Report Overview - Report Type: Pulp Daily Report - Date: June 5, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market maintains a low - range oscillatory adjustment. New import pulp offers are mainly decreasing, port inventory reduction is slow, downstream paper mills' price increase announcements have limited implementation results, and the fundamental situation has limited changes [7]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 09 contract was 5,272 yuan/ton, and the closing price was 5,236 yuan/ton, a decline of 0.68% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market is 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The Shandong Yinxing offer is 6,300 yuan/ton [7]. - **Import Offers**: Chile's Arauco announced May offers, with Yinxing at $740/ton and Jinxing at $620/ton, still lower than the previous offers [7]. - **Supply**: In April, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 7.2% year - on - year, while the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month [7]. - **Demand**: The downstream market has a clear demand for improved profitability, but terminal orders are limited, and raw material procurement is cautious [7]. 3.2. Industry News - On May 28, a composite packaging materials project with a total investment of 150 million yuan started in Wuyao Town, Rugao, Jiangsu. The project is invested by Jiangsu Xiangju Environmental Protection New Materials Co., Ltd. After completion, it will have an annual production capacity of 60 million square meters of composite packaging materials. It is expected to generate annual taxable sales of 200 million yuan and taxes of 10 million yuan this year, and annual taxable sales of 400 million yuan and taxes of 20 million yuan when fully operational [8]. 3.3. Data Overview - The report provides multiple data charts, including pulp futures and spot prices, price spreads, inventory data, and exchange rate data, with data sources from Wind and Zhuochuang Information [10][13][15]

Group 1: Report General Information - Report Name: Pulp Daily Report [1] - Report Date: May 29, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operational Suggestions - Pulp Futures: The previous settlement price of Pulp Futures Contract 09 was 5,210 yuan/ton, and the closing price was 5,214 yuan/ton, a 0.08% increase. The intended transaction price range of softwood pulp in the Shandong market was 5,400 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 6,300 yuan/ton [7]. - Import Quotes: Chile's Arauco announced its May quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, still lower than the previous quotes [7]. - Supply - side Data: According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, a 11.1% decrease month - on - month and a 10.2% decrease year - on - year. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a 0.98% increase month - on - month [7]. - Market Outlook: The new round of import pulp quotes is mainly decreasing, the de - stocking speed at ports is still slow. Downstream paper mills have issued price - increase notices, boosting market confidence, but their raw material procurement attitude is cautious. Pulp may maintain a low - range oscillatory adjustment in the future [7]. Group 3: Industry News - Zhanjiang Zhongzhi Paper Co., Ltd. plans to make major adjustments to the construction scale of its high - end packaging new materials project at the China Paper Southern Base. The original plan was to build 1 production line of coated white cardboard with an annual output of 1.02 million tons and 2 chemical mechanical pulp production lines with a total annual output of 612,000 tons. The new plan includes 1 chemical mechanical pulp production line with an annual output of 400,000 tons, 1 chemical pulp production line with an annual output of 400,000 tons, and 2 special paper production lines with a total annual output of 190,000 tons. The project will also build solid waste resource comprehensive utilization facilities to improve resource utilization efficiency and achieve green and sustainable development [8]. Group 4: Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, cross - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate [14][16][24][26][28]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Pulp futures contract 09 closed at 5300 yuan/ton, down 0.53% from the previous settlement price. The new round of imported pulp offers are mainly lower, the port destocking speed is still slow, downstream paper mills have issued price increase notices to boost market confidence, but the raw material procurement mentality of paper mills is cautious, and the pulp may maintain a low - level range - bound adjustment in the future [7]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5328 yuan/ton and a closing price of 5300 yuan/ton, a decline of 0.53%. The intended transaction price range of softwood pulp in Shandong wood pulp market was 5400 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 6300 yuan/ton. Arauco in Chile announced May offers: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, still lower than the previous offers. The shipment volume of softwood pulp from 20 major pulp - producing countries in the world in March increased by 11.7% year - on - year, and the cumulative increase from January to March was 4.1%. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a month - on - month increase of 0.98%. The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [7]. 3.2. Industry News - On May 22, Shandong JinCailun Paper's PM18 was successfully started up. The new equipment will optimize the product structure and improve product quality. Hunan Zhengding Environmental Technology Co., Ltd. provided a complete set of air hood ventilation system and workshop ceiling air supply system for this project, which is technologically advanced and incorporates energy - saving and emission - reduction concepts [8]. 3.3. Data Overview - No specific data summary content provided other than indicating data sources such as Wind and Jianxin Futures Research and Development Department [10][12][13]

Group 1: Report Title and Date - The report is titled "Continued Low-level Rebound, Focus on Demand Recovery - Guoxin Futures Pulp Weekly Report" and is dated May 18, 2025 [2] Group 2: Market Review - This week, the main contract of pulp futures, SP2507, continued to rebound with a slight decline [7] Group 3: Fundamental Analysis - As of May 15, the weekly average price of imported softwood pulp was 6,028 yuan/ton, up 1.14% from last week; imported hardwood pulp was 4,213 yuan/ton, up 0.91%; imported natural pulp was 5,420 yuan/ton, down 0.61%; imported chemimechanical pulp was 3,842 yuan/ton, unchanged from last week [12] - In April 2025, China imported 2.893 million tons of pulp with an import value of 1.8252 billion US dollars and an average unit price of 630.90 US dollars/ton. The cumulative import volume and value from January to April increased by 1% and 0.5% year-on-year respectively [15] - The weekly pulp inventory in major regions and ports such as Baoding, Tianjin Port, etc. was 2.1948 million tons, up 11.24% from last week [18] - In April 2025, the inventory of European chemical pulp was 695,800 tons, up 3.62% year-on-year, and the inventory days were 26 days, up 1 day from the same period last year. Most European countries' port inventories increased month-on-month, driving the total European port inventory to increase in April [21] Group 4: Outlook - The latest round of quotations from international pulp mills has lowered the price of imported hardwood pulp, and the inventory accumulation in European ports is a short-term negative for the market. Domestically, the price of base paper is weak, and paper mills mainly purchase at low prices based on rigid demand. Pay attention to the progress of demand recovery. If the downstream operating load rate rebounds month-on-month, it may boost industry expectations. If the Sino-US tariffs are unexpectedly reduced, there is a willingness to push up prices in the market due to the inverted shipping price. Pay attention to the recovery of downstream demand, and the operation suggestion is to try long at low prices [31]