永安期货纸浆早报-20260325

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - No clear core view is presented in the report. It mainly provides data on the pulp market, including prices, spreads, and profit margins. 3. Summary According to Related Content SP Main Contract Information - The closing price of the SP main contract on March 24, 2026, was 5210.00. The closing prices on previous days were 5188.00 (March 23), 5164.00 (March 20), 5104.00 (March 19), and 5040.00 (March 18). The corresponding dollar prices were 660.41, 655.82, 655.07, 645.51, and 639.63 respectively. The daily price changes were 0.42406%, 0.46476%, 1.17555%, 1.26984%, and -0.94340% [3]. - The Shandong Yinxing basis was 25 on March 24, 2026, and was 2, 6, 21, and 25 on previous days. The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 35 on March 24, 2026, and was 2, 6, 16, and 35 on previous days [3]. Import Profit Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 dollars, and the RMB price in Shandong was 6300, with an import profit of 157.15. The CFR price of Lion was 730 dollars, and the RMB price in Shandong was 5240, with an import loss of 543.56. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 710 dollars, and the RMB price in Shandong was 5235, with an import loss of 362.85 [4]. Pulp Price and Margin Information - From March 18 to March 24, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong also remained unchanged [5]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and the living paper index showed little change from March 19 to March 24, 2026. The living paper index decreased by 2 [5]. - The profit margins of double - offset paper, double - copper paper, white card, and living paper changed from March 19 to March 24, 2026. The changes were -0.1524, -0.1500, -0.1057, and -0.9113 respectively [5]. Pulp Spread Information - The spread between softwood and hardwood pulp on March 24, 2026, was 645.00, and it was 600, 620, 600, and 540 on previous days. The spread between softwood and natural pulp was -165 on March 24, 2026, and was -210, -230, -275, and -335 on previous days [5]. - The spread between softwood and chemimechanical pulp was 1425 on March 24, 2026, and was 1380, 1360, 1315, and 1255 on previous days. The spread between softwood and waste paper was 3659 on March 24, 2026, and was 3614, 3594, 3549, and 3489 on previous days [6].