Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - Pulp lacks clear driving factors in the short term, and a 7 - 9 reverse spread strategy is recommended [1]. 3) Summary by Related Catalogs Price Data - **Futures Prices**: On June 18, 2025, SP2601 was 5234 with a daily increase of 0.11% and a weekly decrease of 0.68%; SP2507 was 5240 with a daily increase of 0.38% and a weekly decrease of 1.98%; SP2509 was 5228 with a daily increase of 0.27% and a weekly decrease of 0.61% [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6050 with no daily change and a weekly decrease of 1.63%; Knitted Coniferous was 5250 with no daily change and a weekly decrease of 1.87%; Broad - leaf pulp Goldfish was 4100 with no daily change and a weekly decrease of 0.49% [1]. - **Outer - disk Quotes and Import Costs**: Chilean Silver Star outer - disk quote was 740 dollars with no change, and its import cost was 6046 with no change; Chilean Star outer - disk quote was 560 dollars with no change, and its import cost was 4587 with no change; Chilean Venus outer - disk quote was 620 dollars with no change, and its import cost was 5073 with no change [1]. Fundamental Data - **Supply**: In April 2025, the pulp shipment volume to China was 1353, a year - on - year decrease of 30.80%. Broad - leaf pulp supply was 119.9, a year - on - year decrease of 18.44%. Chilean Arauco's June 2025 outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value) with no change, broad - leaf pulp had no supply in June and partial supply recovery in July (limited quantity), and natural pulp Venus was 620 dollars/ton (face value) with no change. In April 2025, the shipment volume of M20 coniferous pulp to China decreased by 2.9% year - on - year, and that of broad - leaf pulp increased by 26.7% year - on - year [1]. - **Inventory**: As of June 12, 2025, the delivery warehouse inventory was 25.50 tons, and the pulp port inventory was 218.5 tons, showing a slight inventory accumulation trend [1]. - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid - demand purchases, and the output of major finished papers remained stable [1]. Valuation Data - On June 18, 2025, the basis of Silver Star was 810 with a quantile level of 0.958, the basis of broad - leaf pulp Goldfish was - 487 with a quantile level of 0.204, and the basis of Russian coniferous pulp was 10 with a quantile level of 0.729 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term, and a 7 - 9 reverse spread strategy is recommended [1] Group 3: Summary by Related Catalog Price Data - On June 17, 2025, compared with the previous week, the HMA was down 1.02%, the silver star of softwood pulp was down 0.82%, and the SP2601 was down 0.15%. Compared with the previous day, the SP2601 was down 1.63%. The futures price of SP2507 increased by 0.42% week - on - week and decreased by 1.95% month - on - month. The spot price of softwood pulp silver star was 740, with no change month - on - month. The import cost of Chilean silver star was 4587 dollars, with no change [1] Fundamental Data Supply - In April 2025, the import volume of softwood pulp was 79.8 tons, a month - on - month decrease of 5.01%; the import volume of hardwood pulp was 119.9 tons, a month - on - month decrease of 18.44%. The pulp shipment volume to China was 1955, a month - on - month decrease of 30.80%. The domestic production of hardwood pulp and chemimechanical pulp fluctuated slightly. The Arauco company in Chile announced the June 2025 wood pulp FOB prices: softwood pulp silver star at 740 dollars/ton (list price), unchanged; no supply of hardwood pulp in June, with partial supply expected to resume in July (limited quantity); natural pulp Venus at 620 dollars/ton (list price), unchanged [1] Demand - Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made purchases based on rigid demand, and the output of major finished papers remained stable [1] Inventory - As of June 12, 2025, the inventory of China's mainstream pulp ports was 218.5 tons, a 2.8 - ton increase from the previous period, a 1.3% month - on - month increase. The inventory showed a slight accumulation trend. The delivery warehouse inventory also fluctuated [1] Valuation Data - On June 17, 2025, the quantile level of the silver star of softwood pulp was 0.726, and the quantile level of the Russian softwood pulp basis was 0.619. The basis of silver star was 808, and the import profit of hardwood pulp goldfish was - 487 [1]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The pulp market lacks clear driving factors in the short - term, and a 7 - 9 reverse spread strategy is recommended [1]. 3) Summary by Related Catalogs a. Price Data - **Futures Prices**: On June 16, 2025, SP2601 was 5236, up 0.65% day - on - day and down 1.13% week - on - week; SP2507 was 5242, down 0.49% day - on - day and down 1.95% week - on - week; SP2509 was 5232, up 0.65% day - on - day and down 1.10% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6100, unchanged day - on - day and down 0.81% week - on - week; Russian Coniferous pulp was 5300, unchanged day - on - day and down 0.93% week - on - week; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and down 0.49% week - on - week [1]. - **Outer - Disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1]. - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1]. b. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month. The pulp shipments to China were 1353 tons, down 30.80% [1]. - **Inventory**: As of June 12, 2025, pulp port inventory was 218.5 tons, up 1.3% from the previous period; delivery warehouse inventory was 25.50 tons [1]. - **Demand**: The production of finished paper remained stable. Double - offset paper production was 20.10 tons; coated paper production was 7.61 tons; household paper production was 28.00 tons; white cardboard production was 30.10 tons [1]. c. Valuation Data - **Basis**: On June 16, 2025, the Russian Coniferous pulp basis was 58, with a quantile level of 0.818; the Silver Star basis was 858, with a quantile level of 0.972 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 54, with a quantile level of 0.712; the import profit of broadleaf pulp Goldfish was - 487, with a quantile level of 0.204 [1]. d. Summary of Market Conditions - **Supply - Side**: Chilean Arauco's June 2025 wood pulp outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value), unchanged; broadleaf pulp had no supply in June, with limited supply expected to resume in July; natural pulp Venus was 620 dollars/ton (face value), unchanged. In April 2025, the shipments of M20 coniferous pulp to China decreased by 2.9% year - on - year, and the shipments of broadleaf pulp to China increased by 26.7% year - on - year [1]. - **Demand - Side**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases, and the production of major finished papers remained stable [1]. - **Inventory - Side**: As of June 12, 2025, the inventory of China's mainstream pulp ports was 218.5 tons, up 2.8 tons from the previous period, showing a slight inventory accumulation trend [1]. e. Strategy A 7 - 9 reverse spread strategy is recommended as the pulp market lacks clear driving factors in the short - term [1].

Group 1 - The main contract for pulp futures closed at 5242 CNY/ton, with a weekly decline of 0.79% and a reduction in open interest by 7980 contracts [1] - The pulp futures market experienced fluctuations, with a weekly opening price of 5282 CNY/ton, a high of 5424 CNY/ton, and a low of 5230 CNY/ton [1] Group 2 - Chile's Arauco announced June pricing for silver star at 740 USD/ton and gold star at 620 USD/ton, remaining unchanged from the previous period [2] - MetsaFibre's Kemi plant is preparing for a five-week maintenance shutdown starting May 28, 2025, to replace damaged evaporation equipment, with an annual capacity of 1.02 million tons for softwood pulp, 300,000 tons for hardwood pulp, and 180,000 tons for unbleached pulp [2] - As of June 12, 2025, China's mainstream port inventory of pulp was 2.185 million tons, an increase of 28,000 tons or 1.3% from the previous period [2] Group 3 - Overall market sentiment for pulp trading has slightly improved, with some traders reporting a faster pace of sales, although supply pressure from Brazil and weak downstream demand remain concerns [3] - In May 2025, China imported 3.016 million tons of pulp, with a year-on-year increase of 2% for the first five months [3] - Domestic pulp market activity is slow, with a cautious purchasing attitude from paper mills, leading to a recommendation for a wait-and-see approach [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides daily observations on the pulp market, including market conditions, important news, logical analyses, and trading strategies. Market conditions cover futures and spot prices of different pulp types. Important news includes company - related events, project investments, and international trade situations. Logical analyses are based on various economic and industry data, and trading strategies offer suggestions for single - sided and arbitrage trading. 3. Summary by Related Catalogs Market Conditions - Futures market shows various trends such as weak, small, and high - level oscillations. For example, on 25 - 06 - 09, the SP main 09 contract was in a weak oscillation, closing at 5222 points, down 2 points or 0.04% [1]. - Spot prices of different pulp types (coniferous, broad - leaf, natural, and chemical mechanical) vary in different regions. For instance, in the Shandong market on 25 - 06 - 06, the import coniferous pulp market had relatively light trading, and prices of some brands were adjusted with the market [5]. Important News - North American paper giant Georgia - Pacific plans to permanently close its Cedar Springs box - board paper mill later this year, affecting about 535 jobs and with an annual capacity of 1 million tons [1]. - China's C&D Group plans to invest $2 billion in a pulp and finished paper production project in Vietnam's Quang Binh province [11]. - In 2025, India's paper and board imports reached a record 2.05 million tons, and imports from China increased by 33% [8]. Logical Analysis - In April, European coniferous pulp consumption decreased by 17.6% year - on - year, and domestic living paper production increased by 9.4% year - on - year in May, which is favorable for the broad - needle price difference [6]. - As of the end of last Friday, the inventory of the SHFE SP contract decreased by 75.6% year - on - year, while the social inventory of domestic pulp in five ports increased by 33.4 million tons year - on - year [1]. Trading Strategies - Single - sided trading: Suggestions include holding long positions, waiting and seeing, and making small - scale trial purchases. For example, on 25 - 06 - 09, it was recommended to wait and see for the SP main 07 contract and pay attention to the support at last Friday's low [1]. - Arbitrage trading: Usually involves waiting and seeing or reducing positions and waiting. For example, on 25 - 06 - 09, it was recommended to wait and see for the arbitrage strategy (long - short) [1].

021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 行业 纸浆日报 日期 2025 年 6 月 9 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究员 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The pulp futures market has intense capital games, and it is recommended to stay on the sidelines with an empty position [1]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 30, 2025, SP2601 was 5308, down 0.86% week - on - week and 0.15% compared to the previous period; SP2507 was 5414, down 1.42% week - on - week and 0.92% compared to the previous period; SP2509 was 5294, down 1.16% week - on - week and 0.82% compared to the previous period [1]. - **Spot Prices**: On May 30, 2025, the price of coniferous pulp Silver Star was 6200, unchanged week - on - week and down 0.80% compared to the previous period; Russian coniferous pulp was 5400, unchanged week - on - week and down 0.92% compared to the previous period; broad - leaf pulp Goldfish was 4150, unchanged week - on - week and down 1.19% compared to the previous period [1]. - **Outer - disk Quotes**: In May 2025, the outer - disk quote of Chilean Silver Star was 740 dollars/ton, down 3.90% from the previous period; Chilean Star was 560 dollars/ton, down 11.11% from the previous period; Chilean Venus was 620 dollars/ton, down 4.62% from the previous period [1]. - **Import Costs**: The import cost of Chilean Silver Star was 6046, down 3.87% from the previous period; Chilean Star was 4587, down 11.00% from the previous period; Chilean Venus was 5073, down 4.57% from the previous period [1]. Pulp Fundamental Data - **Supply**: In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month - on - month; the import volume of broad - leaf pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China in March 2025 was 1813, up 20.70% from February [1]. - **Inventory**: As of May 29, 2025, the pulp port inventory was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase. The delivery warehouse inventory was 25.20 tons [1]. - **Demand**: The production of finished paper showed that the production of white cardboard increased slightly, while the production of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor [1]. Pulp Valuation Data - **Basis**: On May 30, 2025, the Russian coniferous pulp basis was - 14, with a quantile level of 0.671; the Silver Star basis was 786, with a quantile level of 0.959 [1]. - **Import Profit**: On May 30, 2025, the import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of broad - leaf pulp Goldfish was - 437, with a quantile level of 0.218 [1]. Summary - **Supply End**: Chilean Arauco announced the May 2025 wood pulp outer - disk prices. The shipment volume of coniferous pulp to China in April 2025 decreased year - on - year, while that of broad - leaf pulp increased year - on - year [1]. - **Demand End**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases [1]. - **Inventory End**: As of May 29, 2025, the pulp inventory showed a slight accumulation trend [1]. - **Position**: On the day, the pulp futures 2507 contract increased positions significantly and rose, and the warehouse receipts decreased. The 07 contract was about to limit positions, and the long - short game on the delivery logic was intense [1].

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Report Investment Rating - There is no information about the industry investment rating provided in the report. Core Viewpoint - The international pulp mills' latest round of price cuts for imported hardwood pulp and the inventory build - up at European ports create short - term negative impacts on the market. Domestically, the prices of base paper are weak, and paper mills mainly purchase at low prices based on rigid demand. Attention should be paid to the demand recovery progress. A rebound in the downstream operating load rate may boost industry expectations to some extent. There is also support from the cost side below. It is advisable to monitor the stabilization of the market and wait for long - entry opportunities [32]. Summary by Directory 1. This Week's Market Review - This week, the main contract of pulp futures, SP2507, rebounded from a low level [7]. 2. Fundamental Analysis - **Pulp Market Price**: As of May 8, the weekly average price of imported softwood pulp was 5,960 yuan/ton, down 2.55% from the previous week before the holiday, with the decline rate widening by 1.59 percentage points compared to the previous period. The weekly average price of imported hardwood pulp was 4,175 yuan/ton, down 3.45% from the previous week before the holiday, with the decline rate widening by 1.34 percentage points. The improvement in downstream demand was poor. Base paper enterprises mainly made purchases at low prices, the shipment speed slowed down, and the pulp market transactions were difficult to increase [13]. - **Pulp Import Volume**: In March 2025, China imported 3.249 million tons of pulp, with an import value of 2.0042 billion US dollars and an average unit price of 616.87 US dollars/ton. The cumulative import volume and value from January to March increased by 5% and 4.9% respectively compared to the same period last year. In March 2025, the import volume of softwood pulp was 797,600 tons, a month - on - month decrease of 0.07% and a year - on - year decrease of 6.47%. The import volume of hardwood pulp in March was 1.4699 million tons, a month - on - month decrease of 8.47% and a year - on - year increase of 22.19% [16]. - **Port Inventory**: As of May 8, 2025, the weekly pulp inventory in major Chinese regions and ports was 1.9731 million tons, down 3.33% from the previous week, with the decline rate widening by 0.63 percentage points compared to the previous week [18]. - **European Inventory in March**: According to Europulp data, in March 2025, the total inventory at European ports increased by 7.60% month - on - month and 25.96% compared to March 2024. Only the inventory at German ports decreased by 9.30% month - on - month. Overall, the inventory at most European ports increased month - on - month, driving the total inventory at European ports to increase in March [21]. 3. Future Outlook - Arauco of Chile adjusted its pulp export quotes for April 2025. The price of softwood pulp (Silver Star) was lowered by 55 US dollars/ton to 770 US dollars/ton, the price of natural pulp (Venus) was lowered by 40 US dollars/ton to 650 US dollars/ton, and the price of hardwood pulp (Star) was lowered by 70 US dollars/ton to 560 US dollars/ton, a significant reduction compared to the previous round of quotes. Considering the foreign inventory situation, the overall inventory at European ports increased in March 2025. The price cuts of imported hardwood pulp by international pulp mills and the inventory build - up at European ports create short - term negative impacts on the market. Domestically, the prices of base paper are weak, and paper mills mainly purchase at low prices based on rigid demand. Attention should be paid to the demand recovery progress. A rebound in the downstream operating load rate may boost industry expectations to some extent. There is also support from the cost side below. It is advisable to monitor the stabilization of the market and wait for long - entry opportunities [32].

Report Information - Report Title: Pulp Daily Report [1] - Date: May 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is under pressure due to a significant reduction in cost support, a loose supply situation, and weak demand, resulting in an overall weak fundamental pattern [8]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 09 contract was 5,030 yuan/ton, and the closing price was 5,086 yuan/ton, showing an overall decline of 1.90%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,150 - 6,800 yuan/ton, with the low - end price rising by 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6,200 - 6,220 yuan/ton [7]. - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was priced at 770 US dollars/ton, and the hardwood pulp Mingxing was priced at 560 US dollars/ton, showing a significant decrease from the previous period. European port data indicated that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, which decreased month - on - month, most other national port inventories increased month - on - month. The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5%. As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month, and the shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [8]. 3.2. Industry News - On May 7, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, is to be delivered this year. The project has a total investment of 600 million yuan, covers about 30 mu of land, and mainly customizes, processes, and sells various paper products such as pearl paper, specialty paper, and cultural paper. After the first - phase is completed and reaches production capacity, the annual output value is expected to exceed 100 million yuan, and about 100 new jobs will be created. Currently, 60% of the main structures of the two main buildings have been completed, and the structural topping is expected to be achieved in early June. The second - phase project is also about to start construction, with a planned land area of about 15 mu, focusing on the production and export of specialty paper. It is expected to be completed in June 2026, and after full completion and reaching production capacity, the annual output value can reach over 300 million yuan [9]. 3.3. Data Overview - The report presents multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [7][13][18]