Group 1: Report Overview - Report Type: Pulp Daily Report [1] - Date: April 2, 2024 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - Futures Contracts: SP2505, SP2509, and SP2601 showed price declines of -1.02%, -0.90%, and -0.47% respectively. The main contract of pulp futures dropped 1.02% from the previous settlement price of 5,696 yuan/ton to a closing price of 5,638 yuan/ton. [7] - Spot Market: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,580 - 6,900 yuan/ton, with the low - end price down 40 yuan/ton from the previous day. The price of Shandong Silver Star was 6,480 - 6,500 yuan/ton. [7] Operation Suggestions - Cost Support: Suzano announced a $20/ton increase in the price of eucalyptus hardwood pulp "Goldfish" in Asia in April 2025, indicating cost - side support. [8] - Supply and Demand: In February 2024, the chemical commodity pulp shipments of the world's 20 major pulp - producing countries increased by 0.3% year - on - year. Softwood pulp shipments decreased by 4.8% year - on - year in February, while hardwood pulp shipments increased by 3.6% year - on - year in January. From January to February, China's total pulp imports were 6.39 million tons, a 6.1% year - on - year increase. As of March 28, 2025, the pulp inventory in major regions and ports was 1.79 million tons, a 10.9% decrease from the previous month. Market demand has not improved significantly, and downstream confidence is insufficient, with rational replenishment as the main strategy. [8] - Market Outlook: Recently, pulp prices broke through support levels with increasing volume, opening up further short - term downward space. The market is expected to be weak, and attention should be paid to the price guidance in April. [8] Group 3: Industry News - Investment Plan: On April 1, Kemira announced a multi - million - euro investment in its Wellgrow factory in Thailand to expand multiple production lines for chemical strength agents for paper, cardboard, and toilet paper. The expansion project will start in 2026, and the new production capacity is expected to be put into formal operation in August 2026. The expanded annual production capacity of the Wellgrow factory is expected to reach about 100,000 tons, aiming to serve the growing Southeast Asian and Indian markets. [9] Group 4: Data Overview - The report presents various data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price spreads, needle - broadleaf price spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, paper product prices and spreads, and the US dollar - RMB exchange rate. The data sources are mainly Wind and Zhuochuang Information, as well as the research and development department of CCB Futures. [16][17][23][25][27]