Report Information - Report Name: Pulp Daily Report [1] - Date: May 7, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - 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 [7] Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 09 closed at 5064 yuan/ton, down 1.90% from the previous settlement price of 5162 yuan/ton [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5300 - 6800 yuan/ton, with the low - end price down 80 yuan/ton from the previous trading day. The Shandong Yinxing was quoted at 6250 yuan/ton [7] - Chile's Arauco adjusted its April prices. 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 decline [7] - European port data showed that the total port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Most ports except Germany's had a month - on - month increase in inventory [7] - The total pulp imports in March were 3.25 million tons, up 0.9% month - on - month and 2.5% year - on - year [7] - As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month, with different shipping speeds at each port, and Gaolan Port had relatively concentrated arrivals [7] 2. Industry News - On May 1, the 35 - ton/day comprehensive chlorine dioxide preparation system provided by Boshike for Shandong Huatai Paper achieved full - line operation. It is the core unit of Huatai Paper's 700,000 - ton chemical pulp project, the largest newly - put - into - production chemical pulp project in China in 2025 [8] - After the successful operation of the system, Huatai Paper's wood pulp self - sufficiency rate reached 85%, and the comprehensive cost per ton of pulp decreased by 15% year - on - year [8] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, paper product prices and price differences, and the US dollar - RMB exchange rate [12][14][17][19][25][27]

Report Overview - Report Title: Pulp Daily Report - Report Date: April 30, 2024 - Industry: Pulp 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The fundamental pattern of the pulp market remains weak, and pulp prices are mainly under pressure. The decline in pulp futures prices, the decrease in the low - end price of Shandong wood pulp market, and the weak downstream demand all indicate a weak market situation [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 09 contract was 5310 yuan/ton, and the closing price was 5152 yuan/ton, a decline of 2.98% [8]. - **Shandong Wood Pulp Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5300 - 6800 yuan/ton. The low - end price dropped by 80 yuan/ton compared with the previous trading day's closing price. The price of Shandong Silver Star was 6250 yuan/ton [8]. - **Arauco's Price Adjustment**: Chilean Arauco adjusted its April prices. The price of softwood pulp Silver Star was 770 US dollars/ton, and the price of hardwood pulp Star was 560 US dollars/ton, showing a significant decline compared with the previous period [8]. - **European Pulp Data**: In March 2025, the consumption of European chemical pulp was 865,700 tons, a year - on - year decrease of 3.24%. The inventory was 707,300 tons, a year - on - year increase of 6.24%. The inventory days were 26 days, an increase of 1 day compared with the same period last year. 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% [8]. - **Domestic Pulp Inventory**: As of April 24, 2025, the weekly pulp inventory in major domestic regions and ports was 2.0794 million tons, an increase of 4.08% compared with the previous week. Due to insufficient follow - up of terminal orders, downstream shipping pressure was obvious, and the raw material procurement intention was poor [8]. 3.2 Industry News - **Shandong Huatai Paper Project**: On April 12, Shandong Huatai Paper's 700,000 - ton chemical pulp project, undertaken by China National Light Industry International, was put into commissioning. The project team completed the entire construction task in 24 months. After the project, Huatai Paper's self - sufficiency rate of wood pulp increased significantly to 85%, and the comprehensive cost per ton of pulp decreased by 15% compared with external purchases. The project is equipped with a 3,200 TDS/D alkali recovery boiler, which can generate 568 tons of high - temperature and high - pressure steam per hour and has a power generation capacity of 1 million kilowatts. It can supply an additional 100,000 kilowatts of electricity to the grid. This innovation can save 500,000 tons of standard coal and reduce carbon dioxide emissions by 1.2 million tons annually [9].

Group 1: Report Information - Report Name: Pulp Daily Report [2] - Date: April 29, 2024 [3] - Research Team: Energy and Chemical Research Team [5] Group 2: Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5346 yuan/ton and a closing price of 5290 yuan/ton, a decline of 1.05% [8] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5400 - 6880 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing offer was 6350 yuan/ton [8] - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was at 770 US dollars/ton, and the hardwood pulp Mingxing was at 560 US dollars/ton, showing a significant decline [8] - In March 2025, European chemical pulp consumption was 865,700 tons, a year - on - year decrease of 3.24%. The inventory was 707,300 tons, a year - on - year increase of 6.24%. The inventory days were 26 days, up 1 day from the same period last year [8] - 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% [8] - As of April 24, 2025, the weekly pulp inventory in major domestic regions and ports was 2.0794 million tons, an increase of 4.08% from the previous week [8] - Affected by insufficient follow - up of terminal orders, downstream shipment pressure was obvious, and the raw material procurement intention was poor. The fundamental pattern remained weak, and pulp was mainly under pressure [8] Group 3: Industry News - On April 12, Shandong Huatai Paper's annual 700,000 - ton chemical pulp project, undertaken by China National Light Industry International, was put into commissioning. The project team completed the entire construction in 24 months [9] - Through the pulp - paper integration layout, Huatai Paper's wood pulp self - sufficiency rate increased significantly to 85%, and the comprehensive cost per ton of pulp decreased by 15% compared to external purchases [9] - The project was equipped with a 3,200 TDS/D alkali recovery boiler, generating 568 tons of high - temperature and high - pressure steam per hour and a power generation capacity of 1 million kilowatts. It could supply an additional 100,000 kilowatts to the grid [9] - This innovation could save 500,000 tons of standard coal and reduce carbon dioxide emissions by 1.2 million tons annually [9] Group 4: Data Overview - The report includes various data charts such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, and inventory data [13][18][20]

Core Viewpoint - Morning Paper Industry reported a significant loss in 2024, with revenue of 22.729 billion yuan and a net loss of 7.411 billion yuan, while net assets stood at 9.156 billion yuan by the end of 2024 [1] Company Summary - The company is implementing a dual strategy of "stopping the bleeding and generating blood" to address financial difficulties, supported by government and financial institutions [2][4] - Morning Paper Industry is focusing on strategic adjustments and operational improvements, including production resumption plans, cost control, market expansion, and asset disposal [2][3] - Internal management is being restructured to achieve a flatter organization, optimize personnel allocation, and enhance operational efficiency [3] - The company has established a provincial-level creditor committee with financial creditors to facilitate debt restructuring and maintain stable credit lines [4] Industry Summary - The paper industry is facing challenges such as environmental regulations, changing market demand, and increased competition, leading to price pressures and declining profit margins [2][8] - There is a recent trend of recovery in the global paper industry, with expectations of price increases for cultural and packaging paper [6][7] - The cost of raw materials, particularly wood pulp, has stabilized and begun to rise, which may help mitigate some cost pressures for companies like Morning Paper Industry [7] - Government policies aimed at boosting consumption are expected to improve market demand for paper products, contributing to a potential recovery in the industry [6][8]