1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market is currently in a state of low - level wide - range shock adjustment. Although short - term overseas mill shutdowns boost the price of the futures contract, the fundamentals have not formed a trend - based synergy. The new and old positions of the main contract are in a game, and downstream primary paper prices are adjusted in a narrow range with persistent processing cost pressure [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The pre - settlement price of the pulp futures 01 contract was 5408 yuan/ton, and the closing price was 5386 yuan/ton, a decrease of 0.41%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4750 - 6300 yuan/ton, with the price remaining stable compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5500 yuan/ton [7] - Recently, the international wood chip supply has been continuously tight. APRIL and Bracell under the Golden Eagle Group announced a 20 - dollar/ton increase in the price of bleached hardwood pulp in Asia in December. In October, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 3.5% year - on - year, softwood pulp by 7.1%, and hardwood pulp by 1.9%. Shipments to the Chinese market decreased significantly year - on - year. In October 2025, the total wood pulp inventory in European ports decreased by 10.2% month - on - month and 6.5% year - on - year. As of November 27, 2025, the weekly pulp inventory in major regions and ports increased by 1.51% month - on - month. Some paper mills of cultural paper issued price increase letters in December, boosting market confidence [8] 3.2 Industry News - On December 9th, the environmental assessment of the Guigang Green Fiber New Material Project of Guigang Liwen Paper Co., Ltd. in the Guangxi Zhuang Autonomous Region was publicly announced. The project includes an annual production of 500,000 tons of Lyocell fiber and its downstream industrial chain products such as spinning and non - woven fabrics, with a supporting annual production of 500,000 tons of dissolving pulp; an annual production of 500,000 tons of medical and sanitary paper, with a supporting annual production of 500,000 tons of fluff pulp. The project uses high - calorific - value papermaking waste, sludge, straw, and wood shavings as fuel for biomass boilers to generate steam and electricity, which helps improve the environment and energy utilization [9] 3.3 Data Overview - The report provides multiple data charts, including import 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, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19][24][25]