纸浆：震荡运行20260326

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pulp market is expected to fluctuate. The demand in the market remains weak and the supply - demand fundamentals have not changed significantly. The high - level pressure of port inventory persists. The pulp price will mainly be in a narrow - range consolidation. Attention should be paid to the changes in the purchasing willingness of downstream paper mills and the dynamics of foreign offers [4][5] Summary by Relevant Catalogs 1. Fundamental Data - Futures Market: The daily closing price of the pulp main contract was 5,224 yuan/ton, up 14 yuan from the previous day; the night - closing price was 5,196 yuan/ton, up 20 yuan. The trading volume was 259,553 lots, a decrease of 119,071 lots; the position of the 05 contract was 186,345 lots, a decrease of 10,462 lots; the warehouse receipt quantity was 186,562 tons, an increase of 3,000 tons; the net position of the top 20 members was - 32,280 lots, an increase of 764 lots [3] - Spread Data: The basis of Silver Star - futures main contract was - 24, a decrease of 64; the basis of Goldfish - futures main contract (non - standard) was - 624, a decrease of 14; the month - spread of SP05 - SP07 was - 46, an increase of 4 [3] - Spot Market: The domestic prices of coniferous pulp such as Beimu and Kalip were 5,450 yuan/ton, Moon was 5,150 yuan/ton, and Silver Star was 5,200 yuan/ton. The domestic prices of broad - leaf pulp such as Golden and Star were 4,600 yuan/ton. The domestic price of chemimechanical pulp (Yinghe) was 3,800 yuan/ton, and the domestic price of natural pulp (Venus) was 4,800 yuan/ton [3] 2. Industry News - The pulp futures market rose slightly yesterday, driving the spot price of coniferous pulp to rise slightly. However, the actual market trading was rather light. Downstream paper mills had low purchasing enthusiasm due to average profits, and some enterprises adopted a price - pressing strategy, with limited acceptance of high - priced raw materials. The trend of broad - leaf pulp was relatively stable [4][5]