Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In the off - season of demand and with high inventory, pulp prices are expected to fluctuate at a low level [1] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On July 3, 2025, SP2601 was priced at 5306, up 0.42% day - on - day and 0.80% week - on - week; SP2507 was 5048, up 0.76% day - on - day and down 0.24% week - on - week; SP2509 was 5094, up 0.43% day - on - day and 0.55% week - on - week [1] - Spot prices: coniferous pulp Silver Star was 5900, unchanged day - on - day and down 0.84% week - on - week; coniferous pulp Russian Needle was 5120, unchanged; broadleaf pulp Goldfish was 4020, unchanged day - on - day and down 0.74% week - on - week [1] Outer - disk Quotes and Import Costs - Outer - disk quotes (in dollars): Chilean Silver Star was 720, down 2.70% month - on - month; Chilean Star was 560, unchanged; Chilean Venus was 620, unchanged [1] - Import costs: Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Supply - In May 2025, coniferous pulp imports were 72.2 tons, down 4.75% month - on - month; broadleaf pulp imports were 129.3 tons, up 7.84% month - on - month [1] - The pulp shipment volume to China was 1353, down 30.80% month - on - month [1] - On June 20, Arauco cut the order price of radiata pine (coniferous pulp) for June by $20/ton to $720/ton, and the shipment volume to China in May increased by 3.3% month - on - month [1] Inventory - As of June 26, 2025, the inventory of mainstream pulp ports in China was 216.3 tons, a decrease of 4.5 tons from the previous period, down 2.0% [1] - The delivery warehouse inventory was 24.60 tons [1] Demand - This week, the production of major finished papers decreased, and the prices of finished papers remained low, providing weak support for pulp [1] Valuation - On July 3, 2025, the Russian Needle basis was 26, at the 0.756 quantile; the Silver Star basis was 806, at the 0.951 quantile [1] - The import profit of coniferous pulp Silver Star was 16, at the 0.65 quantile; the import profit of broadleaf pulp Goldfish was - 567, at the 0.187 quantile [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [1] Group 3: Summary According to Related Catalogs Pulp Price Data - **Futures Prices**: On July 2, 2025, SP2601 was 5284 with a daily increase of 1.30% and a year - on - year decrease of 0.30%; SP2507 was 5048 with a daily increase of 0.76% and a year - on - year decrease of 0.24%; SP2509 was 5072 with a daily increase of 0.92% and a year - on - year increase of 0.04% [1] - **Spot Prices**: On July 2, 2025, the spot price of coniferous pulp Silver Star was 5900 with no daily change and a year - on - year decrease of 0.84%; the spot price of coniferous pulp Russian Needle was 5120 with no daily and year - on - year change; the spot price of broad - leaf pulp Goldfish was 4020 with no daily change and a year - on - year decrease of 0.74% [1] - **Outer - disk Quotes**: In July 2025, the outer - disk quote of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; the outer - disk quote of Chilean Star was 560 with no change; the outer - disk quote of Chilean Venus was 620 with no change [1] - **Import Costs**: In July 2025, the import cost of Chilean Silver Star was 5884, a month - on - month decrease of 2.68%; the import cost of Chilean Star was 4587 with no change; the import cost of Chilean Venus was 5073 with no change [1] Pulp Fundamental Data - **Import Volume**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%; the import volume of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84% [1] - **Shipment Volume to China**: In April 2025, the pulp shipment volume to China was 1353, a month - on - month decrease of 30.80% [1] - **Domestic Production**: For broad - leaf pulp, the domestic production on June 26, 2025, was 20.6 tons; for chemimechanical pulp, it was 20.3 tons [1] - **Inventory**: As of June 26, 2025, the pulp port inventory was 216.3 tons, the delivery warehouse inventory was 24.60 tons, the double - offset paper inventory was 20.40 tons, and the copper - plate paper inventory was 7.60 tons [1] - **Finished Paper Production**: On June 26, 2025, the production of double - offset paper was 20.40 tons, copper - plate paper was 7.60 tons, tissue paper was 28.00 tons, and white cardboard was 30.30 tons [1] Pulp Valuation Data - **Basis**: On July 2, 2025, the Russian Needle basis was 48 with a quantile level of 0.797; the Silver Star basis was 828 with a quantile level of 0.959 [1] - **Import Profit**: On July 2, 2025, the import profit of coniferous pulp Silver Star was 16 with a quantile level of 0.65; the import profit of broad - leaf pulp Goldfish was - 567 with a quantile level of 0.186 [1] Supply, Demand, and Inventory Analysis - **Supply**: On June 20, 2025, Arauco decided to lower the order price of radiata pine (coniferous pulp) in June by 20 dollars per ton to 720 dollars per ton. The shipment volume to China in May increased by 3.3% month - on - month, showing an increase in supply volume and a decrease in price [1] - **Demand**: In the current week, the production of major finished papers decreased. The prices of finished papers remained low, providing weak support for pulp [1] - **Inventory**: As of June 26, 2025, the inventory of mainstream Chinese pulp ports was 216.3 tons, a decrease of 4.5 tons from the previous period and a 2.0% month - on - month decrease, showing a de - stocking trend [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - Pulp lacks clear driving factors in the short - term, and a 7 - 9 reverse spread strategy is recommended [1]. 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On June 19, 2025, SP2601 was 5266 with a daily increase of 0.61% and a weekly increase of 0.42%; SP2507 was 5250 with a daily increase of 0.19% and a weekly decrease of 0.27%; SP2509 was 5254 with a daily increase of 0.50% and a weekly increase of 0.77% [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**: Chilean Silver Star was 740 dollars, Chilean Star was 560 dollars, and Chilean Venus was 620 dollars, all with no monthly change [1]. - **Import Costs**: Chilean Silver Star was 6046, Chilean Star was 4587, and Chilean Venus was 5073, all with no monthly change [1]. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons (month - on - month - 5.01%), broad - leaf pulp imports were 119.9 tons (month - on - month - 18.44%); the pulp shipment volume to China in April 2025 was 1353 tons (month - on - month - 30.80%). The domestic production of broad - leaf pulp on June 19, 2025, was 20.9 tons, and that of chemimechanical pulp was 19.9 tons [1]. - **Inventory**: As of June 19, 2025, the pulp port inventory was 220.8 tons (a 2.3 - ton increase from the previous period, a 1.1% week - on - week increase); the delivery warehouse inventory was 23.53 tons [1]. - **Demand**: This week, the production of major finished paper decreased, and the finished paper prices remained low, providing weak support for pulp [1]. Valuation Data - **Basis**: The Russian coniferous basis was - 4 with a quantile level of 0.693; the Silver Star basis was 796 with a quantile level of 0.954 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 4 with a quantile level of 0.619; that of broad - leaf pulp Goldfish was - 487 with a quantile level of 0.204 [1].

Report Summary 1) Report Industry Investment Rating - Not provided in the report 2) Core View of the Report - The current demand for pulp is weak, and it is expected to fluctuate at a low level [1] 3) Summary by Relevant Catalogs Price Data - **Futures Prices**: On May 27, 2025, SP2601 was 5216, down 1.58% day - on - day and 2.21% week - on - week; SP2507 was 5274, down 2.37% day - on - day and 2.51% week - on - week; SP2509 was 5184, down 2.19% day - on - day and 2.59% week - on - week [1] - **Spot Prices**: On May 27, 2025, the price of coniferous pulp Silver Star was 6200, down 0.80% day - on - day and week - on - week; Russian Needle was 5350, down 1.83% day - on - day and week - on - week; Eucalyptus pulp Goldfish was 4100, down 2.38% day - on - day and week - on - week [1] - **Outer - disk Quotes**: In May 2025, the outer - disk quote of coniferous pulp Silver Star was 740 US dollars/ton, down 30 US dollars/ton; Star was 560 US dollars/ton, down 70 US dollars/ton; Venus was 620 US dollars/ton, down 30 US dollars/ton [1] - **Import Costs**: The import cost of Chilean Silver Star was 6046, down 3.87% month - on - month; Star was 4587, down 11.00% month - on - month; Venus was 5073, down 4.57% month - on - month [1] 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 eucalyptus pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China in April 2025 was 1813, up 20.70% month - on - month [1] - **Inventory**: As of May 22, 2025, the inventory of mainstream pulp ports in China was 215.7 tons, a decrease of 4.1 tons from the previous period, a month - on - month decrease of 1.9% [1] - **Demand**: Among the main finished paper production, the production of white cardboard increased slightly, and the production of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made rigid - demand purchases [1] Valuation Data - **Basis**: On May 27, 2025, the Russian Needle basis was 76, with a quantile level of 0.833; the Silver Star basis was 926, with a quantile level of 0.979 [1] - **Import Profit**: On May 27, 2025, the import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of eucalyptus pulp Goldfish was - 487, with a quantile level of 0.2 [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The current weak demand pattern for pulp remains unchanged, but the near - month contracts are strongly supported by low warehouse receipts [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On May 26, 2025, SP2601 was 5300, down 0.30% day - on - day and 0.34% week - on - week; SP2507 was 5402, down 1.13% day - on - day and up 0.22% week - on - week; SP2509 was 5300, down 0.71% day - on - day and 0.19% week - on - week [1] - **Spot Prices**: On May 26, 2025, the spot price of coniferous pulp Silver Star was 6250, unchanged day - on - day and down 0.79% week - on - week; Russian Needle was 5450, unchanged; broadleaf pulp Goldfish was 4200, unchanged day - on - day and down 1.18% week - on - week [1] - **External Quotes and Import Costs**: The external quote of Chilean Silver Star in May 2025 was 740 dollars/ton, down 3.90% month - on - month; the import cost was 6046, down 3.87% month - on - month. Chilean Star's external quote was 560 dollars/ton, down 11.11% month - on - month; the import cost was 4587, down 11.00% month - on - month. Chilean Venus's external quote was 620 dollars/ton, down 4.62% month - on - month; the import cost was 5073, down 4.57% month - on - month [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 broadleaf pulp was 119.9 tons, down 18.44% month - on - month. The shipment volume of pulp to China in March 2025 was 1813 tons, up 20.70% month - on - month [1] - **Inventory**: As of May 22, 2025, the port inventory of pulp was 215.7 tons, down 1.9% from the previous period. The delivery warehouse inventory was 26.10 tons [1] - **Demand**: The output of finished paper: double - offset paper was 20.03 tons; coated paper was 7.60 tons; tissue paper was 27.60 tons; white cardboard was 28.30 tons. The output of white cardboard increased slightly, while the output of other paper types was stable [1] Pulp Valuation Data - On May 26, 2025, the basis of Russian Needle was 0.805, and the import profit was 48; the basis of Silver Star was 0.972, and the import profit was 848. The import profit of broadleaf pulp Goldfish was - 387 [1] Supply and Demand Summary - **Supply**: Chilean Arauco announced the May 2025 wood pulp external quotes: coniferous pulp Silver Star at 740 dollars/ton, down 30 dollars/ton; broadleaf pulp Star had no supply in May and June, with partial supply recovery expected in July; natural pulp Venus at 620 dollars/ton, down 30 dollars/ton [1] - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases [1] - **Inventory**: As of May 22, 2025, the inventory of China's main pulp ports showed a downward trend [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Current macro - level positive factors have not been reflected in the demand for finished paper, so it is recommended to wait and see [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On May 23, 2025, SP2601 was 5316 with a daily increase of 0.08% and a weekly increase of 0.64%; SP2507 was 5464 with a daily increase of 0.70% and a weekly increase of 2.02%; SP2509 was 5338 with a daily increase of 0.41% and a weekly increase of 1.10% [1] - **Spot Prices**: Coniferous pulp Silver Star was 6250 with no daily change and a weekly decrease of 0.79%; Knitted pulp was 5450 with no daily or weekly change; Broad - leaf pulp Goldfish was 4200 with no daily change and a weekly decrease of 1.18% [1] - **Foreign Quotes and Import Costs**: Chilean Silver Star's foreign quote was 740 dollars/ton (down 3.90% month - on - month), and its import cost was 6046 (down 3.87% month - on - month); Chilean Star's foreign quote was 560 dollars/ton (down 11.11% month - on - month), and its import cost was 4587 (down 11.00% month - on - month); Chilean Venus's foreign quote was 620 dollars/ton (down 4.62% month - on - month), and its import cost was 5073 (down 4.57% month - on - month) [1] Pulp Fundamental Data - **Import Volume**: In April 2025, coniferous pulp import volume was 75.8 tons (down 5.01% month - on - month), and broad - leaf pulp import volume was 119.9 tons (down 18.44% month - on - month) [1] - **Domestic Production**: On May 22, 2025, broad - leaf pulp domestic production was 20 tons, and chemimechanical pulp domestic production was 20.1 tons [1] - **Inventory**: As of May 22, 2025, pulp port inventory was 215.7 tons (down 4.1 tons from the previous period, a 1.9% decrease), and delivery warehouse inventory was 26.10 tons [1] - **Finished Paper Production**: On May 22, 2025, double - offset paper production was 20.03 tons, coated paper production was 7.60 tons, tissue paper production was 27.60 tons, and white cardboard production was 28.30 tons [1] Pulp Valuation Data - **Basis**: On May 23, 2025, Russian needle basis was - 14 with a quantile level of 0.673, and Silver Star basis was 786 with a quantile level of 0.961 [1] - **Import Profit**: On May 23, 2025, coniferous pulp Silver Star's import profit was 204 with a quantile level of 0.84, and broad - leaf pulp Goldfish's import profit was - 387 with a quantile level of 0.236 [1] Summary - **Supply**: Chilean Arauco announced May 2025 wood pulp foreign quotes. Coniferous pulp Silver Star was 740 dollars/ton (down 30 dollars/ton), broad - leaf pulp Star had no supply in May and June and was expected to partially resume in July, and natural pulp Venus was 620 dollars/ton (down 30 dollars/ton) [1] - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, and finished paper production remained stable [1] - **Inventory**: As of May 22, 2025, China's main pulp port sample inventory showed a de - stocking trend [1]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The current macro - level positive factors have not yet been reflected in the demand for finished paper, and it is recommended to wait and see [1]. Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 22, 2025, SP2601 was 5312, down 0.45% day - on - day and 0.08% week - on - week; SP2507 was 5426, up 0.11% day - on - day and 0.74% week - on - week; SP2509 was 5316, down 0.41% day - on - day and 0.04% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6250, unchanged day - on - day and down 0.79% week - on - week; Knit Coniferous was 5450, unchanged; Broad - leaf pulp Goldfish was 4200, unchanged and down 1.18% week - on - week [1]. - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, down 3.90% month - on - month; Chilean Star was 560 dollars, down 11.11% month - on - month; Chilean Venus was 620 dollars, down 4.62% month - on - month [1]. - **Import Costs**: Chilean Silver Star was 6046, down 3.87% month - on - month; Chilean Star was 4587, down 11.00% month - on - month; Chilean Venus was 5073, down 4.57% month - on - month [1]. Pulp Fundamental Data Supply - **Import Volume**: In April 2025, coniferous pulp import volume was 75.8 tons, down 5.01% month - on - month compared to March; broad - leaf pulp import volume was 119.9 tons, down 18.44% month - on - month compared to March [1]. - **Domestic Output**: On May 22, 2025, broad - leaf pulp domestic output was 20 tons; chemical mechanical pulp was 20 tons [1]. - **Shipment Volume to China**: In March 2025, the pulp shipment volume to China was 1813, up 20.70% compared to February [1]. Inventory - **Port Inventory**: On May 22, 2025, pulp port inventory was 215.7 tons, down 4.1 tons from the previous period, a 1.9% decline [1]. - **Delivery Warehouse Inventory**: On May 22, 2025, it was 26.10 tons [1]. Demand - **Finished Paper Output**: On May 22, 2025, double - offset paper output was 20.03 tons; coated paper was 7.60 tons; tissue paper was 27.60 tons; white cardboard was 28.30 tons [1]. Pulp Valuation Data - **Basis**: On May 22, 2025, Russian coniferous basis was 24, with a quantile level of 0.761; Silver Star basis was 824, with a quantile level of 0.968 [1]. - **Import Profit**: On May 22, 2025, coniferous pulp Silver Star import profit was 204, with a quantile level of 0.84; broad - leaf pulp Goldfish was - 387, with a quantile level of 0.236 [1]. Summary of Supply, Demand, and Inventory - **Supply**: Chile's Arauco company announced May 2025 wood pulp outer - disk prices: coniferous pulp Silver Star at 740 dollars/ton, down 30 dollars/ton; broad - leaf pulp Star had no supply in May and June, with partial supply expected to resume in July; natural pulp Venus at 620 dollars/ton, down 30 dollars/ton [1]. - **Demand**: Cultural paper and white cardboard manufacturers issued price - increase letters, and the implementation is to be determined; finished paper output remained stable [1]. - **Inventory**: As of May 22, 2025, the inventory of China's mainstream pulp ports was 215.7 tons, showing a de - stocking trend [1].

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - The cost - support effect of pulp foreign - market quotations has weakened, demand from downstream paper mills remains rigid, end - market demand is weak, and inventory has shifted from a destocking trend to a restocking trend. It is recommended to hold positions and wait and see as current macro - level positives have not yet translated into finished - paper demand [1] 3. Summary According to Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 20, 2025, SP2601 was 5334, up 0.30% day - on - day and 1.91% week - on - week; SP2507 was 5410, up 0.37% day - on - day and 2.54% week - on - week; SP2509 was 5322, up 0.23% day - on - day and 1.91% week - on - week [1] - **Spot Prices**: On May 20, 2025, the price of coniferous pulp Silver Star was 6250, down 0.79% day - on - day and week - on - week; Russian coniferous pulp was 5450, unchanged day - on - day and up 2.83% week - on - week; Golden broadleaf pulp was 4200, down 1.18% day - on - day and unchanged week - on - week [1] - **Foreign - Market Quotes (USD)**: In May 2025, the quote for Chilean Silver Star was 770, down 6.67% month - on - month; Brazilian Goldfish was 630, up 3.28% month - on - month; Chilean Venus was 690, unchanged month - on - month [1] - **Import Costs**: In May 2025, the import cost of Chilean Silver Star was 6289, down 6.62% month - on - month; Tianxi etc. was 5154, up 3.25% month - on - month; Chilean Venus was 5640, unchanged month - on - month [1] Pulp Fundamental Data - **Supply** - **Import Volume**: 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 shipment volume to China in April 2025 was 1502 tons, compared with 1543 tons in March [1] - **Domestic Output**: On May 15, 2025, the domestic output of broadleaf pulp was 20.7 tons; the output of chemimechanical pulp was 20.1 tons [1] - **Inventory** - **Pulp Port Inventory**: On May 15, 2025, pulp port inventory was 219.8 tons, up 8.0% from the previous period, shifting from a destocking trend to a restocking trend [1] - **Delivery Warehouse Inventory**: On May 15, 2025, delivery warehouse inventory was 27.00 tons [1] - **Demand** - **Finished - Paper Output**: On May 15, 2025, the output of offset paper was 20.00 tons; coated paper was 7.70 tons; tissue paper was 27.70 tons; white cardboard was 27.90 tons [1] Pulp Valuation Data - **Basis**: On May 20, 2025, the Russian coniferous pulp basis was 40, with a quantile level of 0.792; the Silver Star basis was 840, with a quantile level of 0.971 [1] - **Import Profit**: On May 20, 2025, the import profit of coniferous pulp Silver Star was - 39, with a quantile level of 0.542; the import profit of broadleaf pulp Goldfish was - 954, with a quantile level of 0.078 [1] Supply, Demand, and Inventory Analysis - **Supply**: Pulp foreign - market prices have dropped significantly, weakening the cost - support effect [1] - **Demand**: The prices of major pulp - made papers have continued to fall, the positive impact of the easing of the Sino - US trade war has not been reflected in finished - paper output, downstream paper mills maintain rigid demand, and end - market demand remains weak [1] - **Inventory**: As of May 15, 2025, pulp port inventory has shifted from a destocking trend to a restocking trend [1]

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SUL | | | | | | | | 农产品研究中心 | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/5/19 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年5月16日 | HMM | 周环比 | | | 2025年5月16日 | HMA | 周环比 | | | SP2601 | 5282 | -0. 64% | 2. 40% | | 针叶浆银星 | 6300 | 0. 00% | 1.61% | | 期货价格 | SP2507 | 5356 | -0. 56% | 3.72% | 现货价 | 针织我针 | 5450 | 0. 00% | 4. 81% | | | SP2509 | 5280 | -0. 71% | 3.57% | | 阔叶浆金鱼 ...

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SUL | | | | | | | | | 国贸期货研究院 | | 投资咨询号:Z0015194 | | | | | | | | | 农产品研究中心 | 杨璐琳 | 从业资格号:F3042528 | | | 2025/5/15 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年5月14日 | 日环比 | 周环比 | | | 2025年5月14日 | HMA | 周环比 | | | SP2505 | 5332 | 1. 91% | 2. 93% | | 针叶浆银星 | 6300 | 0. 00% | 1.61% | | 期货价格 | SP2507 | 5378 | 1. 93% | 4. 67% | 现货价 | 针织我针 | 5300 | 0. 00% | 2. 91% | | | SP2509 | 5308 | 1. 6 ...