star was 5200 yuan/ton with a daily increase of 0.97% and a weekly decrease of 1.89%; Coniferous pulp Russian Needle was 5050 yuan/ton with a daily increase of 1.00% and a weekly decrease of 1.94%; Broad - leaf pulp Goldfish was 4600 yuan/ton with a daily increase of 1.10% and no weekly change [5]. - External Quotes and Import Costs: Chilean Silver Star's external quote was 710 dollars/ton with no change, and its import cost was 5802 yuan/ton with no change; Chilean Star's external quote was 600 dollars/ton with no change, and its import cost was 4911 yuan/ton with no change; Chilean Venus's external quote was 620 dollars/ton with no change, and its import cost was 5073 yuan/ton with no change [5]. Pulp Fundamental Data - Import Volume: In February 2026, the import volume of coniferous pulp was 58.02 tons, a month - on - month decrease of 30.86% compared to January; the import volume of broad - leaf pulp was 147.13 tons, a month - on - month decrease of 2.94% [5]. - Shipment Volume to China: In January 2026, the shipment volume of pulp to China was 170 thousand tons, a decrease of 19.80% [5]. - Domestic Production: The domestic production of broad - leaf pulp on March 19, 2026, was 26.3 tons; the domestic production of chemimechanical pulp was 24.5 tons [5]. - Inventory: 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: On March 19, 2026, the production of double - offset paper was 20.60 tons, coated paper was 7.60 tons, tissue paper was 31.00 tons, and cardboard was 37.50 tons [5]. Supply and Demand - Supply: Chile's Arauco Company's March coniferous pulp offer was 710 dollars/ton, unchanged; the broad - leaf pulp Star's offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus's offer was 620 dollars/ton, unchanged [5]. - Demand: 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 letters issued by paper mills are expected to be difficult to implement [5].