建信期货纸浆日报-20260327

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market still has supply - demand contradictions and is expected to oscillate in the short - term low - level range, pending further price guidance from negotiations [8] 3. Summary by Directory 3.1行情回顾与操作建议 - Market performance of pulp futures: The previous settlement price of the 05 contract of pulp futures was 5,188 yuan/ton, and the closing price was 5,156 yuan/ton, a decline of 0.62%. The 09 contract closed at 5,242 yuan/ton, down 0.83%, and the 2701 contract closed at 5,492 yuan/ton, down 0.58% [7] - Spot price of wood pulp in Shandong: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,650 - 5,350 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 5,210 - 5,230 yuan/ton [7] - Supply - demand data: Suzano announced price increases for eucalyptus hardwood pulp in the Asian and European - American markets in April 2026. The world's chemical pulp shipments in 20 producing countries in January decreased by 0.9% year - on - year, softwood pulp decreased 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 consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. The cumulative pulp import volume from January to February 2026 was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 26, 2026, the weekly pulp inventory in major regions and ports increased by 6.39% month - on - month [8] 3.2行业要闻 - Asia Symbol (Shandong) Pulp & Paper Co., Ltd.: The second - phase project of the household paper is under construction, with partial production lines expected to be put into operation by the end of this year and full production in the first half of 2027 [9] - Nine Dragons Paper (Hubei) Co., Ltd.: The company plans a total investment of 20.5 billion yuan, covering an area of 3,994 mu. After full operation, the total output value will reach 23 billion yuan, with a profit and tax of 1.8 billion yuan and 3,500 new jobs. 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 being planned. In 2025, the industrial output value was 5.606 billion yuan, a year - on - year increase of 34.35% [9]