Report Overview - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 19, 2025 [2] SP Main Contract Closing Price - On September 18, 2025, the SP main contract closing price was 5014.00, with a previous day's closing price of 5042.00, a decrease of 0.55534%. The discount to the US dollar price was 615.54 [3]. - The price trends from September 12 - 18, 2025, showed fluctuations, with the highest closing price of 5068.00 on September 16 and the lowest of 4990.00 on September 12 [3]. Basis and Import Profit - The Shandong Yinxing basis on September 18, 2025, was 611, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 636 [3]. - Import profit calculations for different pulp brands: Canadian Golden Lion had an import profit of - 136.75, Canadian Lion had - 485.04, and Chilean Yinxing had - 229.70, all calculated with 13% VAT and an exchange rate of 7.11 [4]. Pulp and Paper Prices and Margins - From September 12 - 18, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the Shandong regional average prices [4]. - For paper products, cultural paper (double - offset and double - copper indices), packaging paper (white card index) remained stable from September 15 - 18, 2025, while the living paper index increased by 4 [4]. - The profit margins of different paper products showed slight changes from September 15 - 18, 2025. Double - offset paper profit margin increased by 0.0506, double - copper paper by 0.0459, white card paper by 0.0368, and living paper by 0.0764 [4]. Pulp Price Spreads - The price spreads between different types of pulp (coniferous - broadleaf, coniferous - natural, coniferous - chemimechanical, coniferous - wastepaper) showed a decreasing trend from September 12 - 18, 2025 [4].

Report Information - Report Type: Pulp Daily Report [1] - Date: September 18, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp market is in a short - term state of relatively abundant supply. The downstream paper mills'开工 has increased, but they mainly purchase at low prices due to cost pressure, and the market continues to adjust with low - level fluctuations [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price and closing price of the pulp futures 01 contract were both 5348 yuan/ton, with an overall increase of 0.00%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5020 - 6600 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5630 - 5650 yuan/ton [7] - Chile's Arauco Company announced the new September wood pulp export price list: the price of softwood pulp Yinxing was 700 US dollars/ton, a decrease of 20 US dollars/ton from last month; the price of natural pulp Jinxing was 590 US dollars/ton, the same as last month; the price of hardwood pulp Mingxing was 520 US dollars/ton, an increase of 20 US dollars/ton from last month [8] - In August, the European wood pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%; the European wood pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4%. China's total pulp imports in August were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 11, 2025, the weekly pulp inventory in major regions and ports was 2.072 million tons, an increase of 0.71% from the previous week [8] - In the downstream cultural paper market, the restart of previously shut - down production lines has led to an increase in supply, and recently, the inventory pressure of paper enterprises has increased, showing a weak and volatile operation [8] 2. Industry News - On September 17, the China Enterprise Confederation and the China Entrepreneurs Association released the "Top 500 Chinese Enterprises in 2025" list. The controlling shareholder of the company, Shandong Sun Holding Group Co., Ltd., ranked 326th, an improvement of 10 places from last year [9] 3. Data Overview - The report provides multiple data charts, 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 totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19]

机构观点 建信期货： 短期纸浆供应相对充裕，下游纸厂开工有所回升但成本压力下低价采买为主，延续低位震荡调整。 消息面 截止2025年9月11日，中国纸浆主流港口样本库存量：206.2万吨，较上期去库0.4万吨，环比下降 0.2%，库存量在本周期变动不大，呈现窄幅去库的走势。 2025年8月纸浆进口总量265.3万吨，环比-7.8%，同比-5.6%，累计2410.8万吨，累计同比+5.0%。 9月16日，上期所纸浆仓库期货仓单226594吨，环比上个交易日减少186吨；纸浆厂库期货仓单18240 吨，环比上个交易日持平。 国信期货： 业者基于成本面压力持续挺价，浆市跟涨意愿不明显。下游原纸企业利润改善欠佳，持续降本增效，对 于高价接受度有限，逢低采购为主，交投不旺。关注需求企稳情况，操作建议暂时观望。 ...

行业 纸浆日报 日期 2025 年 9 月 17 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The pulp futures have reached an absolute low, but there is no upward driving force at present. It is recommended to wait and see. The supply is relatively strong, the demand is neutral, the inventory is bearish, and the valuation is relatively strong [3]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: Suzano announced price increases in September 2025, with a $20/ton increase in Asia and an $80/ton increase in Europe and the United States. The foreign market quotes have risen for two consecutive periods, strongly supporting domestic pulp prices. The pulp supply in the fourth quarter is expected to decline as the shipment volume from three South American countries to China decreased in August [3]. - **Demand**: The monthly output of major finished paper has increased, but the prices of mainstream finished paper are running at a low level. Some white cardboard and offset paper mills have issued price increase letters, but the implementation remains to be confirmed [3]. - **Inventory**: As of September 11, 2025, the inventory of mainstream ports in China was 2.062 million tons, a decrease of 0.4 million tons from the previous period, a month - on - month decline of 0.2%. The inventory is at a high level with a narrow - range de - stocking trend [3]. - **Valuation**: The basis of broadleaf pulp has strengthened to over - 1000 yuan, and pulp futures have entered a low - valuation range [3]. - **Investment Viewpoint**: Pulp futures have reached an absolute low, but there is no upward driving force. It is recommended to wait and see. Pay attention to the de - stocking of pulp warehouse receipts [3]. 3.2 Futures and Spot Market Review - **Futures Market**: Last week, pulp futures fluctuated at a low level. After hitting a low, they rebounded slightly, but the high inventory indicates that the supply - demand situation has not improved significantly. Next week, focus on whether the warehouse receipts decrease after the delivery of the 09 contract is completed [7]. - **Spot Market**: The price of broadleaf pulp is stable, while the price of silver star has decreased. The price of coniferous pulp silver star is 5620 yuan/ton, a week - on - week decrease of 80 yuan/ton and a month - on - month decrease of 200 yuan/ton. The price of coniferous pulp cloth needle is 4950 yuan/ton, a week - on - week decrease of 20 yuan/ton and a month - on - month decrease of 130 yuan/ton. The price of broadleaf pulp goldfish is 4150 yuan/ton, a week - on - week and month - on - month decrease of 20 yuan/ton [16]. - **Foreign Market Quotes**: In August, Arauco notified that the price of coniferous pulp silver star was $720/ton, the price of broadleaf pulp star was $520/ton with a 50% reduction in supply, and the price of natural pulp Venus was $590/ton. Suzano announced price increases in September 2025 [20]. - **Total Futures Positions**: As of September 12, 2025, the total positions of pulp futures contracts were 365,839 lots, a 6.11% increase from last week. The positions of the main pulp futures contract were 187,747 lots, a 2.35% increase from last week [21]. 3.3 Pulp Supply - Demand Fundamental Data - **Import Volume**: In July, the import volume of pulp decreased. The total pulp import volume was 2.877 million tons, a 5.08% decrease from the previous period. The import volume of coniferous pulp was 646,000 tons, a 4.72% decrease, and the import volume of broadleaf pulp was 1.351 million tons, a 5.85% decrease. The import volume of broadleaf wood chips was 1.341 million tons, a 3.79% increase [4]. - **Inventory**: The pulp port and warehouse receipt quantities have decreased. As of September 11, 2025, the port pulp inventory was 2.062 million tons, a 0.19% decrease from the previous period, and the delivery warehouse inventory was 245,000 tons, a 0.73% decrease [4]. - **Overseas Inventory**: The inventory of overseas pulp mills has changed. The inventory days of world 20 - country commodity pulp suppliers at the end of July were 47 days. The inventory days of bleached softwood pulp were 50 days, and the inventory days of bleached hardwood pulp were 45 days. In July 2025, the European port pulp inventory at the end of the month was 1.5275 million tons, a 1.9% month - on - month decrease [50]. - **Downstream Demand**: - **Price**: As of September 12, 2025, the price of offset paper was 4818 yuan/ton, a 2.65% month - on - month decrease; the price of coated paper was 5000 yuan/ton, a 2.9% month - on - month decrease; the price of tissue paper was 5583 yuan/ton, unchanged month - on - month; the price of white cardboard was 3964 yuan/ton, a 0.35% month - on - month increase [55]. - **Output**: In August 2025, the output of offset paper was 724,000 tons, a 1.7% month - on - month decrease and a 9.4% year - on - year decrease; the output of coated paper was 375,000 tons, a 1.7% month - on - month decrease and a 2.2% year - on - year increase; the output of tissue paper was 840,000 tons, a 6.8% month - on - month increase and a 13.5% year - on - year increase; the output of white cardboard was 958,000 tons, a 4.5% month - on - month decrease and a 5.4% year - on - year decrease [62]. - **Inventory**: As of August 2025, the inventory of offset paper was 1.76 million tons, a 1.8% month - on - month increase and a 6.8% year - on - year increase; the inventory of coated paper was 1.182 million tons, a 0.34% month - on - month increase and a 1.5% year - on - year decrease; the inventory of tissue paper was 355,000 tons, an 8.9% month - on - month decrease and an 8.23% year - on - year increase; the inventory of white cardboard was 2.2899 million tons, a 0.5% month - on - month increase and a 5% year - on - year decrease [69]. - **European and American Demand**: In July 2025, the inventory - to - consumption ratio of European coniferous pulp decreased, and the inventory - to - consumption ratio of broadleaf pulp decreased. The inventory - to - consumption ratio of European coniferous pulp was 27.2 days, a 1.3 - day month - on - month decrease and a 2.1 - day year - on - year increase; the inventory - to - consumption ratio of broadleaf pulp was 24.1 days, a 2.5 - day month - on - month decrease and a 2.8 - day year - on - year increase. As of July 2025, the capacity utilization rate of US paper products was 82.92%, a 0.30% month - on - month decrease. In June 2025, the inventory - sales ratio of US paper products was 1.06, a 0.01 month - on - month increase and a 0.05 year - on - year increase [96]. 3.4 Pulp Futures Valuation - **Spread**: The basis of broadleaf Russian needle has strengthened, and the 11 - 1 inter - month spread has widened. As of September 12, 2025, the basis of Shandong Russian needle was - 40 yuan/ton, a 52 - yuan/ton increase from last week; the basis of Shandong silver star was 630 yuan/ton, an 8 - yuan/ton decrease from last week. The 11 - 1 month spread was - 288 yuan/ton, a 22 - yuan/ton decrease from last week [102]. - **Import Profit**: As of September 12, 2025, the import profit of coniferous pulp was - 178 yuan/ton, a 66 - yuan/ton decrease from last week; the import profit of broadleaf pulp was - 43 yuan/ton, a 17 - yuan/ton decrease from last week [106]. - **Needle - Broadleaf Spread**: As of September 12, 2025, the needle - broadleaf spread in Shandong, China, was 1437 yuan/ton, a 55 - yuan/ton decrease from last week. In July 2024, the needle - broadleaf import ratio in China was 0.48, a 0.01 increase from the previous month [108].

Group 1: SP Main Contract Information - The closing price of the SP main contract on September 12, 2025, was 4990.00, with a previous day's closing price of 5016.00 and a decline of -0.51834% [3] - The corresponding US dollar price was 611.31, and the basis for Shandong Yinxing was 675, while that for Jiangsu, Zhejiang, and Shanghai Yinxing was 690 [3] Group 2: Pulp Price and Profit Information - For pulp from different origins and brands, such as Golden Lion from Canada (CFR price of 780), Lion from Canada (CFR price of 730), and Yinxing from Chile (CFR letter of credit 90 - day price of 720), the import profits were -145.57, -533.29, and -197.83 respectively [4] Group 3: Pulp and Paper Price Averages - From September 8 to September 12, 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. The same was true for the Shandong region [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) also remained unchanged during this period [4] Group 4: Paper Profit Margin Information - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper on September 12, 2025, were 2.9521%, 18.9325%, -12.6626%, and 8.0245% respectively. The living paper profit margin increased by 0.2674 compared to previous days [4] Group 5: Pulp Price Spread Information - On September 12, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper were 1505.00, 265, 1840, and 4089 respectively [4]

行业 纸浆日报 日期 2025 年 9 月 5 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Pulp futures are expected to fluctuate in the short term, and the spread between contracts 11 and 1 is expected to narrow [1] Group 3: Summary by Related Catalogs Pulp Price Data - On September 3, 2025, the futures price of coniferous pulp Silver Star (SP2601) was 5324, down 0.37% day-on-day and up 0.64% week-on-week; the spot price was 5720, with a month-on-month change of 0.00% and a week-on-week change of -0.52% [1] - The futures price of coniferous pulp Russian Needle (SP2511) was 5050, up 0.16% day-on-day and 0.80% week-on-week; the spot price was 5200, with a month-on-month change of 0.00% and a week-on-week change of 0.97% [1] - The futures price of broadleaf pulp Goldfish (SP2509) was 4998, up 0.16% day-on-day and 0.68% week-on-week; the spot price was 4200, with a month-on-month change of 0.00% and a week-on-week change of 0.00% [1] - The import cost of Chilean Silver Star decreased by 2.70% month-on-month to 5884; the import cost of Brazilian Goldfish increased by 3.92% to 530; the import cost of Western American Fish increased by 3.87% to 4344; the import cost of Chilean Venus remained unchanged at 4830 [1] Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month-on-month decrease of 4.72% [1] - The shipment volume of pulp to China in July 2025 was 135.3 tons, a month-on-month increase of 3.30% [1] - The domestic production volume of broadleaf pulp in August 2025 was 20.5 tons; the domestic production volume of chemimechanical pulp was 20.9 tons [1] - As of August 28, 2025, the pulp port inventory was 208.4 tons, a decrease of 4.8 tons from the previous period, a month-on-month decrease of 2.3% [1] - The production volume of offset paper in August 2025 was 20.7 tons; the production volume of coated paper was 7.8 tons; the production volume of tissue paper was 27.9 tons; the production volume of white cardboard was 31.1 tons [1] Pulp Valuation Data - On September 3, 2025, the basis of Russian Needle was -164, and the quantile level was 0.368; the basis of Silver Star was -144, and the quantile level was 0.503; the basis of broadleaf pulp Goldfish was 670 [1] - The import profit of coniferous pulp Silver Star was 150, and the quantile level was 0.876; the import profit of broadleaf pulp Goldfish was not provided [1] Supply, Demand, and Inventory Analysis - Supply: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025; Chile's Arauco notified the August quotation, with the price of coniferous pulp Silver Star at $720/ton, the price of broadleaf pulp Star at $520/ton, and the supply reduced by 50%, and the price of natural pulp Venus at $590/ton [1] - Demand: The current demand for paper products remains at a stable level, and some offset paper and white cardboard paper mills have issued price increase letters, but the implementation situation remains to be observed [1] - Inventory: As of August 28, 2025, the inventory of China's mainstream pulp ports showed a de - stocking trend [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Pulp futures are expected to fluctuate in the short term, and the spread between the November and January contracts is expected to narrow [1] Group 3: Summary by Relevant Catalog Pulp Price Data - On September 2, 2025, the futures prices of SP2601, SP2511, and SP2509 were 5344, 5042, and 4990 respectively, with daily changes of 0.15%, 0.04%, and 0.08% and weekly changes of -0.55%, -0.60% respectively [1] - Spot prices of coniferous pulp (Silver Star, Russian Needle) and broadleaf pulp (Goldfish) were 5720, 5200, and 4200 respectively, with daily changes of 0.35%, 1.96%, and 0.48% and weekly changes of -1.38%, 0.39%, and 1.20% respectively [1] - Outer - disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 720, 530, and 590 dollars respectively, with monthly changes of -2.70%, 3.92%, and 0.00% respectively [1] - Import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5884, 4344, and 4830 respectively, with monthly changes of -2.68%, 3.87%, and 0.00% respectively [1] Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month - on - month decrease of 4.72% compared to June [1] - The pulp shipment volume to China in July 2025 was 140 tons, a month - on - month increase of 3.30% compared to June [1] - On August 28, 2025, the domestic production of broadleaf pulp was 20.6 tons, and that of chemimechanical pulp was 20.9 tons [1] - On August 28, 2025, the pulp port inventory was 208.4 tons, a decrease of 4.8 tons compared to the previous period, a month - on - month decrease of 2.3% [1] - The inventory of the futures delivery warehouse on August 28, 2025, was 24.9 tons [1] - The production volumes of double - offset paper, coated paper, tissue paper, and white cardboard on August 28, 2025, were 20.50, 7.90, 28.18, and 32.10 tons respectively [1] Pulp Valuation Data - On September 2, 2025, the basis of Russian Needle and Silver Star were 158 and 678 respectively, with quantile levels of 0.881 and 0.898 [1] - On September 2, 2025, the import profits of coniferous pulp (Silver Star) and broadleaf pulp (Goldfish) were - 164 and - 144 respectively, with quantile levels of 0.368 and 0.503 [1] Supply, Demand, and Inventory Analysis - Supply: Brazilian Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025. Chilean Arauco notified the August quotes, with the price of coniferous pulp Silver Star at 720 dollars/ton, the supply of broadleaf pulp Star decreased by 50%, and the price of natural pulp Venus at 590 dollars/ton [1] - Demand: The current demand for paper products is basically stable. Some double - offset paper and white cardboard manufacturers have issued price increase letters, but the implementation remains to be observed [1] - Inventory: As of August 28, 2025, the inventory of China's mainstream pulp ports was 208.4 tons, showing a destocking trend [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp futures are expected to fluctuate in the short term, and the spread between the November and January contracts is expected to narrow [1] Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 1, 2025, SP2601 was 5336, down 0.15% day-on-day and 1.22% week-on-week; SP2511 was 5040, up 0.44% day-on-day and down 1.87% week-on-week; SP2509 was 4986, up 0.40% day-on-day and down 2.00% week-on-week [1] - **Spot Prices**: On September 1, 2025, the price of coniferous pulp Silver Star was 5700, unchanged day-on-day and down 1.72% week-on-week; Russian Needle was 5100, unchanged day-on-day and down 1.54% week-on-week; broadleaf pulp Goldfish was 4180, unchanged day-on-day and up 0.72% week-on-week [1] - **Outer - Disk Quotes**: In September 2025, the quote for Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Brazilian Goldfish was 530 dollars, up 3.92% month - on - month; Chilean Venus was 590 dollars, unchanged month - on - month [1] - **Import Costs**: In September 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged month - on - month [1] Pulp Fundamental Data Supply - **Import Volume**: In July 2025, the import volume of coniferous pulp was 64.6 tons, down 4.72% month - on - month; broadleaf pulp was 135.1 tons, down 5.85% month - on - month [1] - **Domestic Production**: In the week of August 28, 2025, the domestic production of broadleaf pulp was 20.6 tons; chemimechanical pulp was 20.9 tons [1] Inventory - **Port Inventory**: On August 28, 2025, the pulp port inventory was 208.4 tons, down 4.8 tons from the previous period, a 2.3% decrease [1] - **Futures Delivery Warehouse Inventory**: On August 28, 2025, it was 24.9 tons [1] Demand - **Finished Paper Production**: In the week of August 28, 2025, the production of offset paper was 20.50 tons; coated paper was 7.90 tons; tissue paper was 28.18 tons; white cardboard was 32.10 tons [1] Pulp Valuation Data - **Basis**: On September 1, 2025, the Russian Needle basis was 60, with a quantile level of 0.812; Silver Star basis was 660, with a quantile level of 0.889 [1] - **Import Profit**: On September 1, 2025, the import profit of coniferous pulp Silver Star was - 184, with a quantile level of 0.338; broadleaf pulp Goldfish was - 164, with a quantile level of 0.477 [1] Summary - **Supply**: Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025. Chile's Arauco notified August quotes, with coniferous pulp Silver Star at 720 dollars/ton, broadleaf pulp Star at 520 dollars/ton (supply reduced by 50%), and natural pulp Venus at 590 dollars/ton [1] - **Demand**: Current paper product demand is basically stable. Some offset paper and white cardboard paper mills have issued price increase letters, and the implementation situation remains to be seen [1] - **Inventory**: As of August 28, 2025, the inventory of China's mainstream pulp ports was 208.4 tons, showing a de - stocking trend [1]