Core Viewpoint - The pulp market in China is experiencing tightening supply and demand, leading to a decrease in inventory levels and an increase in spot prices [3][5]. Group 1: Inventory Levels - As of November 6, 2025, the inventory of mainstream pulp at major ports in China is 2.008 million tons, a decrease of 53,000 tons, representing a decline of 2.6% [3]. - The shipping speed at Qingdao Port has improved, while the shipping volume at Changshu Port has increased to nearly 100,000 tons [3]. Group 2: Market Dynamics - The tightening supply and demand in the pulp market is reflected in the inventory reduction, indicating enhanced demand which may drive up spot prices [5]. - The closing price of the main pulp futures contract (2601) is 5,368 yuan per ton, an increase of 48 yuan per ton, showing a significant rise [5].