Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided. 2. Core View of the Report In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [2]. 3. Summary by Relevant Catalogs Price Data - On July 9, 2025, the futures price of SP2601 was 5318, with a daily - on - daily increase of 0.45% and a weekly - on - weekly increase of 0.64%. The spot price of coniferous pulp Silver Star was 5900, with no daily or weekly change [1]. - The futures price of SP2507 was 5070, with a daily increase of 0.76% and a weekly increase of 0.44%. The spot price of coniferous pulp Russian Needle was 5120, with no change [1]. - The outer - disk quotation of Chilean Silver Star was 720 dollars, a month - on - month decrease of 2.70%, and its import cost was 5884, a month - on - month decrease of 2.68% [1]. Fundamental Data - In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%, and the import volume of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84% [1]. - The pulp shipment volume to China in May increased by 3.3% month - on - month [1]. Supply - Chilean Arauco announced a new round of July wood pulp outer - disk quotations. The face value of coniferous pulp Silver Star (no new offer after completed transactions), the face value of natural pulp Venus was 590 dollars per ton, and the net price of Uruguayan broad - leaf pulp New Star was 500 dollars per ton (no quantity for Chilean Star). The supply side showed an increase in quantity and a decrease in price [1]. Demand - This week, the output of major finished paper increased slightly, but the price of finished paper remained low, providing weak support for pulp [2]. Inventory - As of July 3, 2025, the inventory of mainstream pulp ports in China was 221.3 tons, an increase of 5.0 tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - In the off - season of demand and with high inventory, pulp prices are expected to fluctuate at a low level [1] Group 3: Summary by Relevant Catalogs Pulp Price Data - On July 4, 2025, the futures prices of SP2601, SP2507, and SP2509 decreased by 0.49%, 0.51%, and 0.51% respectively compared to the previous day, and SP2507 and SP2509 decreased by 0.98% and 0.55% respectively compared to the previous week. The spot prices of coniferous pulp Silver Star, Russian Needle, and broad - leaf pulp Goldfish were 5900, 5120, and 4020 respectively, with week - on - week changes of 0.00%, 0.00%, and - 0.74% [1] - The foreign - market quotes of Chilean Silver Star, Chilean Star, and Chilean Venus were 720, 560, and 620 dollars respectively, with monthly changes of - 2.70%, 0.00%, and 0.00%. The import costs were 5884, 4587, and 5073 yuan respectively, with monthly changes of - 2.68%, 0.00%, and 0.00% [1] Pulp Fundamental Data - In May 2025, the import volume of coniferous pulp was 72.2 million tons, a month - on - month decrease of 4.75%, and the import volume of broad - leaf pulp was 129.3 million tons, a month - on - month increase of 7.84%. The pulp shipment volume to China in April 2025 was 1353 million tons, a month - on - month decrease of 30.80% [1] - On July 3, 2025, the domestic production of broad - leaf pulp was 20.5 million tons, and that of chemimechanical pulp was 20.1 million tons. The pulp port inventory was 221.3 million tons, and the delivery - warehouse inventory was 24.60 million tons. The production of main finished paper products such as double - offset paper, coated paper, tissue paper, and white cardboard showed different trends [1] Pulp Valuation Data - On July 4, 2025, the basis of Russian Needle was 52, with a quantile level of 0.959; the basis of Silver Star was 832. The import profit of coniferous pulp Silver Star was 16, with a quantile level of 0.649; the import profit of broad - leaf pulp Goldfish was - 567, with a quantile level of 0.187 [1] Supply, Demand, and Inventory - Supply: On June 20, Arauco lowered the order price of radiata pine (coniferous pulp) in June by 20 dollars/ton to 720 dollars/ton. The shipment volume to China in May increased by 3.3% month - on - month. The supply increased while the price decreased [1] - Demand: The production of main finished paper products increased slightly this week, but the prices of finished paper products remained low, providing weak support for pulp [1] - Inventory: As of July 3, 2025, the inventory of China's mainstream pulp ports was 221.3 million tons, an increase of 5.0 million tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In the off - season of demand and with high inventory, pulp prices are expected to fluctuate at a low level [1] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On July 3, 2025, SP2601 was priced at 5306, up 0.42% day - on - day and 0.80% week - on - week; SP2507 was 5048, up 0.76% day - on - day and down 0.24% week - on - week; SP2509 was 5094, up 0.43% day - on - day and 0.55% week - on - week [1] - Spot prices: coniferous pulp Silver Star was 5900, unchanged day - on - day and down 0.84% week - on - week; coniferous pulp Russian Needle was 5120, unchanged; broadleaf pulp Goldfish was 4020, unchanged day - on - day and down 0.74% week - on - week [1] Outer - disk Quotes and Import Costs - Outer - disk quotes (in dollars): Chilean Silver Star was 720, down 2.70% month - on - month; Chilean Star was 560, unchanged; Chilean Venus was 620, unchanged [1] - Import costs: Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Supply - In May 2025, coniferous pulp imports were 72.2 tons, down 4.75% month - on - month; broadleaf pulp imports were 129.3 tons, up 7.84% month - on - month [1] - The pulp shipment volume to China was 1353, down 30.80% month - on - month [1] - On June 20, Arauco cut the order price of radiata pine (coniferous pulp) for June by $20/ton to $720/ton, and the shipment volume to China in May increased by 3.3% month - on - month [1] Inventory - As of June 26, 2025, the inventory of mainstream pulp ports in China was 216.3 tons, a decrease of 4.5 tons from the previous period, down 2.0% [1] - The delivery warehouse inventory was 24.60 tons [1] Demand - This week, the production of major finished papers decreased, and the prices of finished papers remained low, providing weak support for pulp [1] Valuation - On July 3, 2025, the Russian Needle basis was 26, at the 0.756 quantile; the Silver Star basis was 806, at the 0.951 quantile [1] - The import profit of coniferous pulp Silver Star was 16, at the 0.65 quantile; the import profit of broadleaf pulp Goldfish was - 567, at the 0.187 quantile [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [1] Group 3: Summary According to Related Catalogs Pulp Price Data - **Futures Prices**: On July 2, 2025, SP2601 was 5284 with a daily increase of 1.30% and a year - on - year decrease of 0.30%; SP2507 was 5048 with a daily increase of 0.76% and a year - on - year decrease of 0.24%; SP2509 was 5072 with a daily increase of 0.92% and a year - on - year increase of 0.04% [1] - **Spot Prices**: On July 2, 2025, the spot price of coniferous pulp Silver Star was 5900 with no daily change and a year - on - year decrease of 0.84%; the spot price of coniferous pulp Russian Needle was 5120 with no daily and year - on - year change; the spot price of broad - leaf pulp Goldfish was 4020 with no daily change and a year - on - year decrease of 0.74% [1] - **Outer - disk Quotes**: In July 2025, the outer - disk quote of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; the outer - disk quote of Chilean Star was 560 with no change; the outer - disk quote of Chilean Venus was 620 with no change [1] - **Import Costs**: In July 2025, the import cost of Chilean Silver Star was 5884, a month - on - month decrease of 2.68%; the import cost of Chilean Star was 4587 with no change; the import cost of Chilean Venus was 5073 with no change [1] Pulp Fundamental Data - **Import Volume**: 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 broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84% [1] - **Shipment Volume to China**: In April 2025, the pulp shipment volume to China was 1353, a month - on - month decrease of 30.80% [1] - **Domestic Production**: For broad - leaf pulp, the domestic production on June 26, 2025, was 20.6 tons; for chemimechanical pulp, it was 20.3 tons [1] - **Inventory**: As of June 26, 2025, the pulp port inventory was 216.3 tons, the delivery warehouse inventory was 24.60 tons, the double - offset paper inventory was 20.40 tons, and the copper - plate paper inventory was 7.60 tons [1] - **Finished Paper Production**: On June 26, 2025, the production of double - offset paper was 20.40 tons, copper - plate paper was 7.60 tons, tissue paper was 28.00 tons, and white cardboard was 30.30 tons [1] Pulp Valuation Data - **Basis**: On July 2, 2025, the Russian Needle basis was 48 with a quantile level of 0.797; the Silver Star basis was 828 with a quantile level of 0.959 [1] - **Import Profit**: On July 2, 2025, the import profit of coniferous pulp Silver Star was 16 with a quantile level of 0.65; the import profit of broad - leaf pulp Goldfish was - 567 with a quantile level of 0.186 [1] Supply, Demand, and Inventory Analysis - **Supply**: On June 20, 2025, Arauco decided to lower the order price of radiata pine (coniferous pulp) in June by 20 dollars per ton to 720 dollars per ton. The shipment volume to China in May increased by 3.3% month - on - month, showing an increase in supply volume and a decrease in price [1] - **Demand**: In the current week, the production of major finished papers decreased. The prices of finished papers remained low, providing weak support for pulp [1] - **Inventory**: As of June 26, 2025, the inventory of mainstream Chinese pulp ports was 216.3 tons, a decrease of 4.5 tons from the previous period and a 2.0% month - on - month decrease, showing a de - stocking trend [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Pulp is expected to run weakly, and it is recommended to conduct a 11 - 1 reverse spread strategy [1]. 3. Summary by Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Prices**: On June 27, 2025, SP2601 was 5264 with a week - on - week decrease of 0.68% and a day - on - week decrease of 0.04%; SP2507 was 5060 with no day - on - day change and a week - on - week decrease of 3.62%; SP2509 was 5066 with a day - on - day decrease of 0.08% and a week - on - week decrease of 3.58% [1]. - **Spot Prices**: On June 27, 2025, the price of coniferous pulp Silver Star was 5950 with no day - on - day change and a week - on - week decrease of 1.65%; Russian Needle was 5120 with no day - on - day change and a week - on - week decrease of 2.48%; broadleaf pulp Goldfish was 4050 with no day - on - day change and a week - on - week decrease of 1.22% [1]. 3.2 Outer - Disk Quotes and Import Costs - **Outer - Disk Quotes (USD)**: In June 2025, the outer - disk quote of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; Chilean Star was 560 with no change; Chilean Venus was 620 with no change [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, a month - on - month decrease of 2.68%; Chilean Star was 4587 with no change; Chilean Venus was 5073 with no change [1]. 3.3 Supply - Side Data - **Imports**: 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 broadleaf pulp was 129.3 tons, a month - on - month increase of 7.84%. The pulp shipment volume to China was 1353 tons, a month - on - month decrease of 30.80% [1]. - **Domestic Production**: The domestic production of broadleaf pulp on June 26, 2025, was 20.6 tons; the domestic production of chemimechanical pulp was 20.3 tons [1]. 3.4 Inventory Data - **Port Inventory**: As of June 26, 2025, the inventory of mainstream pulp ports in China was 216.3 tons, a decrease of 4.5 tons from the previous period, a month - on - month decrease of 2.0% [1]. - **Delivery Warehouse Inventory**: On June 26, 2025, the delivery warehouse inventory was 24.60 tons [1]. 3.5 Demand - Side Data - **Finished - Paper Production**: In the week of June 27, 2025, the production of offset paper was 20.40 tons; copperplate paper was 7.60 tons; tissue paper was 28.00 tons; white cardboard was 30.30 tons. The production of major finished papers decreased, and the prices of finished papers remained low, providing weak support for pulp [1]. 3.6 Valuation Data - **Basis**: On June 27, 2025, the Russian Needle basis was 54 with a quantile level of 0.809; the Silver Star basis was 884 with a quantile level of 0.975 [1]. - **Import Profits**: On June 27, 2025, the import profit of coniferous pulp Silver Star was 66 with a quantile level of 0.739; the import profit of broadleaf pulp Goldfish was - 537 with a quantile level of 0.189 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp market shows a narrow inventory accumulation trend. After the suspension of needle pulp warehousing, it is recommended to conduct a 11 - 1 reverse spread strategy [1] Group 3: Summary by Relevant Catalogs Price Data - On June 24, 2025, SP2601 futures price was 5350, down 2.27% day - on - day and up 2.33% week - on - week; SP2507 was 5130, down 2.25% day - on - day and 1.72% week - on - week; SP2509 was 5136, down 2.69% day - on - day and 1.50% week - on - week [1] - Spot prices: coniferous pulp Silver Star was 6000, down 0.83% day - on - day and week - on - week; Russian Needle was 5150, down 2.83% day - on - day and 1.90% week - on - week; broadleaf pulp Goldfish was 4050, down 1.22% day - on - day and 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. Import costs were also unchanged [1] 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 shipment volume to China was 1353 tons, down 30.80% [1] - Domestic production: broadleaf pulp production on June 19, 2025 was 20.9 tons; chemimechanical pulp was 19.9 tons [1] Inventory - As of June 19, 2025, the inventory of mainstream pulp ports in China was 220.8 tons, up 2.3 tons from the previous period, a 1.1% increase [1] - Delivery warehouse inventory on June 19, 2025 was 23.53 tons [1] Demand - Output of finished paper decreased this week. Double - offset paper output was 19.50 tons; coated paper was 7.70 tons; toilet paper was 27.40 tons; white cardboard was 29.50 tons [1] Valuation Data - On June 24, 2025, the basis of Russian Needle was 14, with a quantile level of 0.739; the basis of Silver Star was 864, with a quantile level of 0.972 [1] - Import profit: coniferous pulp Silver Star was - 46, with a quantile level of 0.53; broadleaf pulp Goldfish was - 537, with a quantile level of 0.188 [1] Supply and Demand Situation - Supply side: Chilean Arauco announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 dollars/ton (face price), unchanged; broadleaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); natural pulp Venus was 620 dollars/ton (face price), unchanged [1] - Demand side: The output of major finished paper decreased this week, and the prices of finished paper remained low, providing weak support for pulp [1]

y m 市 市 站 需 有 谨 风 慎 险 官 方 服 热 线 M www.itf.com.cn 400-8888-598 网 体报告中的信息均源于公开可获得的资料，国贸期货力求准确可靠，但不对上述信息的准确性及完整性权任何保证。本报告不拘成个人找资建议。也未针对个别投资者将殊的投资目标、财务状况或需要，投资 免责声 者需自行列近本就告中的任何意见或建议是否符合其特定材况。据此投资，责任自负。本报告仅同特定客户推进、未经国资期货授权许可，任何引用、转载以及同第三方传输的行为您的面倒数额度数， UH 我司将视情况追究法律责任。期市有风险,入市需谨慎。 ITC 国贸期货 世界500强投资企业 国贸期货有限公司 流的衍生品综合服务商 D7 7 - | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 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 ...

| | | | | 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. ...

Report Summary 1) Report Industry Investment Rating - Not provided in the report 2) Core View of the Report - The current demand for pulp is weak, and it is expected to fluctuate at a low level [1] 3) Summary by Relevant Catalogs Price Data - **Futures Prices**: On May 27, 2025, SP2601 was 5216, down 1.58% day - on - day and 2.21% week - on - week; SP2507 was 5274, down 2.37% day - on - day and 2.51% week - on - week; SP2509 was 5184, down 2.19% day - on - day and 2.59% week - on - week [1] - **Spot Prices**: On May 27, 2025, the price of coniferous pulp Silver Star was 6200, down 0.80% day - on - day and week - on - week; Russian Needle was 5350, down 1.83% day - on - day and week - on - week; Eucalyptus pulp Goldfish was 4100, down 2.38% day - on - day and week - on - week [1] - **Outer - disk Quotes**: In May 2025, the outer - disk quote of coniferous pulp Silver Star was 740 US dollars/ton, down 30 US dollars/ton; Star was 560 US dollars/ton, down 70 US dollars/ton; Venus was 620 US dollars/ton, down 30 US dollars/ton [1] - **Import Costs**: The import cost of Chilean Silver Star was 6046, down 3.87% month - on - month; Star was 4587, down 11.00% month - on - month; Venus was 5073, down 4.57% month - on - month [1] 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 eucalyptus pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China in April 2025 was 1813, up 20.70% month - on - month [1] - **Inventory**: As of May 22, 2025, the inventory of mainstream pulp ports in China was 215.7 tons, a decrease of 4.1 tons from the previous period, a month - on - month decrease of 1.9% [1] - **Demand**: Among the main finished paper production, the production of white cardboard increased slightly, and the production of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made rigid - demand purchases [1] Valuation Data - **Basis**: On May 27, 2025, the Russian Needle basis was 76, with a quantile level of 0.833; the Silver Star basis was 926, with a quantile level of 0.979 [1] - **Import Profit**: On May 27, 2025, the import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of eucalyptus pulp Goldfish was - 487, with a quantile level of 0.2 [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The current weak demand pattern for pulp remains unchanged, but the near - month contracts are strongly supported by low warehouse receipts [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On May 26, 2025, SP2601 was 5300, down 0.30% day - on - day and 0.34% week - on - week; SP2507 was 5402, down 1.13% day - on - day and up 0.22% week - on - week; SP2509 was 5300, down 0.71% day - on - day and 0.19% week - on - week [1] - **Spot Prices**: On May 26, 2025, the spot price of coniferous pulp Silver Star was 6250, unchanged day - on - day and down 0.79% week - on - week; Russian Needle was 5450, unchanged; broadleaf pulp Goldfish was 4200, unchanged day - on - day and down 1.18% week - on - week [1] - **External Quotes and Import Costs**: The external quote of Chilean Silver Star in May 2025 was 740 dollars/ton, down 3.90% month - on - month; the import cost was 6046, down 3.87% month - on - month. Chilean Star's external quote was 560 dollars/ton, down 11.11% month - on - month; the import cost was 4587, down 11.00% month - on - month. Chilean Venus's external quote was 620 dollars/ton, down 4.62% month - on - month; the import cost was 5073, down 4.57% month - on - month [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 broadleaf pulp was 119.9 tons, down 18.44% month - on - month. The shipment volume of pulp to China in March 2025 was 1813 tons, up 20.70% month - on - month [1] - **Inventory**: As of May 22, 2025, the port inventory of pulp was 215.7 tons, down 1.9% from the previous period. The delivery warehouse inventory was 26.10 tons [1] - **Demand**: The output of finished paper: double - offset paper was 20.03 tons; coated paper was 7.60 tons; tissue paper was 27.60 tons; white cardboard was 28.30 tons. The output of white cardboard increased slightly, while the output of other paper types was stable [1] Pulp Valuation Data - On May 26, 2025, the basis of Russian Needle was 0.805, and the import profit was 48; the basis of Silver Star was 0.972, and the import profit was 848. The import profit of broadleaf pulp Goldfish was - 387 [1] Supply and Demand Summary - **Supply**: Chilean Arauco announced the May 2025 wood pulp external quotes: coniferous pulp Silver Star at 740 dollars/ton, down 30 dollars/ton; broadleaf pulp Star had no supply in May and June, with partial supply recovery expected in July; natural pulp Venus at 620 dollars/ton, down 30 dollars/ton [1] - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases [1] - **Inventory**: As of May 22, 2025, the inventory of China's main pulp ports showed a downward trend [1]