Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - Pulp lacks clear driving factors in the short term, and a 7 - 9 reverse spread strategy is recommended [1]. 3) Summary by Related Catalogs Price Data - **Futures Prices**: On June 18, 2025, SP2601 was 5234 with a daily increase of 0.11% and a weekly decrease of 0.68%; SP2507 was 5240 with a daily increase of 0.38% and a weekly decrease of 1.98%; SP2509 was 5228 with a daily increase of 0.27% and a weekly decrease of 0.61% [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6050 with no daily change and a weekly decrease of 1.63%; Knitted Coniferous was 5250 with no daily change and a weekly decrease of 1.87%; Broad - leaf pulp Goldfish was 4100 with no daily change and a weekly decrease of 0.49% [1]. - **Outer - disk Quotes and Import Costs**: Chilean Silver Star outer - disk quote was 740 dollars with no change, and its import cost was 6046 with no change; Chilean Star outer - disk quote was 560 dollars with no change, and its import cost was 4587 with no change; Chilean Venus outer - disk quote was 620 dollars with no change, and its import cost was 5073 with no change [1]. Fundamental Data - **Supply**: In April 2025, the pulp shipment volume to China was 1353, a year - on - year decrease of 30.80%. Broad - leaf pulp supply was 119.9, a year - on - year decrease of 18.44%. Chilean Arauco's June 2025 outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value) with no change, broad - leaf pulp had no supply in June and partial supply recovery in July (limited quantity), and natural pulp Venus was 620 dollars/ton (face value) with no change. In April 2025, the shipment volume of M20 coniferous pulp to China decreased by 2.9% year - on - year, and that of broad - leaf pulp increased by 26.7% year - on - year [1]. - **Inventory**: As of June 12, 2025, the delivery warehouse inventory was 25.50 tons, and the pulp port inventory was 218.5 tons, showing a slight inventory accumulation trend [1]. - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid - demand purchases, and the output of major finished papers remained stable [1]. Valuation Data - On June 18, 2025, the basis of Silver Star was 810 with a quantile level of 0.958, the basis of broad - leaf pulp Goldfish was - 487 with a quantile level of 0.204, and the basis of Russian coniferous pulp was 10 with a quantile level of 0.729 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term, and a 7 - 9 reverse spread strategy is recommended [1] Group 3: Summary by Related Catalog Price Data - On June 17, 2025, compared with the previous week, the HMA was down 1.02%, the silver star of softwood pulp was down 0.82%, and the SP2601 was down 0.15%. Compared with the previous day, the SP2601 was down 1.63%. The futures price of SP2507 increased by 0.42% week - on - week and decreased by 1.95% month - on - month. The spot price of softwood pulp silver star was 740, with no change month - on - month. The import cost of Chilean silver star was 4587 dollars, with no change [1] Fundamental Data Supply - In April 2025, the import volume of softwood pulp was 79.8 tons, a month - on - month decrease of 5.01%; the import volume of hardwood pulp was 119.9 tons, a month - on - month decrease of 18.44%. The pulp shipment volume to China was 1955, a month - on - month decrease of 30.80%. The domestic production of hardwood pulp and chemimechanical pulp fluctuated slightly. The Arauco company in Chile announced the June 2025 wood pulp FOB prices: softwood pulp silver star at 740 dollars/ton (list price), unchanged; no supply of hardwood pulp in June, with partial supply expected to resume in July (limited quantity); natural pulp Venus at 620 dollars/ton (list price), unchanged [1] Demand - Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made purchases based on rigid demand, and the output of major finished papers remained stable [1] Inventory - As of June 12, 2025, the inventory of China's mainstream pulp ports was 218.5 tons, a 2.8 - ton increase from the previous period, a 1.3% month - on - month increase. The inventory showed a slight accumulation trend. The delivery warehouse inventory also fluctuated [1] Valuation Data - On June 17, 2025, the quantile level of the silver star of softwood pulp was 0.726, and the quantile level of the Russian softwood pulp basis was 0.619. The basis of silver star was 808, and the import profit of hardwood pulp goldfish was - 487 [1]

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL | | | | | | | | 农产品研究中心 >> | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/6/17 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年6月16日 | 日环比 | 周环比 | | | 2025年6月16日 | 日环比 | 10 m/ 10 | | | SP2601 | 5236 | 0. 65% | -1. 13% | | 针叶浆银星 | 6100 | 0. 00% | -0. 81% | | 期货价格 | SP2507 | 5242 | -0. 49% | -1.95% | 现货价 | 针叶浆俄针 | 5300 | 0. 00% | -0. 93% | | | SP2509 | 5232 | 0. 65% | -1. ...

截至2025年6月13日当周，纸浆期货主力合约收于5242元/吨，周K线收阴，持仓量环比上周减持7980 手。 本周（6月9日-6月13日）市场上看，纸浆期货周内开盘报5282元/吨，最高触及5424元/吨，最低下探至 5230元/吨，周度涨跌幅达-0.79%。 消息面回顾： 国信期货：据海关总署，2025年5月我国进口纸浆301.6万吨，1-5月累计进口量同比增加2%。进口木浆 业者调低局部地区部分牌号现货价格，下游纸厂采买原料积极性不足，观望心态浓郁，浆市动销节奏不 快，延续动态博弈。操作建议暂时观望。 据悉，芬林集团旗下芬林芬宝(MetsaFibre)宣布凯米(Kemi)工厂正在为年度停机维护做准备,停机将于 2025年5月28日开始,为期五周，主要工作是将损坏的蒸发装置更换为新的蒸发装置。据悉，凯米生物制 品厂年针叶浆102万吨/年、阔叶浆30万吨/年和本色浆18万吨/年。 截止2025年6月12日，中国纸浆主流港口样本库存量：218.5万吨，较上期累库2.8万吨，环比上涨 1.3%，库存量在本周期呈现小幅累库的走势。 机构观点汇总： 正信期货：总体来看：纸浆现货市场交投情绪略有改善，部分贸易商反馈出 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides daily observations on the pulp market, including market conditions, important news, logical analyses, and trading strategies. Market conditions cover futures and spot prices of different pulp types. Important news includes company - related events, project investments, and international trade situations. Logical analyses are based on various economic and industry data, and trading strategies offer suggestions for single - sided and arbitrage trading. 3. Summary by Related Catalogs Market Conditions - Futures market shows various trends such as weak, small, and high - level oscillations. For example, on 25 - 06 - 09, the SP main 09 contract was in a weak oscillation, closing at 5222 points, down 2 points or 0.04% [1]. - Spot prices of different pulp types (coniferous, broad - leaf, natural, and chemical mechanical) vary in different regions. For instance, in the Shandong market on 25 - 06 - 06, the import coniferous pulp market had relatively light trading, and prices of some brands were adjusted with the market [5]. Important News - North American paper giant Georgia - Pacific plans to permanently close its Cedar Springs box - board paper mill later this year, affecting about 535 jobs and with an annual capacity of 1 million tons [1]. - China's C&D Group plans to invest $2 billion in a pulp and finished paper production project in Vietnam's Quang Binh province [11]. - In 2025, India's paper and board imports reached a record 2.05 million tons, and imports from China increased by 33% [8]. Logical Analysis - In April, European coniferous pulp consumption decreased by 17.6% year - on - year, and domestic living paper production increased by 9.4% year - on - year in May, which is favorable for the broad - needle price difference [6]. - As of the end of last Friday, the inventory of the SHFE SP contract decreased by 75.6% year - on - year, while the social inventory of domestic pulp in five ports increased by 33.4 million tons year - on - year [1]. Trading Strategies - Single - sided trading: Suggestions include holding long positions, waiting and seeing, and making small - scale trial purchases. For example, on 25 - 06 - 09, it was recommended to wait and see for the SP main 07 contract and pay attention to the support at last Friday's low [1]. - Arbitrage trading: Usually involves waiting and seeing or reducing positions and waiting. For example, on 25 - 06 - 09, it was recommended to wait and see for the arbitrage strategy (long - short) [1].

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 行业 纸浆日报 日期 2025 年 6 月 9 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 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（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究员 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The pulp futures market has intense capital games, and it is recommended to stay on the sidelines with an empty position [1]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 30, 2025, SP2601 was 5308, down 0.86% week - on - week and 0.15% compared to the previous period; SP2507 was 5414, down 1.42% week - on - week and 0.92% compared to the previous period; SP2509 was 5294, down 1.16% week - on - week and 0.82% compared to the previous period [1]. - **Spot Prices**: On May 30, 2025, the price of coniferous pulp Silver Star was 6200, unchanged week - on - week and down 0.80% compared to the previous period; Russian coniferous pulp was 5400, unchanged week - on - week and down 0.92% compared to the previous period; broad - leaf pulp Goldfish was 4150, unchanged week - on - week and down 1.19% compared to the previous period [1]. - **Outer - disk Quotes**: In May 2025, the outer - disk quote of Chilean Silver Star was 740 dollars/ton, down 3.90% from the previous period; Chilean Star was 560 dollars/ton, down 11.11% from the previous period; Chilean Venus was 620 dollars/ton, down 4.62% from the previous period [1]. - **Import Costs**: The import cost of Chilean Silver Star was 6046, down 3.87% from the previous period; Chilean Star was 4587, down 11.00% from the previous period; Chilean Venus was 5073, down 4.57% from the previous period [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 broad - leaf pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China in March 2025 was 1813, up 20.70% from February [1]. - **Inventory**: As of May 29, 2025, the pulp port inventory was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase. The delivery warehouse inventory was 25.20 tons [1]. - **Demand**: The production of finished paper showed that the production of white cardboard increased slightly, while the production of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor [1]. Pulp Valuation Data - **Basis**: On May 30, 2025, the Russian coniferous pulp basis was - 14, with a quantile level of 0.671; the Silver Star basis was 786, with a quantile level of 0.959 [1]. - **Import Profit**: On May 30, 2025, the import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of broad - leaf pulp Goldfish was - 437, with a quantile level of 0.218 [1]. Summary - **Supply End**: Chilean Arauco announced the May 2025 wood pulp outer - disk prices. The shipment volume of coniferous pulp to China in April 2025 decreased year - on - year, while that of broad - leaf pulp increased year - on - year [1]. - **Demand End**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases [1]. - **Inventory End**: As of May 29, 2025, the pulp inventory showed a slight accumulation trend [1]. - **Position**: On the day, the pulp futures 2507 contract increased positions significantly and rose, and the warehouse receipts decreased. The 07 contract was about to limit positions, and the long - short game on the delivery logic was intense [1].

国贸期货有限公司 流的衍生品综合服务商 DAVA - 市 市 服 热 官 方 网 站 需 有 线 谨 风 www.itf.com.cn 400-8888-598 馆 险 ITG国贸期货 世界500强投资企业 | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 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 | | | 2025/5/30 | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年5月29日 | 日环比 | 周环比 | | | 2025年5月29日 | 日 +K + HMM | 周环比 | | | SP2601 | 5354 | 2. 29% | 0. 79% | | 针叶浆银星 | 6200 | 0. 81% | -0. 80% | | 期货价格 | SP2507 | 5 ...

Report Investment Rating - There is no information about the industry investment rating provided in the report. Core Viewpoint - The international pulp mills' latest round of price cuts for imported hardwood pulp and the inventory build - up at European ports create short - term negative impacts on the market. Domestically, the prices of base paper are weak, and paper mills mainly purchase at low prices based on rigid demand. Attention should be paid to the demand recovery progress. A rebound in the downstream operating load rate may boost industry expectations to some extent. There is also support from the cost side below. It is advisable to monitor the stabilization of the market and wait for long - entry opportunities [32]. Summary by Directory 1. This Week's Market Review - This week, the main contract of pulp futures, SP2507, rebounded from a low level [7]. 2. Fundamental Analysis - **Pulp Market Price**: As of May 8, the weekly average price of imported softwood pulp was 5,960 yuan/ton, down 2.55% from the previous week before the holiday, with the decline rate widening by 1.59 percentage points compared to the previous period. The weekly average price of imported hardwood pulp was 4,175 yuan/ton, down 3.45% from the previous week before the holiday, with the decline rate widening by 1.34 percentage points. The improvement in downstream demand was poor. Base paper enterprises mainly made purchases at low prices, the shipment speed slowed down, and the pulp market transactions were difficult to increase [13]. - **Pulp Import Volume**: In March 2025, China imported 3.249 million tons of pulp, with an import value of 2.0042 billion US dollars and an average unit price of 616.87 US dollars/ton. The cumulative import volume and value from January to March increased by 5% and 4.9% respectively compared to the same period last year. In March 2025, the import volume of softwood pulp was 797,600 tons, a month - on - month decrease of 0.07% and a year - on - year decrease of 6.47%. The import volume of hardwood pulp in March was 1.4699 million tons, a month - on - month decrease of 8.47% and a year - on - year increase of 22.19% [16]. - **Port Inventory**: As of May 8, 2025, the weekly pulp inventory in major Chinese regions and ports was 1.9731 million tons, down 3.33% from the previous week, with the decline rate widening by 0.63 percentage points compared to the previous week [18]. - **European Inventory in March**: According to Europulp data, in March 2025, the total inventory at European ports increased by 7.60% month - on - month and 25.96% compared to March 2024. Only the inventory at German ports decreased by 9.30% month - on - month. Overall, the inventory at most European ports increased month - on - month, driving the total inventory at European ports to increase in March [21]. 3. Future Outlook - Arauco of Chile adjusted its pulp export quotes for April 2025. The price of softwood pulp (Silver Star) was lowered by 55 US dollars/ton to 770 US dollars/ton, the price of natural pulp (Venus) was lowered by 40 US dollars/ton to 650 US dollars/ton, and the price of hardwood pulp (Star) was lowered by 70 US dollars/ton to 560 US dollars/ton, a significant reduction compared to the previous round of quotes. Considering the foreign inventory situation, the overall inventory at European ports increased in March 2025. The price cuts of imported hardwood pulp by international pulp mills and the inventory build - up at European ports create short - term negative impacts on the market. Domestically, the prices of base paper are weak, and paper mills mainly purchase at low prices based on rigid demand. Attention should be paid to the demand recovery progress. A rebound in the downstream operating load rate may boost industry expectations to some extent. There is also support from the cost side below. It is advisable to monitor the stabilization of the market and wait for long - entry opportunities [32].

Report Information - Report Title: Pulp Daily Report [1] - Date: May 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is under pressure due to a significant reduction in cost support, a loose supply situation, and weak demand, resulting in an overall weak fundamental pattern [8]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 09 contract was 5,030 yuan/ton, and the closing price was 5,086 yuan/ton, showing an overall decline of 1.90%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,150 - 6,800 yuan/ton, with the low - end price rising by 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6,200 - 6,220 yuan/ton [7]. - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was priced at 770 US dollars/ton, and the hardwood pulp Mingxing was priced at 560 US dollars/ton, showing a significant decrease from the previous period. European port data indicated that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, which decreased month - on - month, most other national port inventories increased month - on - month. The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5%. As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month, and the shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [8]. 3.2. Industry News - On May 7, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, is to be delivered this year. The project has a total investment of 600 million yuan, covers about 30 mu of land, and mainly customizes, processes, and sells various paper products such as pearl paper, specialty paper, and cultural paper. After the first - phase is completed and reaches production capacity, the annual output value is expected to exceed 100 million yuan, and about 100 new jobs will be created. Currently, 60% of the main structures of the two main buildings have been completed, and the structural topping is expected to be achieved in early June. The second - phase project is also about to start construction, with a planned land area of about 15 mu, focusing on the production and export of specialty paper. It is expected to be completed in June 2026, and after full completion and reaching production capacity, the annual output value can reach over 300 million yuan [9]. 3.3. Data Overview - The report presents multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [7][13][18]