ITGER期货 投资咨询业务资格:证监许可【2012】31号 世界500强投资企业 ,教振 国贸期货股份有限公司 成 为 一 流的衍生品综合服务商 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | | 2026年3月5日 | 日环比 | 周环比 | | | 2026年3月5日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2701 | 5480 | 0. 15% | -0. 90% | 现货价格 | 针叶浆银星 | 5300 | 0. 95% | 0. 95% | | (元/吨) | SP2609 | 5306 | 0. 04% | -1.08% | (元/吨) | 针叶浆俄针 | 5100 | 0. 99% | 0.00% | | | SP2605 | 5250 | 0. 08% | -1.17% | | 阔叶浆金鱼 | 4600 | 0.00% | 0. 00% | | | | 本期价格 | 上期价格 | 月 ...

ITGER期货 投资咨询业务资格:证监许可【2012】31号 ,教据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | 2026年3月4日 | | 日环比 | 周环比 | | | 2026年3月4日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2701 | 5472 | 0. 70% | -1.23% | | 针叶浆银星 | 5250 | 0.00% | -1.87% | | (元/吨) | SP2609 | 5304 | 0. 53% | -1.78% | 现货价格 (元/吨) | 针叶浆俄针 | 5050 | 0. 00% | -1.94% | | | SP2605 | 5246 | 0. 50% | -1.91% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智 ...

纸浆价格数据 | | 2026年3月3日 | | 日环比 | 周环比 | | | 2026年3月3日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5434 | -0.62% | -2.16% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | -1.87% | | (元/吨) | SP2609 | 5276 | -0.75% | -2.22% | (元/吨) | 针叶浆俄针 | 5050 | 0. 00% | -1.94% | | | SP2605 | 5220 | -0.61% | -2. 25% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 710 | 710 | 0. 00% | 进口成本 | 智利银星 | 5802 | 5802 | 0.00% | | (美元/吨) | 智利明星 | 600 ...

纸浆价格数据 | | 2026年2月27日 | | 日环比 | 周环比 | | | 2026年2月27日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5470 | -1.08% | 0. 40% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5312 | -0.97% | 0. 49% | (元/吨) | 针叶浆俄针 | 5100 | 0. 00% | 0. 99% | | | SP2605 | 5246 | -1.24% | 0. 15% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 44% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 710 | 710 | 0.00% | 进口成本 | 智利银星 | 5802 | 5802 | 0.00% | | (美元/吨) | 智利明星 | 600 ...

商 品 研 究 2026 年 02 月 27 日 纸浆：震荡运行 20260227 | | | 表 1：基本面数据 | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纸浆主力 | 日盘收盘价(元/吨) | 5. 312 | 5, 348 | -36 | | | | 夜盘收盘价(元/吨) | 5.272 | 5. 320 | -48 | | | | 成交量(手) | 178. 329 | 175, 844 | +2. 485 | | | (05合约) | 持仓量(手) | 243.577 | 239.802 | +3.775 | | | | 仓单数量(吨) | 152, 537 | 155. 621 | -3.084 | | | | 前20名会员净持仓(手) | -29.329 | -24.732 | -4.597 | | 价差数据 | 基差 | 银星-期货主力 | 38 | 2 | +36 | | | | 金鱼-期货主力(非标) | -712 | -748 | +36 | | | 月差 | S ...

纸浆价格数据 | | 2026年2月13日 | | 日环比 | 周环比 | | | 2026年2月13日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5446 | -0. 04% | -0. 07% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5304 | 0. 34% | 0. 49% | (元/吨) | 针叶浆俄针 | 5050 | 0. 00% | 0. 00% | | | SP2605 | 5260 | 0.42% | 0. 50% | | 阔叶浆金鱼 | 4580 | 0.00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 710 | 700 | 1. 43% | 进口成本 | 智利银星 | 5802 | 5721 | 1.42% | | (美元/吨) | 智利明星 | 590 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The implementation of the new round of price increase letters is good, domestic inventory has been reduced, and the market should be viewed with a bullish bias in a volatile manner [5][6] 3. Summary by Relevant Catalog Paper Pulp Price Data - **Futures Prices**: On December 26, 2025, SP2601 was at 5564 yuan/ton with a 0.58% daily and 2.47% weekly increase; SP2609 was at 5662 yuan/ton with a 0.21% daily and 2.54% weekly increase; SP2605 was at 5630 yuan/ton with a 0.46% daily and 2.25% weekly increase [6] - **Spot Prices**: Coniferous pulp silver star was at 5600 yuan/ton, coniferous pulp Russian needle was at 5400 yuan/ton, and broadleaf pulp Golden was at 4670 yuan/ton, with no daily change for silver star and Russian needle, and a 0.43% weekly increase for Golden [6] - **Foreign Quotes**: Chilean silver star was at 700 dollars/ton with a 2.94% monthly increase, Japanese Meigeng was at 580 dollars/ton with a 3.57% monthly increase, and Chilean Venus was at 620 dollars/ton with no change [6] - **Import Costs**: Chilean silver star was at 5721 yuan/ton with a 2.91% monthly increase, Brazilian Goldfish was at 4749 yuan/ton with a 3.53% monthly increase, and Chilean Venus was at 5073 yuan/ton with no change [6] Paper Pulp Fundamental Data - **Supply**: In November 2025, the import volume of coniferous pulp was 72.5 tons and broadleaf pulp was 176.5 tons, with monthly increases of 4.92% and 33.92% respectively. Suzano announced a global price increase for broadleaf pulp in January 2026, with a 20 - dollar increase in Asia and a 120 - dollar increase in Europe and North America for Goldfish broadleaf pulp [6] - **Inventory**: As of December 25, 2025, the sample inventory of China's major pulp ports was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease. The inventory has been decreasing for five consecutive weeks [6] - **Demand**: The demand side remains weak. Among mainstream wood - pulp papers, the price of cultural paper continues to decline, while the prices of tissue paper and white cardboard have slightly increased [6]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of wood chips in the international market has been tight recently, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood kraft pulp (BHK) for orders received in December in Asia. On the demand side, pulp paper companies have recently issued price increase notices, with only white cardboard showing good implementation. Double-offset paper has issued another round of price increase notices, and their implementation needs attention. As of December 4, 2025, the inventory in major Chinese pulp ports decreased by 710,000 tons from the previous period, a 3.3% decline, showing a continuous slight de-stocking trend for two consecutive weeks. The pulp futures increased significantly with heavy positions during the night session, but there is no corresponding news from the industrial side, so the short - term risk is high. It is recommended to avoid unilateral trading and suggest a 1 - 5 reverse spread strategy [6]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices (Yuan/ton)**: On December 11, 2025, SP2601 was 5508, up 2.76% day - on - day and 0.22% week - on - week; SP2512 was 4810, up 1.99% day - on - day and 0.80% week - on - week; SP2605 was 5586, up 2.76% day - on - day and 0.90% week - on - week [6]. - **Spot Prices (Yuan/ton)**: Coniferous pulp Silver Star was 5600, up 1.82% day - on - day and unchanged week - on - week; Russian Needle was 5250, unchanged both day - on - day and week - on - week; Broadleaf pulp Goldfish was 4500, unchanged both day - on - day and week - on - week [6]. - **Outer - market Quotes (Dollars/ton)**: Chilean Silver Star was 680, unchanged; Japanese pulp was 540, up 1.89% from the previous period; Chilean Venus was 590, unchanged [6]. - **Import Costs (Yuan/ton)**: Chilean Silver Star was 5559, unchanged; Brazilian Goldfish was 4425, up 1.87% from the previous period; Chilean Venus was 4830, unchanged [6]. Pulp Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 691,000 tons, unchanged from September; the import volume of broadleaf pulp was 1.318 million tons, down 2.80% from September. The monthly domestic production of broadleaf pulp and chemimechanical pulp fluctuated. The shipment volume of pulp to China decreased by 7.49% [6]. - **Inventory**: As of December 4, 2025, the pulp port inventory was 2.107 million tons, and the futures delivery warehouse inventory was 210,000 tons. The port inventory showed a de - stocking trend [6]. - **Demand**: The production volume of finished paper such as double - offset paper, coated paper, tissue paper, and white cardboard also fluctuated monthly [6].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply side of pulp has positive factors as Canadian pulp mills have reduced production, and there is no new warehouse receipt registration, so the delivery resources for near - month contracts are tight. However, new warehouse receipt registration appears when the price rises to 5,500 yuan/ton on the market, limiting further upward space [7] 3. Summary According to the Directory 3.1 Pulp Price Data - **Futures Prices**: On December 6, 2025, SP2601 was 5,392 yuan/ton, down 1.06% day - on - day and up 3.89% week - on - week; SP2512 was 4,682 yuan/ton, down 1.84% day - on - day and down 0.47% week - on - week; SP2605 was 5,436 yuan/ton, down 0.98% day - on - day and up 3.42% week - on - week [6] - **Spot Prices**: On December 6, 2025, the price of coniferous pulp Silver Star was 5,600 yuan/ton, unchanged day - on - day and up 0.90% week - on - week; Russian coniferous pulp was 5,250 yuan/ton, unchanged both day - on - day and week - on - week; broadleaf pulp Fish was 4,500 yuan/ton, unchanged both day - on - day and week - on - week [6] - **Foreign Quotes**: The quote of Chilean Silver Star was 680 US dollars/ton, unchanged month - on - month; Japanese West Fish was 540 US dollars/ton, up 1.89% month - on - month; Chilean Venus was 590 US dollars/ton, unchanged month - on - month [6] - **Import Costs**: The import cost of Chilean Silver Star was 5,559 yuan/ton, unchanged month - on - month; Japanese Fish was 4,425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 4,830 yuan/ton, unchanged month - on - month [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports**: In October 2025, coniferous pulp imports were 69.1 tons, unchanged month - on - month; broadleaf pulp imports were 131.8 tons, down 2.80% month - on - month [6] - **Shipments**: The pulp shipments to China in October 2025 were 173 thousand tons, down 7.49% month - on - month [6] - **Domestic Production**: The production of broadleaf pulp and chemimechanical pulp fluctuates over different weeks in 2025 [6] - **Inventory** - **Port Inventory**: As of December 4, 2025, the pulp port inventory was 210.7 tons, showing a decreasing trend compared with previous periods [6] - **Futures Delivery Warehouse Inventory**: As of December 4, 2025, the futures delivery warehouse inventory was 21.0 tons, also showing a certain change trend compared with previous periods [6] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuates over different weeks in 2025 [6] - **Supply - Demand - Inventory Analysis**: Recently, the international wood chip supply has been tight and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - US - dollar/ton price increase for bleached hardwood kraft pulp (BHK) in Asia in December. On the demand side, wood - pulp paper has issued price increase letters recently, with only white cardboard having good implementation. As of December 4, 2025, the inventory in China's mainstream pulp ports decreased by 7.1 tons compared with the previous period, a 3.3% decline, and has continued to decline slightly for two consecutive weeks [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The pulp market is currently in a state where port inventories are continuously accumulating, and with the expectation of increased future arrivals, market sentiment has significantly declined. Hedging positions have gradually entered the market. The fundamentals of pulp are relatively stable, and the spot market transactions are steady. In the short - term, it is difficult for factory demand to show significant improvement. The far - month contracts are facing pressure after reaching the hedging points of Ural and European softwood pulp. As port inventories continue to accumulate and future arrivals are expected to increase, market sentiment has clearly cooled down. Hedging positions have entered the market one after another, the intention to register warrants has increased, and long - position confidence has weakened, leading to a reduction in positions and an exit from the market. It is expected that pulp will enter a range - bound stage [20]. 3. Summary According to the Directory Part 1 Pulp Overview 1.1 Supply - side - **Domestic Production**: In the week of November 21, 2025, the production of domestic hardwood pulp was 230,000 tons, a slight increase of 0.10 tons compared to the previous week, with a year - to - date decrease of 0.87%. The production of chemimechanical pulp was 237,000 tons, an increase of 0.10 tons from the previous week [11]. - **Imports**: In October 2025, China's total pulp imports were 2.618 million tons, a month - on - month decrease of 11.3% and a year - on - year decrease of 2.1%. The cumulative imports for the year were 29.679 billion tons, a year - to - date increase of 4.8%. Affected by the decrease in working days in October and possible vessel - schedule control by some foreign suppliers, domestic imports declined more than expected in October. However, overseas shipments did not show significant changes. Hardwood pulp shipments increased in September, and it is expected that arrivals will increase in November [11]. 1.2 Demand and Inventory - side - **Demand**: Terminal demand remained unchanged, and downstream production was stable. In the week of November 20, 2025, the production of various downstream paper products was relatively stable. It is expected that downstream production will be supported during the year - end small peak season [13]. - **Inventory**: Port inventories were in a state of oscillating accumulation due to increased arrivals and rigid - demand procurement from downstream. Warehouse receipt inventories were in a state of destocking. With the relatively low price of the November contract, the intention to buy for delivery increased, and warehouse receipts were gradually cancelled, but the pressure of remaining old warehouse receipts was still large [13]. 1.3 Price and Spread - **Quotations**: Market research shows that after the Chongqing ordering meeting, external quotations are expected to rise, with both softwood and hardwood pulp increasing by $20. - **Spot Prices**: After the price increase, spot transactions weakened, and market sentiment cooled down. With the rapid accumulation of port inventories, some softwood pulp spot prices were gradually reduced, while hardwood pulp prices were relatively firm due to arrival schedules and rigid - demand procurement. - **Futures Prices**: The pulp fundamentals were relatively stable, and spot transactions were steady. The far - month contracts faced pressure after reaching the hedging points of Ural and European softwood pulp. With the continuous accumulation of port inventories and the expectation of increased future arrivals, market sentiment clearly declined, and hedging positions entered the market, leading to a decline in the futures market [15]. 1.4 Cost and Profit - **Cost**: The cost of domestic hardwood pulp was relatively stable, while the import cost of pulp was expected to increase in the next round. - **Profit**: The profit of domestic pulp was expected to increase slightly, while the profit of imported pulp was expected to be further squeezed. The profit of paper products was expected to be relatively stable [17]. 1.5 Strategy Recommendation - Given the current situation where there are no obvious contradictions in the market, it is recommended to adopt a wait - and - see approach. In a wide - range oscillating pattern, if one holds deliverable spot goods with appropriate costs, they can sell call options or accumulate put options on the 03 contract when prices are high. If one wants to purchase goods at a low price, they can sell put options or accumulate call options when prices are low to achieve cost - reduction and high - point hedging [20]. Part 2 Pulp Balance Sheet The report provides a detailed pulp balance sheet from January 2024 to December 2025, including supply (domestic production, imports), demand (downstream production, pulp consumption), and inventory (port inventory, warehouse receipt inventory) data, as well as their cumulative values and year - on - year changes [23]. Part 3 Pulp Supply and Demand Analysis 3.1 Global Pulp Supply and Demand Analysis - **Supply**: Information on global pulp shipments is presented, but no specific data is provided in the summary for brevity. - **Demand and Inventory**: Information on European pulp apparent demand and inventory is presented, but no specific data is provided in the summary for brevity. 3.2 Domestic Pulp Supply and Demand Analysis - **Supply - side**: - **Imports**: The report provides data on the import volume of various types of pulp (softwood, hardwood, chemimechanical pulp, etc.) and wood chips (softwood chips, hardwood chips) from 2022 to 2025, including monthly and cumulative data and year - on - year changes [42][45][65]. - **Production Capacity and Planned Investments**: A large number of domestic paper - making enterprises' production capacity expansion and new project investment plans are listed, including the production capacity, location, and expected commissioning time of each project [98]. - **Demand - side**: - **Apparent Demand**: Data on the apparent demand of various types of paper products (toilet paper, offset paper, coated paper, white cardboard) from 2022 to 2025 are provided [137][138][140][142]. - **Export and Import**: Data on the import, export, and cumulative import and export volume of various types of paper products from 2022 to 2025 are provided [101][118][127]. - **Inventory - side**: Data on the total inventory, warehouse receipt inventory, and port - specific inventory of domestic pulp from 2022 to 2025 are provided [147][150][153]. Part 4 Cost and Profit - **Import Cost and Profit**: Information on the import cost and profit of pulp is provided, but no specific data is provided in the summary for brevity. - **Domestic Pulp Production Cost and Profit**: Information on the production cost and profit of domestic pulp is provided, but no specific data is provided in the summary for brevity. Part 5 Pulp Price and Spread Analysis - **External Quotations**: Information on the external quotations of pulp is provided, but no specific data is provided in the summary for brevity. - **Seasonal Price and Spread**: The report provides seasonal price and spread data for various types of pulp (Silver Star, Russian Needle, Goldfish, etc.) from 2022 to 2025, including price seasonal charts, spread seasonal charts, and basis charts [177][179][183].