纸浆早报-20260331

Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: March 31, 2026 [2] SP Main Contract Closing Price - On March 30, 2026, the closing price of the SP main contract was 5182.00. The closing prices from March 24 - 30, 2026 were 5210.00, 5224.00, 5156.00, 5202.00, and 5182.00 respectively. The corresponding dollar - converted prices were 660.41, 661.24, 651.91, 657.20, and 654.40. The daily price changes were 0.42406%, 0.26871%, - 1.30168%, 0.89216%, and - 0.38447% respectively. The Shandong Yinxing basis was 8, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 18 [3]. Import Profit Calculation - Using a 13% VAT calculation, for Canadian pulp: the import profit of Golden Lion (CFR) was 139.53, with a port dollar price of 780 and a Shandong region RMB price of 6300; the import profit of Lion (CFR) was - 580.06, with a port dollar price of 730 and a Shandong region RMB price of 5190. For Chilean pulp, the import profit of Yinxing (CFR letter of credit 90 days) was - 189.64, with a port dollar price of 680 and a Shandong region RMB price of 5190 [4]. Price Averages and Changes - From March 24 - 30, 2026, the national average prices of softwood pulp, hardwood pulp, unbleached pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively. The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and tissue paper (tissue index) also remained unchanged. However, the profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper changed by - 0.1797, - 0.1500, - 0.1057, and - 0.3443 respectively [5]. Price Spreads - From March 24 - 30, 2026, the softwood - hardwood price spread changed from 645 to 580; the softwood - unbleached price spread remained at - 210; the softwood - chemimechanical price spread remained at 1380; the softwood - waste paper price spread changed from 3659 to 3614 [5].