建信期货纸浆日报-20260326

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: March 26, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: The pre - settlement price of the pulp futures 05 contract was 5,222 yuan/ton, and the closing price was 5,224 yuan/ton, a 0.04% increase. The SP2609 contract rose 0.23%, and the SP2701 contract rose 0.14% [7]. - Spot Market: The intended transaction price range of softwood pulp in the Shandong market was 4,640 - 5,350 yuan/ton, with the low - end price down 10 yuan/ton from the previous trading day. The price of Shandong Yinxing was 5,220 - 5,240 yuan/ton [7]. - Supply and Demand: Suzano announced price increases for eucalyptus hardwood pulp in April 2026. According to PPPC, the chemical pulp shipments of 20 major pulp - producing countries in January decreased by 0.9% year - on - year, softwood pulp by 5.5%, and hardwood pulp increased by 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, a 3.3% month - on - month increase and a 5.8% year - on - year decrease; consumption was 820,700 tons, a 1.2% month - on - month increase and a 3.4% year - on - year increase. The cumulative pulp imports from January to February 2026 were 6.0439 million tons, a 5.4% year - on - year decrease. As of March 19, 2026, the weekly pulp inventory in major regions and ports was 2.1888 million tons, a 5.89% month - on - month decrease. The supply - demand contradiction in the pulp market still exists, and it will run in a short - term low - level range [8]. Group 3: Industry News - Arauco's Price Adjustment: In March, Arauco adjusted the price of softwood pulp Yinxing to 680 US dollars/ton, maintained the price of hardwood pulp Mingxing at 620 US dollars/ton with 75% supply, and maintained the price of natural pulp Jinxing at 620 US dollars/ton [9]. - Jiulong Paper's Project: Jiulong Paper (Hubei) Co., Ltd. plans a total investment of 20.5 billion yuan, with a total area of 3,994 mu. After full operation, the total output value will reach 23 billion yuan, with taxes and profits of 1.8 billion yuan and 3,500 new jobs. The project started in October 2020, the first - phase project was put into operation at the end of 2022, the second and third - phase projects were fully put into operation in September 2025, and the fourth - phase project is under planning. In 2025, its industrial output value was 5.606 billion yuan, a 34.35% year - on - year increase [9]. Group 4: Data Overview - Graphs: The report includes graphs such as import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery spread, European major port wood pulp inventory, copperplate paper and offset paper price and spread, white cardboard and whiteboard paper price and spread, and US dollar to RMB exchange rate [15][17][19][24][30]