Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Pulp futures rose slightly against the backdrop of macro - positive factors, but the increase in spot prices was limited. In the short term, pulp is expected to trade in a range [1] Group 3: Summary According to Relevant Catalogs Pulp Price Data - **Futures Prices**: On July 16, 2025, SP2601 was 5402, down 0.22% week - on - week and up 1.58% compared to the previous period; SP2605 was 5342, up 0.19% week - on - week and down 0.49% compared to the previous period; SP2509 was 5242, down 0.38% week - on - week and up 2.66% compared to the previous period [1] - **Spot Prices**: On July 16, 2025, the price of coniferous pulp Silver Star was 5920, unchanged week - on - week and up 0.34% compared to the previous period; the price of coniferous pulp Russian Needle was 5300, unchanged week - on - week and up 3.52% compared to the previous period; the price of broad - leaf pulp Goldfish was 4050, unchanged week - on - week and up 0.75% compared to the previous period [1] - **Outer - Disk Quotes (USD)**: In July 2025, the outer - disk quote of Chilean Silver Star was 720, down 2.70% month - on - month; the outer - disk quote of Chilean Star was 500, down 10.71% month - on - month; the outer - disk quote of Chilean Venus was 620, unchanged month - on - month [1] - **Import Costs**: In July 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; the import cost of Chilean Star was 4101, down 10.60% month - on - month; the import cost of Chilean Venus was 5073, unchanged month - on - month [1] Pulp Fundamental Data Supply - **Import Volume**: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; the import volume of broad - leaf pulp was 129.3 tons, up 7.84% month - on - month [1] - **Domestic Output**: From May 29 to July 10, 2025, the domestic output of broad - leaf pulp fluctuated between 19.9 and 20.9 tons; the domestic output of chemimechanical pulp fluctuated between 19.7 and 20.3 tons [1] - **Pulp Shipment to China**: In May 2025, the pulp shipment to China was 140 tons, up 3.30% month - on - month [1] Inventory - As of July 10, 2025, the sample inventory of mainstream pulp ports in China was 217.9 tons, a decrease of 3.4 tons from the previous period, a 1.5% week - on - week decrease [1] Demand - This week, the output of major finished paper products increased slightly, but the prices of finished paper products remained low, providing weak support for pulp [1] Pulp Valuation Data - **Basis**: On July 16, 2025, the Russian Needle basis was 58, with a quantile level of 0.813; the Silver Star basis was 678, with a quantile level of 0.905 [1] - **Import Profit**: On July 16, 2025, the import profit of coniferous pulp Silver Star was 36, with a quantile level of 0.685; the import profit of broad - leaf pulp Goldfish was - 51, with a quantile level of 0.593 [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The port inventory of pulp remains at a high level, with a loose supply side in the fundamental aspect and limited improvement in the downstream demand side. The operating rate is maintained at a low level. However, the futures market is easily affected by macro - sentiment recently. It is expected that the price of the pulp 2509 contract will oscillate and rebound in the range of 5130 - 5390 this week [4] Summary by Directory 1 Paper Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the spot market price of pulp declined slightly. In Shandong, the price of coniferous pulp Silver Star increased by 20 yuan/ton (or +0.34%) to 5920 yuan/ton, while the prices of coniferous pulp Cariboo and Northern Wood remained flat at 6000 yuan/ton and 6200 yuan/ton respectively. The prices of broad - leaf pulp Goldfish, Bird, and Alpine remained unchanged at 4020 yuan/ton, 4020 yuan/ton, and 4030 yuan/ton respectively. The prices of chemical mechanical pulp Kunhe, virgin pulp Venus, sugarcane pulp, bamboo pulp, and reed pulp also remained stable [9][13] - **Pulp Futures Review**: The pulp futures contract SP2509 oscillated and rebounded within a 230 - point range last week. It closed at 5234 yuan/ton, up 166 yuan/ton (or +3.28%) for the week. The weighted trading volume was 1.422 million lots, a decrease of 103,000 lots compared with the previous week, and the weighted open interest was 274,000 lots, a decrease of 51,200 lots [14] - **Pulp Futures - Spot Basis Comparison**: The basis discount between coniferous wood pulp and the closing price of the futures main contract was 686 yuan/ton, and the discount amplitude decreased by 146 yuan/ton compared with the previous week [18] - **Log Futures Review**: The main log futures contract 2509 oscillated within a narrow range last week. It closed at 786.0 yuan/cubic meter, down 9.0 yuan/cubic meter (or - 1.13%) compared with the previous week. The weighted trading volume was 87,800 lots, a decrease of 13,700 lots, and the weighted open interest was 28,700 lots, an increase of 1,200 lots [20] 2 Paper Pulp Supply - Side Analysis - **Pulp Weekly Output**: Last week, the pulp output was 475,000 tons, a slight increase of 1,000 tons (or +0.21%) compared with the previous week. The output of broad - leaf pulp was 206,000 tons, and the output of chemical mechanical pulp was 202,000 tons. It is expected that the output of domestic broad - leaf pulp will be about 210,000 tons and the output of chemical mechanical pulp will be about 200,000 tons this week [4][22] - **Capacity Utilization**: Last week, the capacity utilization rate of domestic broad - leaf pulp was 76.2%, an increase of 0.6% compared with the previous week, and the capacity utilization rate of domestic chemical mechanical pulp was 84.8%, an increase of 0.5% compared with the previous week [27] - **Monthly Pulp Output**: In June 2025, the domestic pulp output was 2.072 million tons, a decrease of 72,000 tons (or - 3.36%) compared with the previous month. Among them, the output of wood pulp was 1.746 million tons, a decrease of 63,000 tons (or - 7.69%), and the output of non - wood pulp was 326,000 tons, a decrease of 9,000 tons (or - 2.69%) [28] - **Monthly Production Profit**: In June 2025, the production profit of broad - leaf pulp was 493.6 yuan/ton, a decrease of 167.3 yuan/ton (or - 25.31%) compared with the previous month, and a decrease of 1503.03 yuan/ton (or - 75.28%) compared with the same period last year. The production profit of chemical mechanical pulp was - 376.9 yuan/ton, with a loss reduction of 41.1 yuan/ton compared with the previous month [36] - **Pulp Imports**: In May 2025, the pulp import volume was 3.016 million tons, an increase of 123,200 tons (or +4.26%) compared with the previous month and an increase of 196,000 tons (or +6.95%) compared with the same period last year. From January to May 2025, the cumulative import volume was 15.55 million tons, an increase of 320,000 tons (or +2.1%) compared with the same period last year [38] 3 Paper Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, the domestic tissue paper output was 279,000 tons, a decrease of 2,000 tons (or - 0.71%) compared with the previous week, and the capacity utilization rate was 63.2%, a decrease of 0.3% compared with the previous week [40] - **Downstream Cultural Paper Market**: Last week, the output of coated paper was 78,000 tons, an increase of 1,000 tons (or +1.30%) compared with the previous week, and the capacity utilization rate was 57.3%, an increase of 0.4% compared with the previous week. The output of offset paper was 202,000 tons, a decrease of 1,000 tons (or - 0.49%) compared with the previous week, and the capacity utilization rate was 56.8%, a decrease of 0.2% compared with the previous week [44] - **Downstream Packaging Paper Market**: Last week, the output of white cardboard was 301,000 tons, a decrease of 12,000 tons (or - 3.83%) compared with the previous week, and the capacity utilization rate was 73.41%, a decrease of 2.93% compared with the previous week. The output of white board paper was 193,000 tons, a decrease of 1,000 tons (or - 0.52%) compared with the previous week, and the capacity utilization rate was 68.44%, a decrease of 0.35% compared with the previous week. The output of corrugated paper was 463,600 tons, a decrease of 9,000 tons (or - 1.9%) compared with the previous week, and the capacity utilization rate was 62.15%, a decrease of 1.21% compared with the previous week. The output of boxboard paper was 619,000 tons, an increase of 5,500 tons (or +0.9%) compared with the previous week, and the capacity utilization rate was 68.35%, an increase of 0.6% compared with the previous week [47][50] - **Downstream Base Paper Spot Price Analysis**: In the tissue paper market, the prices of wood pulp, bamboo pulp, and sugarcane pulp base paper remained stable. In the cultural paper market, the price of double - copper paper decreased by 50 yuan/ton (or - 0.93%), while the price of double - offset paper remained unchanged. In the white board paper market, the prices remained stable, while in the white cardboard market, the price of some products decreased by 50 yuan/ton (or - 1.26%). The prices of corrugated paper and boxboard paper remained stable [51][55][57] - **Downstream Base Paper Capacity Utilization**: In June 2025, the output of tissue paper was 1.193 million tons, a decrease of 29,000 tons (or - 2.37%) compared with the previous month, and the capacity utilization rate was 63.0%, a decrease of 1.5% compared with the previous month. The output of white cardboard was 1.29 million tons, an increase of 10,000 tons (or +0.78%) compared with the previous month, and the capacity utilization rate was 73.3%, an increase of 2.58% compared with the previous month. The output of double - offset paper was 862,000 tons, a decrease of 27,000 tons (or - 3.04%) compared with the previous month, and the capacity utilization rate was 56.37%, an increase of 0.1% compared with the previous month. The output of coated paper was 327,000 tons, a decrease of 10,000 tons (or - 2.97%) compared with the previous month, and the capacity utilization rate was 56.35%, an increase of 0.15% compared with the previous month. The actual consumption of domestic pulp in June 2025 was 3.195 million tons, a decrease of 52,000 tons (or - 1.6%) compared with the previous month [59][64][67] 4 Paper Pulp Inventory Analysis - **Pulp Port Inventory**: Currently, the overall port inventory of pulp is in a destocking trend. The inventory of mainstream port samples is 2.179 million tons, a decrease of 35,000 tons (or - 1.54%) compared with the previous week. Among them, the inventory of Qingdao Port is 1.364 million tons, a decrease of 14,000 tons (or - 1.02%). The inventory of Changshu Port is 605,000 tons, an increase of 7,000 tons (or +1.17%), and the inventory of Tianjin Port is 59,000 tons, a decrease of 3,000 tons (or - 4.84%) [70][71] - **Futures Pulp Warehouse Receipts**: Currently, the pulp futures warehouse receipts are 238,500 tons, a decrease of 1,550 tons (or - 0.65%) compared with the previous week. The total warehouse receipts in Shandong are 218,700 tons, a decrease of 1,550 tons (or - 0.7%) [75]

Report Summary 1) Industry Investment Rating No information provided. 2) Core View - The pulp futures are expected to rebound slightly in the short - term under the background of macro - positive factors [2]. 3) Summary by Directory Price Data - **Futures Prices**: On July 10, 2025, SP2601 was 5386 with a daily increase of 1.28% and a weekly increase of 1.51%; SP2507 was 5150 with a daily increase of 1.58% and a weekly increase of 1.66%; SP2509 was 5196 with a daily increase of 1.76% and a weekly increase of 2.00% [1]. - **Spot Prices**: On July 10, 2025, the spot price of coniferous pulp Silver Star was 5920 with a daily and weekly increase of 0.34%; Russian Needle was 5200 with a daily and weekly increase of 1.56%; Eucalyptus pulp Goldfish was 4020 with no change [1]. - **Outer - plate Quotes and Import Costs**: The outer - plate quotes of Chilean Silver Star decreased by 2.70% month - on - month, Chilean Star decreased by 10.71% month - on - month, and Chilean Venus remained unchanged. The import costs of Chilean Silver Star decreased by 2.68% month - on - month, Chilean Star decreased by 10.60% month - on - month, and Chilean Venus remained unchanged [1]. Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%; the import volume of eucalyptus pulp was 129.3 tons, a month - on - month increase of 7.84%. The W20 shipment volume to China in May increased by 3.3% month - on - month. The supply side showed an increase in quantity and a decrease in price [1]. - **Demand**: The output of major finished paper increased slightly this week, but the price of finished paper remained low, providing weak support for pulp [2]. - **Inventory**: As of July 10, 2025, the inventory of China's major pulp ports was 217.9 tons, a decrease of 3.4 tons from the previous period, a month - on - month decrease of 1.5%, showing a de - stocking trend [2]. Valuation Data - **Basis**: On July 10, 2025, the Russian Needle basis was 4 with a quantile level of 0.71, and the Silver Star basis was 724 with a quantile level of 0.925 [1]. - **Import Profit**: On July 10, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.686, and that of eucalyptus pulp Goldfish was - 81 with a quantile level of 0.564 [1].

Report Information - Report Title: Pulp Daily Report [1] - Date: July 10, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core View - The pulp futures 09 contract closed at 5106 yuan/ton, up 0.67%. The port de - stocking speed is slow, the supply of the imported wood pulp market is relatively loose, and with the domestic new capacity coming into operation, it will fluctuate in a low - level range [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of pulp futures 09 contract was 5072 yuan/ton, and the closing price was 5106 yuan/ton, a rise of 0.67% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in Shandong was 5070 - 6700 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Chilean Arauco's Silver Star in Shandong was 5920 - 5950 yuan/ton. The net price of Uruguay's eucalyptus pulp Star was 500 US dollars/ton [7]. - **Supply Data**: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6%. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. In May, China's pulp imports were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year. As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, only the inventory in Qingdao Port decreased [7]. - **Downstream Situation**: The overall market orders of downstream paper mills have not improved significantly, and the prices of finished paper are stable. The port de - stocking speed is slow, and the supply of the imported wood pulp market is relatively loose, along with the domestic new capacity coming into operation [7]. 2. Industry News - **New Capacity in the Living Paper Industry**: From January to June 2025, about 744,000 t/a of modern production capacity was newly put into operation in the industry, a slight increase compared to the same period in 2024 [8]. - **Special Paper Projects**: The 3.6 - million - ton special paper project of Xianhua with a total investment of 3.6 billion yuan is expected to make the company the largest special paper production base in northern China. The 45,000 - ton electronic carrier tape paper project of Xianhua with a total investment of 1 billion yuan has been completed and is in the commissioning stage [8]. 3. Data Overview - **Graphs**: The report presents various graphs including those related to import pulp prices, futures prices, price spreads, inventory, and exchange rates, with data sources from Wind,卓创资讯, and the research and development department of Jianxin Futures [7][25][27]

Report Summary 1. Core Data - On July 1, 2025, the closing price of the SP main contract was 5026.00, with a decrease of 0.75039% from the previous day. The converted US dollar price was 612.39. The basis of Shandong Yinxing was 924, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 964 [3]. - Based on a 13% VAT calculation, the import profit of Canadian Golden Lion was 219.18, while that of Canadian Lion was -366.28, and that of Chilean Yinxing was -107.19 [4]. 2. Price and Profit Trends - From June 25 to July 1, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong. The prices of cultural paper, packaging paper, and tissue paper also remained stable, but the profit margins of double - offset paper, double - copper paper, white cardboard, and tissue paper all showed an increasing trend [4]. - The price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper showed minor fluctuations during this period [4].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The pulp futures contract rebounded slightly today but remained weak. The demand side is in the traditional off - season, with downstream paper manufacturers' inventories piling up and low procurement willingness. The supply side shows high - level fluctuations in imports and falling import prices, especially a severe oversupply of hardwood pulp. The next demand peak is expected to start in mid - August, and large - scale restocking may occur after July. The pulp price is under downward pressure in a weak supply - demand environment, and the pulp futures are unlikely to have a continuous upward trend but have limited downside space [3]. 3) Summary by Relevant Content Price Forecast and Hedging Strategy - The monthly price range of pulp is predicted to be between 4900 - 5400 yuan/ton, with a current 20 - day rolling volatility of 24.32% and a 3 - year historical percentile of 79.5% [2]. - For inventory management, when the softwood pulp inventory is high, enterprises can short pulp futures (sp2509) with a 25% hedging ratio at an entry range of 5200 - 5300 yuan/ton to lock in profits and cover production costs [2]. - For procurement management, when paper manufacturers' inventory is low, they can buy pulp futures (sp2509) with a 25% hedging ratio at an entry range of 4900 - 5100 yuan/ton to lock in procurement costs [2]. Core Contradiction Analysis - The pulp futures are weak due to weak demand in the off - season and high - level supply. The next demand peak is expected in mid - August, and large - scale restocking may be after July. The pulp price faces downward pressure, and the futures are unlikely to rise continuously but have limited downside [3]. 利多 and 利空 Factors - The potential bullish factors include a significant strengthening of the US dollar exchange rate and the implementation of macro - policies [4]. - The bearish factor is the continuous decline of overseas pulp quotes. The report also lists the price changes of various pulp types and paper products, showing a general downward trend in pulp prices [5][7].

Core Viewpoint - The Shanghai Futures Exchange announced the suspension of the "Bratsk" brand bleached sulfate softwood pulp futures delivery, leading to significant price fluctuations in the pulp market [1] Group 1: Market Reaction - Following the announcement, the night trading session on June 20 saw the pulp 2601 contract open with a gap and rise over 5%, while the main 2509 contract briefly reached the 5400 yuan/ton mark, increasing by over 4%, marking a two-month high [1] - By the end of the morning session, the main 2509 contract's increase narrowed to 1.66%, closing at 5278 yuan/ton [1] Group 2: Price Trends and Forecasts - Sanli Futures predicts that the rebound in pulp prices may be limited, expecting a primarily fluctuating market due to the poor acceptance of the "Bratsk" brand by downstream paper mills and the increasing price gap with mainstream softwood pulp [1] - Huaxin Futures anticipates that the SP2509 pulp contract will fluctuate within the 5000-5500 yuan/ton range, influenced by the suspension of "Bratsk" deliveries and the higher costs of new registered warehouse receipts [2] - Dadi Futures suggests that the market is currently overtraded, with the high points reached suitable for short positions in the 09 contract, as the old "Bratsk" warehouse receipts continue to exert pressure on the market [2]

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]

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].