建信期货纸浆日报-20260331

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market has supply - demand contradictions and will operate in a short - term low - level range - bound manner due to insufficient terminal orders and resistance to downstream paper price increases [8] 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,174 yuan/ton, and the closing price was 5,182 yuan/ton, with an overall increase of 0.15%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,620 - 5,350 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The Shandong Yinxing offer was 5,180 - 5,200 yuan/ton [7] - Suzano announced a price increase of 20 US dollars/ton for eucalyptus hardwood pulp in the Asian market and 50 US dollars/ton in the European and American markets in April 2026, effective April 1. The FOB price of hardwood pulp remained firm. According to the February report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 1.4% year - on - year, softwood pulp decreased by 4.8% year - on - year, and hardwood pulp increased by 1.5% year - on - year. According to Europulp data, the total wood pulp inventory in European ports in February 2026 increased by 15.3% month - on - month and 3.0% year - on - year. From January to February 2026, the cumulative total pulp imports were 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 was 2.3512 million tons, a month - on - month increase of 7.42%, turning from a decline to an increase [8] 3.2. Industry News - On March 27, the National Bureau of Statistics released the profit situation of national large - scale industrial enterprises from January to February 2026. From January to February, the total profit of national large - scale industrial enterprises reached 1.02456 trillion yuan, a year - on - year increase of 15.2% (calculated on a comparable basis). Among large - scale industrial enterprises, state - owned holding enterprises achieved a total profit of 366.56 billion yuan, a year - on - year increase of 5.3%; joint - stock enterprises achieved a total profit of 803.29 billion yuan, an increase of 22.1%; foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises achieved a total profit of 216.75 billion yuan, a decrease of 3.8%; private enterprises achieved a total profit of 284.45 billion yuan, an increase of 37.2%. The paper and paper products industry achieved a total profit of 5.04 billion yuan, a year - on - year increase of 6.1%; the printing and recording media reproduction industry achieved a total profit of 3.59 billion yuan, a year - on - year decrease of 1.1% [9] 3.3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][28][30]