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].

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]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - After the macro - positive factors are realized, pulp is expected to fluctuate [1] Group 3: Summary According to Related Catalogs Pulp Price Data - Futures prices: On May 16, 2025, SP2601 was 5282, down 0.64% week - on - week and up 2.40%; SP2507 was 5356, down 0.56% week - on - week and up 3.72%; SP2509 was 5280, down 0.71% week - on - week and up 3.57% [1] - Spot prices: Coniferous pulp Silver Star was 6300, unchanged week - on - week and up 1.61%; Knitted needle was 5450, unchanged week - on - week and up 4.81%; Hardwood pulp Goldfish was 4250, unchanged week - on - week and up 3.66% [1] - Outer - disk quotes: Chilean Silver Star was 770 dollars, down 6.67% month - on - month; Brazilian Goldfish was 630 dollars, up 3.28% month - on - month; Chilean Venus was 690 dollars, unchanged month - on - month [1] - Import costs: Chilean Silver Star was 6289, down 6.62% month - on - month; Brazilian Goldfish was 5154, up 3.25% month - on - month; Chilean Venus was 5640, unchanged month - on - month [1] Pulp Fundamental Data Supply - Import volume: In March 2025, coniferous pulp import was 79.8 tons, unchanged month - on - month; hardwood pulp import was 147 tons, down 8.47% month - on - month. The pulp shipment volume to China was 1502 tons, down 2.66% month - on - month [1] - Domestic production: On May 15, 2025, hardwood pulp production was 20.7 tons; chemimechanical pulp production was 20.1 tons [1] Inventory - Pulp port inventory: On May 15, 2025, it was 219.8 tons, up 16.3 tons from the previous period, a month - on - month increase of 8.0% [1] - Delivery warehouse inventory: On May 15, 2025, it was 27.00 tons [1] Demand - Finished paper production: On May 15, 2025, offset paper production was 20.00 tons; coated paper production was 7.70 tons; tissue paper production was 27.70 tons; white cardboard production was 27.90 tons [1] Pulp Valuation Data - Basis: On May 16, 2025, Russian needle basis was 94, with a quantile level of 0.842; Silver Star basis was 944, with a quantile level of 0.981 [1] - Import profit: On May 16, 2025, coniferous pulp Silver Star import profit was 11, with a quantile level of 0.642; hardwood pulp Goldfish import profit was - 904, with a quantile level of 0.092 [1] Summary of Supply, Demand and Inventory - Supply: Pulp outer - disk prices dropped significantly. Chilean Arauco adjusted the April 2025 wood pulp outer - disk prices, weakening cost support [1] - Demand: The prices of major wood - pulp papers continued to fall. After the Sino - US trade war eased, the positive effects were not reflected in finished paper production. Downstream paper mills maintained rigid - demand purchases [1] - Inventory: As of May 15, 2025, the inventory in China's mainstream pulp ports was 219.8 tons, increasing by 16.3 tons from the previous period, a month - on - month increase of 8.0%. The inventory changed from a de - stocking trend to a stocking trend [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the short - term, with the release of macro - sentiment, pulp prices will oscillate, stabilize, and repair upwards, but the time and space for this are limited [74]. - The pulp market currently faces two main problems: high inventory levels and cost - transmission issues. The high inventory requires time for domestic paper mills to digest, and the weak demand in the paper market means that downstream paper mills have low willingness to purchase pulp at high prices [74]. 3. Summary by Directory 3.1 Industry News - As of May 15, 2025, the pulp inventories in Changshu Port, Qingdao Port, and Gaolan Port all increased, with the total inventory of mainstream Chinese pulp ports reaching 219.8 million tons, a week - on - week increase of 8.0% [5]. - On May 15, Chenming Paper participated in an investor exchange. The company is promoting the resumption of production, strategic investment, and debt settlement. The 1 billion yuan in government funds has been fully in place, and most of the 2.31 billion yuan syndicated loan has been approved [5]. 3.2 Market Data - **Basis and Spread**: On May 16, 2025, the basis of Silver Star was 944 yuan/ton, a week - on - week decrease of 8.88%, and the basis of Russian Needle was 94 yuan/ton, a week - on - week increase of 161.11%. The spread between Silver Star and Russian Needle was 850 yuan/ton, a week - on - week decrease of 15.00% [14]. - **Monthly Spread**: On May 16, 2025, the 07 - 09 monthly spread was 76 yuan/ton, a week - on - week increase of 15.15%, and the 07 - 11 monthly spread was 150 yuan/ton, a week - on - week increase of 56.25% [18]. 3.3 Fundamental Data - **Price**: - **Needle - Broadleaf Spread**: On May 16, 2025, the spread between Silver Star and Goldfish was 2050 yuan/ton, a week - on - week decrease of 2.38%, and the spread between Russian Needle and Goldfish was 1200 yuan/ton, a week - on - week increase of 9.09% [25]. - **Import Profit**: On May 16, 2025, the import profit of Silver Star was - 39 yuan/ton, a week - on - week increase of 74.29%, and the import profit of Star was - 432 yuan/ton, a week - on - week increase of 27.01% [28]. - **Coniferous Pulp**: On May 16, 2025, the prices of various coniferous pulps such as Silver Star and Northwood increased week - on - week, but decreased year - on - year [30]. - **Broadleaf Pulp**: On May 16, 2025, the prices of various broadleaf pulps such as Goldfish and Star increased week - on - week, but decreased year - on - year [37]. - **Natural and Chemimechanical Pulp**: On May 16, 2025, the price of Venus was 5300 yuan/ton, a week - on - week decrease of 0.93%, and the price of Kunhe was 3900 yuan/ton, unchanged week - on - week [41]. - **Supply**: - **European Port Inventory and Global Pulp Out - bound Volume**: In March 2025, European port inventory increased by 7.56% month - on - month, and in February 2025, global pulp out - bound volume decreased by 1.70% month - on - month [44]. - **Pulp Import Volume**: In March 2025, the import volumes of coniferous and broadleaf pulps decreased, while the import volumes of natural and chemimechanical pulps increased [46]. - **Demand**: - **Finished Paper Capacity Utilization**: On May 16, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 68.05%, 62.60%, 56.06%, and 56.85% respectively. The capacity utilization rate of white cardboard decreased significantly week - on - week [49]. - **Finished Paper Price**: On May 16, 2025, the prices of various finished papers such as white cardboard and household tissue paper decreased week - on - week and year - on - year [50]. - **Finished Paper Profit**: On May 16, 2025, the profits of white cardboard, household tissue paper, offset paper, and coated paper decreased week - on - week, but increased year - on - year [59]. - **Inventory**: - **Futures Inventory**: On May 16, 2025, the total warehouse receipt quantity of pulp was 24.75 million tons in warehouses and 2.24 million tons in factories, with the former decreasing by 3.06% week - on - week [65]. - **Spot Inventory**: On May 16, 2025, the total inventory of five major ports was 219.8 million tons, a week - on - week increase of 8.01% [71]. 3.4 Operation Suggestions - In the short - term, the pulp market will oscillate, stabilize, and repair upwards due to the release of macro - sentiment. However, considering the high inventory and weak demand in the downstream paper market, the upward movement is limited [74].

| | | | | 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 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The overall situation of the pulp market is bearish. The decrease in pulp outer - market quotes weakens cost support, terminal demand remains weak, and inventory shows a cumulative trend. The recommended strategy is to take a short - term bearish view or arrange a 7 - 9 reverse spread [1] 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On April 30, 2025, SP2505 was 5116, down 1.99% day - on - day and 6.78% week - on - week; SP2507 was 5120, down 1.12% day - on - day and 5.22% week - on - week; SP2509 was 5066, down 1.67% day - on - day and 5.31% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 6200, down 1.59% day - on - day and 2.36% week - on - week; Coniferous pulp Russian Needle was 5200, down 3.70% day - on - day and 4.59% week - on - week; Hardwood pulp Goldfish was 4150, down 2.35% day - on - day and 4.60% week - on - week [1] - **Outer - Market Quotes**: Chilean Silver Star was 770 dollars, down 6.67% month - on - month; Brazilian Goldfish was 630 dollars, up 3.28% month - on - month; Chilean Venus was 690 dollars, with no change month - on - month [1] - **Import Costs**: Chilean Silver Star was 6289, down 6.62% month - on - month; Brazilian Goldfish was 5154, up 3.25% month - on - month; Chilean Venus was 5640, with no change month - on - month [1] Pulp Fundamental Data - **Supply - Import Volume**: In March 2025, coniferous pulp import volume was 79.8 tons, unchanged from February; hardwood pulp import volume was 147 tons, down 8.47% from February. The pulp shipment volume to China was 1502 tons in February 2025, down from 1543 tons in January [1] - **Supply - Domestic Output**: From March 13 to April 24, 2025, the domestic output of hardwood pulp and chemimechanical pulp fluctuated [1] - **Inventory**: As of April 24, 2025, the pulp port inventory was 210.6 tons, up 3.7 tons from the previous period, a 1.8% increase; the delivery warehouse inventory was 32.10 tons [1] - **Demand - Finished Paper Output**: From March 13 to April 24, 2025, the output of double - offset paper, coated paper, tissue paper, and white cardboard fluctuated, with a slight overall decline [1] Pulp Valuation Data - **Basis**: On April 30, 2025, the Russian Needle basis was 80, with a quantile level of 0.834; the Silver Star basis was 1080, with a quantile level of 0.998 [1] - **Import Profit**: On April 30, 2025, the import profit of coniferous pulp Silver Star was - 89, with a quantile level of 0.471; the import profit of hardwood pulp Goldfish was - 1004, with a quantile level of 0.057 [1]