Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: December 12, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Viewpoints - The pulp futures 05 contract rose 2.95% to 5586 yuan/ton. The intended transaction price range of softwood pulp in the Shandong wood pulp market increased by 100 yuan/ton. The price of Arauco's pulp in December showed a mixed trend. The shipment volume of chemical pulp from 20 pulp - producing countries in October decreased year - on - year. European port pulp inventory decreased in October 2025. Pulp imports in November 2025 increased. The weekly pulp inventory in major areas and ports as of December 4, 2025, increased slightly. Downstream paper prices had narrow adjustments, with cost pressure remaining. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [7][8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The pre - settlement price of the pulp futures 05 contract was 5426 yuan/ton, and the closing price was 5586 yuan/ton, a 2.95% increase. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4850 - 6300 yuan/ton, up 100 yuan/ton. The Shandong Yinxing quotation was 5580 - 5600 yuan/ton. Arauco's December pulp quotes: softwood pulp Yinxing rose 20 dollars/ton to 700 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing rose 20 dollars/ton to 570 dollars/ton [7][8] - **Industry Data**: In October, the shipment volume of chemical pulp from 20 world pulp - producing countries decreased 3.5% year - on - year, softwood pulp decreased 7.1% year - on - year, and hardwood pulp decreased 1.9% year - on - year, with a significant decline in shipments to the Chinese market. In October 2025, the total wood pulp inventory in European ports decreased 10.2% month - on - month and 6.5% year - on - year. In November 2025, pulp imports were 324.6 million tons, a 24% month - on - month and 15.9% year - on - year increase. As of December 4, 2025, the weekly pulp inventory in major regions and ports was 2.0429 billion tons, a 0.09% month - on - month increase [8] - **Operation Suggestions**: Downstream base paper prices had narrow adjustments, with processing cost pressure remaining. The spot transaction center of cultural paper remained stable, and social demand was still limited. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [8] 2. Industry News - On December 3, the Ministry of Ecology and Environment solicited opinions on the revised draft of the "Catalogue for the Classification Management of Environmental Impact Assessments of Construction Projects". Compared with the 2021 version, there are 56 first - level categories, 199 second - level industry categories, and 4 general processes after the revision. The second - level industry categories increased by 30. The "paper products manufacturing" is no longer in the catalogue, which is a major benefit for the base paper processing industry and will expand paper consumption. The opinion - soliciting period ends on January 5, 2026 [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate. The data sources are mainly Wind and Zhuo Chuang Information [15][17][19]

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The pulp market is expected to oscillate and consolidate after the realization of positive factors in the short term. The pulp futures market strengthened this week, driven by supply - side news of international pulp mills exiting the market and concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and a loose supply - demand pattern continuing. The downstream paper mills' procurement remains rational and based on rigid demand, and the low processing profit of base paper cannot provide incremental support for pulp prices [96]. 3. Summary by Directory 3.1 Industry News - As of December 4, 2025, the inventory of pulp in major Chinese ports showed a de - stocking trend. The inventory in Changshu Port was 566,000 tons, down 0.6 million tons (1.0% MoM); in Qingdao Port, it was 1.395 million tons, down 34,000 tons (2.4% MoM); and in Gaolan Port, it was 45,000 tons, down 15,000 tons (25.0% MoM). The total inventory of major port samples was 2.101 million tons, down 71,000 tons (3.3% MoM) [5][6]. - Domtar will permanently close its Crofton factory in Canada, reducing its annual pulp production by about 380,000 tons of NBSK softwood pulp [6]. - Fenlin Group's Joutseno pulp mill will resume operation on December 8, 2025, and its Rauma pulp mill will start a one - month production shutdown on December 15, 2025, and plan to gradually resume production by department from January 7, 2026 [7]. - Shandong Bohui Paper plans to invest about 1.701 billion yuan to expand its chemical wood pulp project. After completion, its chemical wood pulp production capacity will increase from 95,000 tons/year to 320,000 tons/year [8]. 3.2 Market Data 3.2.1 Market Trends - On December 5, 2025, the basis of silver star was 150 yuan/ton, down 25.74% MoM and 67.67% YoY; the basis of Russian needle was - 50 yuan/ton, down 78.57% MoM and 457.14% YoY; the price difference between silver star and Russian needle was 200 yuan/ton, down 13.04% MoM and 55.56% YoY [16]. - On December 5, 2025, the 01 - 03 month - spread was - 16 yuan/ton, up 11.11% MoM; the 03 - 05 month - spread was - 24 yuan/ton, up 25.00% MoM [21]. 3.3 Fundamental Data 3.3.1 Price - The import profit of softwood and hardwood pulp has recovered. On December 5, 2025, the import profit of silver star softwood pulp was 83.65 yuan/ton, up 170.04% MoM and 140.60% YoY; the import profit of star hardwood pulp was 122.95 yuan/ton, up 516.27% MoM and 226.39% YoY [30]. - The spot price of imported softwood pulp increased significantly this week. On December 5, 2025, the prices of silver star, Kalip, Beimu, Lion, and Russian needle were 5600 yuan/ton, 5750 yuan/ton, 5850 yuan/ton, 5750 yuan/ton, and 5400 yuan/ton respectively, with MoM increases of 3.70%, 1.77%, 0.86%, 1.77%, and 4.45% [33]. - The spot price of imported hardwood pulp increased. On December 5, 2025, the prices of goldfish, star, bird, and broadleaf were 4600 yuan/ton, 4600 yuan/ton, 4550 yuan/ton, and 4500 yuan/ton respectively, with MoM increases of 4.55%, 3.37%, 3.88%, and 5.88% [37]. - The prices of natural color pulp and chemimechanical pulp showed different trends. On December 5, 2025, the price of Venus natural color pulp was 5150 yuan/ton, up 0.98% MoM and down 4.63% YoY; the price of Kunhe chemimechanical pulp was 3800 yuan/ton, up 2.70% MoM and 7.04% YoY [40]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China decreased this week. On December 5, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1180 yuan/ton, down 1.67% MoM [44]. - The supply of chemimechanical pulp increased this period. On December 4, 2025, the weekly production of domestic chemimechanical pulp was 87,300 tons, up 1.99% MoM and 1.51% YoY [49]. - In October 2025, the pulp inventory in European ports decreased MoM, and the global pulp departure volume decreased seasonally MoM [52]. - In August 2025, the W20 softwood pulp shipment was at a low level with high inventory, while the hardwood pulp shipment remained at a high level with low inventory days [54]. - In August 2025, the total softwood pulp exports of Canada, Chile, Finland, and the United States to China decreased MoM and were at a low level YoY. In September, Finland's exports to China increased significantly both MoM and YoY. In October, Chile's softwood pulp exports to China continued to increase MoM but decreased YoY [60]. - In October 2025, the total hardwood pulp exports of Brazil, India, Uruguay, and Chile to China decreased both MoM and YoY. In November, Brazil's hardwood pulp exports to China decreased significantly MoM, and Uruguay's exports decreased both MoM and YoY [61]. - In October 2025, China's pulp imports were divided. Softwood pulp imports increased 0.06% MoM, hardwood pulp imports decreased 2.77% MoM, and the imports of natural color pulp and chemimechanical pulp increased significantly MoM [65]. 3.3.3 Demand - The price of offset paper remained stable this period. The industry's supply was abundant, but the demand was weak, and the production pressure of factories increased due to the rising pulp price [69]. - The price of coated paper remained stable. The market supply changed little, and the demand was weak. The profitability of the industry continued to narrow, and factories were more willing to support prices [73]. - The price of white cardboard increased slightly. Paper mills announced price increases, but the terminal orders were not significantly improved, and the actual price increase was restricted [77]. - The price of household paper increased slightly. The market trading activity did not change much, and the demand was weak. The cost of household paper was strongly supported by the rising pulp price [81]. - In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly YoY, while the dairy production decreased significantly both MoM and YoY [85]. 3.3.4 Inventory - On December 5, 2025, the total number of pulp warehouse receipts was 208,900 tons, a decrease of 0.42% MoM and 39.53% YoY [88]. - The port inventory was at a medium - level within the year and continued to show a de - stocking trend. On December 5, 2025, the total inventory of major port samples was 2.101 million tons, down 3.27% MoM and up 14.12% YoY [93].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The pulp market is expected to oscillate and consolidate after the realization of positive factors. The pulp futures market strengthened this week, mainly driven by supply - side news of international pulp mills exiting the market and market concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and weak downstream demand, which restricts the price increase space and sustainability [96]. 3. Summary by Directory Industry News - As of December 4, 2025, the pulp inventory at Changshu Port was 566,000 tons, a decrease of 6,000 tons from the previous period, a 1.0% month - on - month decrease; the inventory at Qingdao Port was 1.395 million tons, a decrease of 34,000 tons from last week, a 2.4% month - on - month decrease; the inventory at Gaolan Port was 45,000 tons, a decrease of 15,000 tons from last week, a 25.0% month - on - month decrease. The total inventory of mainstream port samples in China was 2.101 million tons, a decrease of 71,000 tons from the previous period, a 3.3% month - on - month decrease [5][6]. - Domtar will permanently close its Crofton factory in Canada, reducing its annual pulp production by about 380,000 tons of NBSK softwood pulp [6]. - Finns Group's Joutseno pulp mill will resume operation on December 8, 2025, and its Rauma pulp mill will start a one - month production reduction shutdown on December 15, 2025, and plans to gradually resume production by department from January 7, 2026 [7]. - Shandong Bohui Paper plans to invest about 1.701 billion yuan in a chemical wood pulp expansion project. After the project is completed, the company's chemical wood pulp production capacity will increase from the current 95,000 tons/year to 320,000 tons/year [8]. Market Data Market Trends - On December 5, 2025, the basis of Silver Star was 150 yuan/ton, a 25.74% month - on - month decrease from November 28, 2025, and a 67.67% year - on - year decrease; the basis of Russian Needle was - 50 yuan/ton, a 78.57% month - on - month decrease from November 28, 2025, and a 457.14% year - on - year decrease; the price difference between Silver Star and Russian Needle was 200 yuan/ton, a 13.04% month - on - month decrease from November 28, 2025, and a 55.56% year - on - year decrease [16]. Month - to - Month Spread - On December 5, 2025, the 01 - 03 month - to - month spread was - 16 yuan/ton, a 11.11% month - on - month increase from November 28, 2025; the 03 - 05 month - to - month spread was - 24 yuan/ton, a 25.00% month - on - month increase from November 28, 2025 [21]. Fundamental Data Price - The price difference between softwood and hardwood pulp: On December 5, 2025, the price difference between Silver Star and Goldfish was 1,000 yuan/ton, with no month - on - month change from November 28, 2025, and a 44.44% year - on - year decrease; the price difference between Russian Needle and Goldfish was 800 yuan/ton, a 3.90% month - on - month increase from November 28, 2025, and a 40.74% year - on - year decrease [27]. - Pulp import profit: On December 5, 2025, the import profit of softwood pulp (Silver Star) was 83 yuan/ton, a 170.04% month - on - month increase from November 28, 2025, and a 140.60% year - on - year increase; the import profit of hardwood pulp (Star) was 122.95 yuan/ton, a 516.27% month - on - month increase from November 28, 2025, and a 226.39% year - on - year increase [30]. - Softwood pulp price: On December 5, 2025, the prices of Silver Star, Kalip, Beimu, Lion Brand, and Russian Needle in the Shandong market were 5,600 yuan/ton, 5,750 yuan/ton, 5,850 yuan/ton, 5,750 yuan/ton, and 5,400 yuan/ton respectively, with month - on - month increases of 3.70%, 1.77%, 0.86%, 1.77%, and 4.45% respectively, and year - on - year decreases of 10.40%, 9.45%, 8.59%, 9.45%, and 6.90% respectively [33][34]. - Hardwood pulp price: On December 5, 2025, the prices of Goldfish, Star, Bird, and Broadleaf in the Shandong market were 4,600 yuan/ton, 4,600 yuan/ton, 4,550 yuan/ton, and 4,500 yuan/ton respectively, with month - on - month increases of 4.55%, 3.37%, 3.88%, and 5.88% respectively, and year - on - year increases of 3.37%, 3.37%, 3.41%, and 3.45% respectively [37]. - Natural pulp and chemimechanical pulp price: On December 5, 2025, the prices of Venus and Kunhe in the Shandong market were 5,150 yuan/ton and 3,800 yuan/ton respectively, with month - on - month increases of 0.98% and 2.70% respectively, and year - on - year changes of - 4.63% and 7.04% respectively [40]. Supply - Wood chip price: In the East China region, some paper mills' wood chip purchase prices decreased this week. On December 5, 2025, the purchase prices of eucalyptus wood chips by Liansheng Pulp and Paper and poplar wood chips by Wuzhou Special Paper, Shandong Chenming, Yinhe Ruixue, Sun Paper, and Champion Paper, as well as pine wood chips by Wuzhou Special Paper and Sun Paper, showed different changes [42][44]. - Domestic pulp: The price of hardwood pulp increased this period, and the supply of chemimechanical pulp increased. On December 5, 2025, the daily average price of domestic chemimechanical pulp was 3,808.33 yuan/ton, with no month - on - month change; the daily ex - factory price of Asia - Pacific Senbo's hardwood pulp (Senbo) was 4,600 yuan/ton, a 3.37% month - on - month increase [46][48]. - European port inventory and global pulp shipping volume: In October 2025, the European pulp port inventory was 1.404 million tons, a 10.23% month - on - month decrease and a 6.46% year - on - year decrease; the global pulp shipping volume was 4.52 million tons, a 10.90% month - on - month decrease and a 3.50% year - on - year decrease [51]. - W20 shipping volume and inventory: In August 2025, the W20 softwood pulp shipping volume was at a low level with high inventory, while the hardwood pulp shipping volume remained at a high level but with a low inventory days [53]. - Overseas softwood pulp export volume: In August 2025, the total softwood pulp export volume of Canada, Chile, Finland, and the United States to China decreased month - on - month and was at a low level year - on - year; in September 2025, Finland's export volume to China increased both month - on - month and year - on - year; in October 2025, Chile's softwood pulp export volume to China continued to increase month - on - month but decreased year - on - year [59]. - Overseas hardwood pulp export volume: In October 2025, the total hardwood pulp export volume of Brazil, Indonesia, Uruguay, and Chile to China decreased both month - on - month and year - on - year; in November 2025, Brazil's hardwood pulp export volume to China decreased significantly month - on - month, and Uruguay's export volume decreased both month - on - month and year - on - year [60]. - Pulp import volume: In October 2025, China's pulp imports showed differentiation. The import volume of softwood pulp increased by 0.06% month - on - month, the import volume of hardwood pulp decreased by 2.77% month - on - month, and the import volumes of natural pulp and chemimechanical pulp increased significantly month - on - month [64]. Demand - Offset paper: The price of offset paper remained stable this period. The industry's production capacity is large, and the supply of goods is abundant. The demand side is weak, with most users purchasing on a rigid - demand basis. The production pressure of the industry has increased, and the mills' willingness to raise prices has strengthened, but the downstream consumption restricts the price increase [68]. - Coated paper: The price of coated paper remained stable this period. The mills maintained stable production, and the market supply changed little. The consumption side was weak, with most downstream sectors purchasing on - demand. The industry's profitability continued to narrow, and the mills' willingness to support prices increased [72]. - White cardboard: The price of white cardboard increased slightly this period. The paper mills announced a price increase of 100 - 200 yuan/ton this month, but the terminal orders did not improve significantly, and there was resistance to price increases. The raw material procurement was on - demand, and the inventory - building enthusiasm was low [76]. - Tissue paper: The market price of tissue paper increased slightly. The overall market trading activity did not change much, and the terminal demand was weak. The raw material pulp price increased, providing strong cost support [80]. - Terminal demand: In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly year - on - year, while the dairy product output decreased significantly both month - on - month and year - on - year [84]. Inventory - Futures inventory: On December 5, 2025, the total warehouse receipt quantity of pulp in warehouses was 202,900 tons, a 0.42% month - on - month decrease from November 28, 2025, and a 39.53% year - on - year decrease; the total warehouse receipt quantity of pulp in mills was 6,000 tons, with no month - on - month change from November 28, 2025, and a 75.81% year - on - year decrease [87]. - Spot inventory: As of December 5, 2025, the inventory at Qingdao Port was 1.395 million tons, a 2.38% month - on - month decrease and a 22.37% year - on - year increase; the inventory at Changshu Port was 566,000 tons, a 1.05% month - on - month decrease and a 19.41% year - on - year increase; the inventory at Gaolan Port, Tianjin Port, and Rizhao Port combined was 140,000 tons, an 18.13% month - on - month decrease and a 38.33% year - on - year decrease; the total inventory of the five ports was 2.101 million tons, a 3.27% month - on - month decrease and a 14.12% year - on - year increase [93]. This Week's View Summary - Supply: The port inventory remains at a high level, and the supply pressure persists. As of December 4, 2025, the total inventory of mainstream port samples in China was 2.101 million tons, a 3.3% month - on - month decrease, and the inventory has been decreasing for two consecutive weeks [96]. - Demand: The demand in the downstream base paper market is weak. Paper mills are in a state of small profits and are reluctant to accept high - priced pulp, only purchasing to meet production needs [96]. - View: It is expected that the pulp market will oscillate and consolidate in the short term after the realization of positive factors. The strengthening of the pulp futures market this week was mainly driven by supply - side news of international pulp mills exiting the market and market concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and weak downstream demand, which restricts the price increase space and sustainability [96]. - Valuation: In terms of basis, on Friday, the basis of softwood pulp Silver Star in the Shandong region was 150 yuan/ton, an increase of 46 yuan/ton [96]. - Strategy: 1) Unilateral: Short at high prices or wait and see; 2) Inter - period: Continue the 1 - 5 reverse spread strategy; 3) Inter - variety: Observe [96].

Group 1: Report Information - Report title: Pulp Daily Report [1] - Report date: October 29, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The pulp market is in a low - level wide - range oscillation, waiting for the boost of peak - season demand. The downstream paper market shows a differentiated performance, and the demand side of the pulp market has a gentle increase, with the traditional peak season starting slowly [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5238 yuan/ton, and the closing price was 5226 yuan/ton, a decline of 0.23% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4830 - 6500 yuan/ton, remaining stable. The price of Shandong Yinxing was 5500 yuan/ton [7] - Arauco's October offer: Softwood pulp Yinxing was 680 US dollars/ton, a decrease of 20 US dollars/ton from last month; unbleached pulp Jinxing was 590 US dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 US dollars/ton, unchanged from last month [7] - European wood pulp inventory in September: 722,300 tons, a month - on - month increase of 3% and a year - on - year increase of 16.1% [7] - European wood pulp consumption in September: 813,200 tons, a month - on - month increase of 16.3% and a year - on - year decrease of 1.6% [7] - Main regional and port pulp inventory as of October 23, 2025: 1,958,000 tons, a 1.23% increase from last week [7] - Downstream paper market: The performance of downstream base paper was still differentiated, the demand side of the pulp market increased gently, and the traditional peak season started slowly. The social demand for offset paper was average, and the market was generally concerned about the publishing tender situation, with limited demand improvement at present. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow in September [7] 2. Industry News - From January to September 2025, the total profit of industrial enterprises above designated size in China was 5.3732 trillion yuan, a year - on - year increase of 3.2% [8] - From January to September 2025, the operating income of the papermaking and paper products industry was 1.03757 trillion yuan, a year - on - year decrease of 2.1%; the operating cost was 916.95 billion yuan, a year - on - year decrease of 2.1%; the total profit was 27.12 billion yuan, a year - on - year decrease of 15.6% [8] 3. Data Overview - Multiple data charts are presented, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, paper price and price difference, and USD - CNY exchange rate [14][16][18][20][26][28]

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on September 25, 2025 [2] SP Main Contract Closing Price - On September 24, 2025, the SP main contract closing price was 5044.00, with a 0.71885% increase from the previous day. The converted US dollar price was 618.06. The Shandong Yinxing basis was 566, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 581 [3] Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion was -145.57, for Canadian Lion was -533.29, and for Chilean Yinxing was -91.92. The previous day's exchange rate was 7.12 [4] Price Averages - From September 18 - 24, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong regional average prices also remained unchanged [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from September 19 - 24, 2025 [4] Profit Margins - The double - offset profit margin on September 24, 2025, was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the living paper profit margin was 6.7258%, with a 0.0382 change compared to previous data [4] Price Spreads - On September 24, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1785, and the softwood - waste paper price spread was 4034 [4]

Group 1: Report Title and Date - The report is titled "Continued Weakness, Focus on Demand Stabilization - Guoxin Futures Pulp Weekly Report" and was released on September 5, 2025 [2] Group 2: Market Performance - The main pulp futures contract SP2511 showed a slight rebound but remained in a weak overall trend [7] Group 3: Fundamental Analysis Pulp Market Prices - As of September 4, the weekly average price of imported softwood pulp was 5,652 yuan/ton, down 0.44% from the previous week, with the decline narrowing by 0.69 percentage points. The weekly average price of imported hardwood pulp was 4,210 yuan/ton, up 0.48% from the previous week, turning from a decline to an increase [11] Cumulative Pulp Imports from January to July - In July 2025, China imported 2.877 million tons of pulp, with an import value of 1.7652 billion US dollars and an average unit price of 613.56 US dollars/ton. The cumulative import volume and value from January to July increased by 6.5% and 3.4% respectively compared to the same period last year [15] Port Inventory - As of September 4, 2025, the weekly pulp inventory in major Chinese regions and ports such as Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.0574 million tons, up 0.52% from the previous week, turning from a decline to an increase [19][34] European Pulp Consumption and Inventory in July - In July 2025, the total European port inventory decreased by 1.91% month-on-month and increased by 19.19% compared to July 2024. Only the port inventories in the Netherlands/Belgium/France/Switzerland increased by 1.72% month-on-month, while the port inventories in the UK, Germany, Italy, and Spain decreased by 26.03%, 6.96%, 1.45%, and 7.22% respectively [22] Downstream Pulp Utilization Rates - Wastepaper pulp accounts for 63% of China's total pulp consumption, wood pulp accounts for 31%, and imported wood pulp accounts for 21%. Non-wood pulp accounts for 6%. As of September 4, the operating rate of double-coated paper remained flat, that of offset paper decreased by 0.47 percentage points, that of white cardboard increased by 0.19 percentage points, and that of tissue paper decreased by 0.38 percentage points [27] Group 4: Future Outlook - The pulp inventory in major Chinese regions and ports increased by 0.52% from the previous week, turning from a decline to an increase. Some major hardwood pulp producers have raised their prices. The recent weak rebound in the market did not prompt the pulp market to follow suit. Downstream paper mills have limited acceptance of high prices and mainly purchase at low prices. The market showed a slight rebound. It is recommended to wait and see and focus on the stabilization of demand [34]

Group 1: Report Information - Report title: Pulp Morning Report [2] - Report date: August 22, 2025 [2] - Research team: Energy and Chemicals Team of the Research Center [2] Group 2: SP Main Contract Information - Closing price on August 21, 2025: 5130.00 [3] - Closing price trends from August 15 - 21, 2025: Decreased from 5306.00 to 5130.00 [3] - Dollar - converted price trends from August 15 - 21, 2025: Decreased from 645.15 to 623.85 [3] - Daily price change rates from August 15 - 21, 2025: - 0.22565%, - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682% [3] - Shandong Yinxing basis trends from August 15 - 21, 2025: Increased from 544 to 670 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis trends from August 15 - 21, 2025: Increased from 579 to 685 [3] Group 3: Pulp Price and Profit Information - Canadian Lion brands (Golden Lion, Lion) and Chilean Silver Star price, import profit: Golden Lion (CFR, port price 780 dollars, Shandong price 6350 yuan, profit - 48.45 yuan); Lion (CFR, port price 730 dollars, Shandong price 5500 yuan, profit - 442.78 yuan); Silver Star (CFR 90 - day letter of credit, port price 720 dollars, Shandong price 5800 yuan, profit - 111.65 yuan) [4] Group 4: Pulp and Paper Product Price and Margin Information - National and Shandong regional pulp average prices from August 15 - 21, 2025: No change in all types of pulp (coniferous, broad - leaf, natural color, chemimechanical) [4] - Paper product index (cultural, packaging, living paper) from August 18 - 21, 2025: No change [4] - Paper product profit margin trends from August 18 - 21, 2025: Double - offset paper margin increased from 4.8673% to 5.0306%; Double - copper paper margin increased from 22.6786% to 22.8214%; White - card paper margin increased from - 13.4568% to - 13.3333%; Living paper margin increased from 6.8022% to 7.4515% [4] Group 5: Pulp Price Difference Information - Coniferous - broadleaf, coniferous - natural color, coniferous - chemimechanical, coniferous - waste paper price differences from August 15 - 21, 2025: Coniferous - broadleaf price difference decreased from 1650 to 1620; Coniferous - natural color price difference decreased from 450 to 400; Coniferous - chemimechanical price difference decreased from 2025 to 1975; Coniferous - waste paper price difference decreased from 4274 to 4224 [4]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary of Key Information SP Main Contract Closing Price - On August 8, 2025, the SP main contract closing price was 5162.00, with a -0.46278% change from the previous day [3]. - The closing prices from August 4 - 8, 2025, were 5168.00, 5160.00, 5170.00, 5186.00, and 5162.00 respectively, with corresponding percentage changes of -0.34709%, -0.15480%, 0.19380%, 0.30948%, and -0.46278% [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, and that of Lion was -392.78; for Chilean Silver Star, it was -76.65 [4]. - The port dollar prices of Golden Lion, Lion, and Silver Star were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5600, and 5835 respectively [4]. National and Regional Pulp Price Averages - From August 4 - 8, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4]. Paper Index and Profit Margin Information - From August 5 - 8, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The profit margins of double - offset, double - copper, white card, and living paper on August 8, 2025, were 6.4302%, 24.2360%, -11.9756%, and 7.9481% respectively, with the living paper profit margin changing by -0.3820 compared to previous days [4]. Pulp Price Spreads - On August 8, 2025, the softwood - hardwood, softwood - natural, softwood - chemimechanical, and softwood - wastepaper price spreads were 1700.00, 435, 2010, and 4259 respectively [4].

Report Summary 1. Report Information - Report Type: Pulp Daily Report [1] - Date: July 23, 2025 [2] 2. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 09 contract was 5,328 yuan/ton, and the closing price was 5,368 yuan/ton, a rise of 0.75%. [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton. [7] - **International Quotes**: Chile's Arauco announced its July quotes. The Yinxing had no new offers as the previous deals were completed. The net price of Uruguay's hardwood pulp, New Star, was $500/ton. [7] - **Production and Shipment**: In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year. [7] - **Inventory and Consumption**: In June, the European wood pulp inventory increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's pulp imports in June were 3.03 million tons, up 0.4% month - on - month and 16.1% year - on - year. As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, turning from an increase to a decrease. [7] - **Market Trend**: Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, the pulp market fluctuated and rose slightly in the short term, driven by the commodity market atmosphere. [7] 3. Industry News - On July 22, the annual 150,000 - ton special paper project of Sichuan Hefeng Paper of Taisheng Group was successfully put into operation. The project uses bamboo pulp as the main raw material, focusing on producing 40 - 100 - gram low - gram - weight food packaging paper. After the two paper machines in Sichuan reach full production, they are expected to have a significant impact on the special paper market in the southwest region, with some production capacity sold to the central and eastern coastal areas. [8] 4. Data Overview - The report presents multiple data charts, including the total warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory, and prices and spreads of various paper products [25][27][29]

Industry Information - Report Type: Pulp Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Highlights 1. Market Review and Operational Suggestions - The previous settlement price of the pulp futures 09 contract was 5,292 yuan/ton, and the closing price was 5,334 yuan/ton, a rise of 0.79%. The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton [7]. - Chile's Arauco announced its July offer. Yinxing had no new offers as all transactions were completed, and the net price of Uruguay's hardwood pulp, New Star, was $500/ton [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May was 1.69 million tons, a 4.4% increase month - on - month and an 8.2% decrease year - on - year [7]. - According to UTIPULP data, the European wood pulp inventory in June increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7]. - China's total pulp imports in June were 3.03 million tons, a 0.4% increase month - on - month and a 16.1% increase year - on - year [7]. - As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, changing from an increase to a decrease [7]. - Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, pulp fluctuated and rose slightly in the short term, driven by the commodity market atmosphere [7] 2. Industry News - The 18,000 - ton cardboard and 16,000 - ton carton project of Dongsheng Paper Products Co., Ltd. in Guitou Town, Ruyuan County, Shaoguan City, Guangdong Province, successfully completed its trial production. The company is a Hong Kong - funded enterprise and the only corrugated cardboard manufacturer in Shaoguan [8]. - The project won the "Representative Project of Guangdong - Hong Kong Social Investment and Development" at the 2025 Hong Kong - Macau Spring Reception. With a total investment of 150 million yuan, covering 56 mu and a planned construction area of 37,000 square meters, it is expected to be put into production this year, with an annual production capacity of about 30,000 tons of corrugated cardboard, an expected annual output value of about 160 million yuan, and about 100 job opportunities [8] 3. Data Overview The report includes various data charts related to pulp, such as pulp futures prices, import prices, inventory levels in different regions (including Europe and China), and prices of related paper products, with data sources from Wind, PPPC, UTIPULP, and other institutions [7][27][29]