ITGER期货 投资咨询业务资格:证监许可【2012】31号 ,教据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | 2026年3月4日 | | 日环比 | 周环比 | | | 2026年3月4日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2701 | 5472 | 0. 70% | -1.23% | | 针叶浆银星 | 5250 | 0.00% | -1.87% | | (元/吨) | SP2609 | 5304 | 0. 53% | -1.78% | 现货价格 (元/吨) | 针叶浆俄针 | 5050 | 0. 00% | -1.94% | | | SP2605 | 5246 | 0. 50% | -1.91% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智 ...

纸浆价格数据 | | 2026年3月3日 | | 日环比 | 周环比 | | | 2026年3月3日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5434 | -0.62% | -2.16% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | -1.87% | | (元/吨) | SP2609 | 5276 | -0.75% | -2.22% | (元/吨) | 针叶浆俄针 | 5050 | 0. 00% | -1.94% | | | SP2605 | 5220 | -0.61% | -2. 25% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 710 | 710 | 0. 00% | 进口成本 | 智利银星 | 5802 | 5802 | 0.00% | | (美元/吨) | 智利明星 | 600 ...

纸浆价格数据 | | 2026年2月27日 | | 日环比 | 周环比 | | | 2026年2月27日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5470 | -1.08% | 0. 40% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5312 | -0.97% | 0. 49% | (元/吨) | 针叶浆俄针 | 5100 | 0. 00% | 0. 99% | | | SP2605 | 5246 | -1.24% | 0. 15% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 44% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 710 | 710 | 0.00% | 进口成本 | 智利银星 | 5802 | 5802 | 0.00% | | (美元/吨) | 智利明星 | 600 ...

商 品 研 究 2026 年 02 月 27 日 纸浆：震荡运行 20260227 | | | 表 1：基本面数据 | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纸浆主力 | 日盘收盘价(元/吨) | 5. 312 | 5, 348 | -36 | | | | 夜盘收盘价(元/吨) | 5.272 | 5. 320 | -48 | | | | 成交量(手) | 178. 329 | 175, 844 | +2. 485 | | | (05合约) | 持仓量(手) | 243.577 | 239.802 | +3.775 | | | | 仓单数量(吨) | 152, 537 | 155. 621 | -3.084 | | | | 前20名会员净持仓(手) | -29.329 | -24.732 | -4.597 | | 价差数据 | 基差 | 银星-期货主力 | 38 | 2 | +36 | | | | 金鱼-期货主力(非标) | -712 | -748 | +36 | | | 月差 | S ...

纸浆价格数据 | | 2026年2月13日 | | 日环比 | 周环比 | | | 2026年2月13日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5446 | -0. 04% | -0. 07% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5304 | 0. 34% | 0. 49% | (元/吨) | 针叶浆俄针 | 5050 | 0. 00% | 0. 00% | | | SP2605 | 5260 | 0.42% | 0. 50% | | 阔叶浆金鱼 | 4580 | 0.00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 710 | 700 | 1. 43% | 进口成本 | 智利银星 | 5802 | 5721 | 1.42% | | (美元/吨) | 智利明星 | 590 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The implementation of the new round of price increase letters is good, domestic inventory has been reduced, and the market should be viewed with a bullish bias in a volatile manner [5][6] 3. Summary by Relevant Catalog Paper Pulp Price Data - **Futures Prices**: On December 26, 2025, SP2601 was at 5564 yuan/ton with a 0.58% daily and 2.47% weekly increase; SP2609 was at 5662 yuan/ton with a 0.21% daily and 2.54% weekly increase; SP2605 was at 5630 yuan/ton with a 0.46% daily and 2.25% weekly increase [6] - **Spot Prices**: Coniferous pulp silver star was at 5600 yuan/ton, coniferous pulp Russian needle was at 5400 yuan/ton, and broadleaf pulp Golden was at 4670 yuan/ton, with no daily change for silver star and Russian needle, and a 0.43% weekly increase for Golden [6] - **Foreign Quotes**: Chilean silver star was at 700 dollars/ton with a 2.94% monthly increase, Japanese Meigeng was at 580 dollars/ton with a 3.57% monthly increase, and Chilean Venus was at 620 dollars/ton with no change [6] - **Import Costs**: Chilean silver star was at 5721 yuan/ton with a 2.91% monthly increase, Brazilian Goldfish was at 4749 yuan/ton with a 3.53% monthly increase, and Chilean Venus was at 5073 yuan/ton with no change [6] Paper Pulp Fundamental Data - **Supply**: In November 2025, the import volume of coniferous pulp was 72.5 tons and broadleaf pulp was 176.5 tons, with monthly increases of 4.92% and 33.92% respectively. Suzano announced a global price increase for broadleaf pulp in January 2026, with a 20 - dollar increase in Asia and a 120 - dollar increase in Europe and North America for Goldfish broadleaf pulp [6] - **Inventory**: As of December 25, 2025, the sample inventory of China's major pulp ports was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease. The inventory has been decreasing for five consecutive weeks [6] - **Demand**: The demand side remains weak. Among mainstream wood - pulp papers, the price of cultural paper continues to decline, while the prices of tissue paper and white cardboard have slightly increased [6]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of wood chips in the international market has been tight recently, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood kraft pulp (BHK) for orders received in December in Asia. On the demand side, pulp paper companies have recently issued price increase notices, with only white cardboard showing good implementation. Double-offset paper has issued another round of price increase notices, and their implementation needs attention. As of December 4, 2025, the inventory in major Chinese pulp ports decreased by 710,000 tons from the previous period, a 3.3% decline, showing a continuous slight de-stocking trend for two consecutive weeks. The pulp futures increased significantly with heavy positions during the night session, but there is no corresponding news from the industrial side, so the short - term risk is high. It is recommended to avoid unilateral trading and suggest a 1 - 5 reverse spread strategy [6]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices (Yuan/ton)**: On December 11, 2025, SP2601 was 5508, up 2.76% day - on - day and 0.22% week - on - week; SP2512 was 4810, up 1.99% day - on - day and 0.80% week - on - week; SP2605 was 5586, up 2.76% day - on - day and 0.90% week - on - week [6]. - **Spot Prices (Yuan/ton)**: Coniferous pulp Silver Star was 5600, up 1.82% day - on - day and unchanged week - on - week; Russian Needle was 5250, unchanged both day - on - day and week - on - week; Broadleaf pulp Goldfish was 4500, unchanged both day - on - day and week - on - week [6]. - **Outer - market Quotes (Dollars/ton)**: Chilean Silver Star was 680, unchanged; Japanese pulp was 540, up 1.89% from the previous period; Chilean Venus was 590, unchanged [6]. - **Import Costs (Yuan/ton)**: Chilean Silver Star was 5559, unchanged; Brazilian Goldfish was 4425, up 1.87% from the previous period; Chilean Venus was 4830, unchanged [6]. Pulp Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 691,000 tons, unchanged from September; the import volume of broadleaf pulp was 1.318 million tons, down 2.80% from September. The monthly domestic production of broadleaf pulp and chemimechanical pulp fluctuated. The shipment volume of pulp to China decreased by 7.49% [6]. - **Inventory**: As of December 4, 2025, the pulp port inventory was 2.107 million tons, and the futures delivery warehouse inventory was 210,000 tons. The port inventory showed a de - stocking trend [6]. - **Demand**: The production volume of finished paper such as double - offset paper, coated paper, tissue paper, and white cardboard also fluctuated monthly [6].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply side of pulp has positive factors as Canadian pulp mills have reduced production, and there is no new warehouse receipt registration, so the delivery resources for near - month contracts are tight. However, new warehouse receipt registration appears when the price rises to 5,500 yuan/ton on the market, limiting further upward space [7] 3. Summary According to the Directory 3.1 Pulp Price Data - **Futures Prices**: On December 6, 2025, SP2601 was 5,392 yuan/ton, down 1.06% day - on - day and up 3.89% week - on - week; SP2512 was 4,682 yuan/ton, down 1.84% day - on - day and down 0.47% week - on - week; SP2605 was 5,436 yuan/ton, down 0.98% day - on - day and up 3.42% week - on - week [6] - **Spot Prices**: On December 6, 2025, the price of coniferous pulp Silver Star was 5,600 yuan/ton, unchanged day - on - day and up 0.90% week - on - week; Russian coniferous pulp was 5,250 yuan/ton, unchanged both day - on - day and week - on - week; broadleaf pulp Fish was 4,500 yuan/ton, unchanged both day - on - day and week - on - week [6] - **Foreign Quotes**: The quote of Chilean Silver Star was 680 US dollars/ton, unchanged month - on - month; Japanese West Fish was 540 US dollars/ton, up 1.89% month - on - month; Chilean Venus was 590 US dollars/ton, unchanged month - on - month [6] - **Import Costs**: The import cost of Chilean Silver Star was 5,559 yuan/ton, unchanged month - on - month; Japanese Fish was 4,425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 4,830 yuan/ton, unchanged month - on - month [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports**: In October 2025, coniferous pulp imports were 69.1 tons, unchanged month - on - month; broadleaf pulp imports were 131.8 tons, down 2.80% month - on - month [6] - **Shipments**: The pulp shipments to China in October 2025 were 173 thousand tons, down 7.49% month - on - month [6] - **Domestic Production**: The production of broadleaf pulp and chemimechanical pulp fluctuates over different weeks in 2025 [6] - **Inventory** - **Port Inventory**: As of December 4, 2025, the pulp port inventory was 210.7 tons, showing a decreasing trend compared with previous periods [6] - **Futures Delivery Warehouse Inventory**: As of December 4, 2025, the futures delivery warehouse inventory was 21.0 tons, also showing a certain change trend compared with previous periods [6] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuates over different weeks in 2025 [6] - **Supply - Demand - Inventory Analysis**: Recently, the international wood chip supply has been tight and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - US - dollar/ton price increase for bleached hardwood kraft pulp (BHK) in Asia in December. On the demand side, wood - pulp paper has issued price increase letters recently, with only white cardboard having good implementation. As of December 4, 2025, the inventory in China's mainstream pulp ports decreased by 7.1 tons compared with the previous period, a 3.3% decline, and has continued to decline slightly for two consecutive weeks [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The pulp market is currently in a state where port inventories are continuously accumulating, and with the expectation of increased future arrivals, market sentiment has significantly declined. Hedging positions have gradually entered the market. The fundamentals of pulp are relatively stable, and the spot market transactions are steady. In the short - term, it is difficult for factory demand to show significant improvement. The far - month contracts are facing pressure after reaching the hedging points of Ural and European softwood pulp. As port inventories continue to accumulate and future arrivals are expected to increase, market sentiment has clearly cooled down. Hedging positions have entered the market one after another, the intention to register warrants has increased, and long - position confidence has weakened, leading to a reduction in positions and an exit from the market. It is expected that pulp will enter a range - bound stage [20]. 3. Summary According to the Directory Part 1 Pulp Overview 1.1 Supply - side - **Domestic Production**: In the week of November 21, 2025, the production of domestic hardwood pulp was 230,000 tons, a slight increase of 0.10 tons compared to the previous week, with a year - to - date decrease of 0.87%. The production of chemimechanical pulp was 237,000 tons, an increase of 0.10 tons from the previous week [11]. - **Imports**: In October 2025, China's total pulp imports were 2.618 million tons, a month - on - month decrease of 11.3% and a year - on - year decrease of 2.1%. The cumulative imports for the year were 29.679 billion tons, a year - to - date increase of 4.8%. Affected by the decrease in working days in October and possible vessel - schedule control by some foreign suppliers, domestic imports declined more than expected in October. However, overseas shipments did not show significant changes. Hardwood pulp shipments increased in September, and it is expected that arrivals will increase in November [11]. 1.2 Demand and Inventory - side - **Demand**: Terminal demand remained unchanged, and downstream production was stable. In the week of November 20, 2025, the production of various downstream paper products was relatively stable. It is expected that downstream production will be supported during the year - end small peak season [13]. - **Inventory**: Port inventories were in a state of oscillating accumulation due to increased arrivals and rigid - demand procurement from downstream. Warehouse receipt inventories were in a state of destocking. With the relatively low price of the November contract, the intention to buy for delivery increased, and warehouse receipts were gradually cancelled, but the pressure of remaining old warehouse receipts was still large [13]. 1.3 Price and Spread - **Quotations**: Market research shows that after the Chongqing ordering meeting, external quotations are expected to rise, with both softwood and hardwood pulp increasing by $20. - **Spot Prices**: After the price increase, spot transactions weakened, and market sentiment cooled down. With the rapid accumulation of port inventories, some softwood pulp spot prices were gradually reduced, while hardwood pulp prices were relatively firm due to arrival schedules and rigid - demand procurement. - **Futures Prices**: The pulp fundamentals were relatively stable, and spot transactions were steady. The far - month contracts faced pressure after reaching the hedging points of Ural and European softwood pulp. With the continuous accumulation of port inventories and the expectation of increased future arrivals, market sentiment clearly declined, and hedging positions entered the market, leading to a decline in the futures market [15]. 1.4 Cost and Profit - **Cost**: The cost of domestic hardwood pulp was relatively stable, while the import cost of pulp was expected to increase in the next round. - **Profit**: The profit of domestic pulp was expected to increase slightly, while the profit of imported pulp was expected to be further squeezed. The profit of paper products was expected to be relatively stable [17]. 1.5 Strategy Recommendation - Given the current situation where there are no obvious contradictions in the market, it is recommended to adopt a wait - and - see approach. In a wide - range oscillating pattern, if one holds deliverable spot goods with appropriate costs, they can sell call options or accumulate put options on the 03 contract when prices are high. If one wants to purchase goods at a low price, they can sell put options or accumulate call options when prices are low to achieve cost - reduction and high - point hedging [20]. Part 2 Pulp Balance Sheet The report provides a detailed pulp balance sheet from January 2024 to December 2025, including supply (domestic production, imports), demand (downstream production, pulp consumption), and inventory (port inventory, warehouse receipt inventory) data, as well as their cumulative values and year - on - year changes [23]. Part 3 Pulp Supply and Demand Analysis 3.1 Global Pulp Supply and Demand Analysis - **Supply**: Information on global pulp shipments is presented, but no specific data is provided in the summary for brevity. - **Demand and Inventory**: Information on European pulp apparent demand and inventory is presented, but no specific data is provided in the summary for brevity. 3.2 Domestic Pulp Supply and Demand Analysis - **Supply - side**: - **Imports**: The report provides data on the import volume of various types of pulp (softwood, hardwood, chemimechanical pulp, etc.) and wood chips (softwood chips, hardwood chips) from 2022 to 2025, including monthly and cumulative data and year - on - year changes [42][45][65]. - **Production Capacity and Planned Investments**: A large number of domestic paper - making enterprises' production capacity expansion and new project investment plans are listed, including the production capacity, location, and expected commissioning time of each project [98]. - **Demand - side**: - **Apparent Demand**: Data on the apparent demand of various types of paper products (toilet paper, offset paper, coated paper, white cardboard) from 2022 to 2025 are provided [137][138][140][142]. - **Export and Import**: Data on the import, export, and cumulative import and export volume of various types of paper products from 2022 to 2025 are provided [101][118][127]. - **Inventory - side**: Data on the total inventory, warehouse receipt inventory, and port - specific inventory of domestic pulp from 2022 to 2025 are provided [147][150][153]. Part 4 Cost and Profit - **Import Cost and Profit**: Information on the import cost and profit of pulp is provided, but no specific data is provided in the summary for brevity. - **Domestic Pulp Production Cost and Profit**: Information on the production cost and profit of domestic pulp is provided, but no specific data is provided in the summary for brevity. Part 5 Pulp Price and Spread Analysis - **External Quotations**: Information on the external quotations of pulp is provided, but no specific data is provided in the summary for brevity. - **Seasonal Price and Spread**: The report provides seasonal price and spread data for various types of pulp (Silver Star, Russian Needle, Goldfish, etc.) from 2022 to 2025, including price seasonal charts, spread seasonal charts, and basis charts [177][179][183].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The pulp market shows a complex situation with supply and demand factors interacting. Supply - side factors include changes in domestic production and imports, while demand - side factors involve downstream production and consumption. The market is also affected by inventory levels, price trends, and cost - profit relationships. In the short - term, the market is expected to remain volatile, and long - term trends are influenced by factors such as future supply projections and terminal demand capabilities [6][8][10] 3. Summary According to the Table of Contents Part 1: Pulp Overview 1.1 Supply - side - Domestic production: In the week of 2025/10/24, domestic broadleaf pulp production was 23.50 million tons, up 0.30 million tons from the previous week, and chemimechanical pulp production was 23.60 million tons, up 0.80 million tons. Huanggang Chenming's softwood pulp line planned a one - month shutdown starting on September 29, with an annual capacity of 550,000 tons and an expected impact of 45,000 tons [6][7] - Imports: In September 2025, China's pulp imports were 2.952 billion tons, a 11.3% month - on - month increase and a 10.3% year - on - year increase. The cumulative imports for the year were 27.061 billion tons, a 5.6% year - on - year increase. Softwood pulp imports were 691,000 tons, and broadleaf pulp imports were 1.356 billion tons. Overseas shipments of softwood and broadleaf pulp showed different trends, with softwood shipments expected to be stable to slightly lower in October and broadleaf shipments expected to remain sufficient in November [7] 1.2 Demand and Inventory - side - Demand: Downstream production of various paper products showed a slight increase in the week of 2025/10/23 compared to the previous week. The total pulp demand was 902,600 tons, a 25,800 - ton increase. New production capacities were being put into operation, but terminal demand was limited, resulting in stable production but decreasing operating rates [8] - Inventory: Port inventories were in a state of oscillating accumulation, with Qingdao Port's inventory at 1.39 billion tons, down 12,000 tons from the previous week. Warehouse receipt inventories were in a state of slightly decreasing, suppressing the 11 and 12 contracts. Downstream finished - product inventories were in a state of oscillating accumulation [8] 1.3 Price and Spread - Prices: Foreign offers for softwood pulp decreased, while spot prices showed a polarization between softwood and broadleaf, with broadleaf being relatively firm and softwood being relatively weak. Futures prices were in a state of oscillation, with the 01 contract having less pressure due to fewer new warehouse receipts, but the fundamentals remained weak [10] - Spreads: The spread between softwood and broadleaf pulp remained high and stable, and the futures spread widened as some short - positions moved to the far - month 01 contract. The basis was stable [10] 1.4 Cost and Profit - Costs: Domestic pulp costs were stable, and imported pulp costs had different trends. Foreign offers were rising, causing the profit margin of imported pulp to shrink [12] - Profits: Domestic pulp profits were expected to slightly recover, and imported pulp profits were stable. The profits of finished paper products were generally stable [12] 1.5 Strategy Recommendation - In the short - term, it is recommended to observe whether port de - stocking continues and the situation of spot transactions. If the spot is stable, long positions in the far - month 01 contract can be appropriately established, but risk prevention is necessary. If the warehouse receipt problem of the 11 contract is not resolved, short positions in the 11 contract can be considered [15] Part 2: Pulp Balance Sheet - The balance sheet shows the supply, demand, and inventory data of pulp from January 2024 to November 2025. Supply includes imports and domestic production, demand includes pulp consumption and other needs, and inventory includes warehouse receipt inventory and port inventory. The data shows the cumulative and year - on - year changes of each item, and the supply - demand gap and inventory - consumption ratio are also calculated [17] Part 3: Pulp Supply and Demand Analysis 3.1 Global Pulp Supply and Demand Analysis - No detailed data or analysis provided in the content 3.2 Domestic Pulp Supply and Demand Analysis 3.2.1 Supply - side - Pulp imports: The report provides data on the imports of various types of pulp, including softwood pulp, broadleaf pulp, chemimechanical pulp, and wood chips, from 2022 to 2025, showing the monthly and cumulative import volumes and year - on - year changes [33][37][41] - Seasonal and cumulative imports: The seasonal and cumulative import data of softwood pulp from different countries are presented, as well as the import data of chemimechanical pulp, unbleached pulp, and wood chips [45][50][62] 3.2.2 Demand - side - Pulp demand: The report shows the demand for pulp in the downstream paper products industry, including the production of various paper products and the total pulp demand [8] - Finished paper products: The production, import, export, and demand of various finished paper products such as toilet paper, offset paper, coated paper, and white cardboard are analyzed, and the planned production capacity and production progress of some products are also mentioned [82][96][114] 3.2.3 Inventory - side - Total pulp inventory: The total pulp inventory, including warehouse receipt inventory and port inventory, is presented, showing the weekly data from 2022 to 2025 [142] - Inventory by port: The weekly inventory data of pulp in different ports such as Qingdao Port, Tianjin Port, Changshu Port, and Gaolan Port from 2022 to 2025 are provided [150] Part 4: Cost and Profit - Pulp import cost and profit: The cost and profit of imported pulp are analyzed, with the cost being affected by foreign offers and the profit margin shrinking [162] - Domestic pulp production cost and profit: The production cost and profit of domestic pulp are analyzed, with the profit expected to slightly recover [165] Part 5: Pulp Price and Spread Analysis 5.1 Pulp Foreign Offers - The seasonal price data of various types of pulp such as Silver Star, Russian Needle, and Goldfish from 2022 to 2025 are presented [174] 5.2 Price Spread - The seasonal spread data between different types of pulp such as Silver Star - Goldfish, Russian Needle - Goldfish, and Silver Star - Russian Needle from 2022 to 2025 are presented [177] 5.3 Basis - The basis data between Silver Star, Russian Needle, and the main contract from 2022 to 2025 are presented [180] 5.4 SP Main Contract Seasonal Chart and Inter - month Spread - No detailed data or analysis provided in the content