Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Canadian pulp mills have reduced production, leading to positive factors on the pulp supply side. There is no new warehouse receipt registration, resulting in a tight supply of delivery resources for near - month contracts. However, new warehouse receipt registration occurs when the price on the market rises to 5,500 yuan/ton, limiting further upward potential [7] 3. Summary by Relevant Catalog 3.1 Pulp Price Data - **Futures Prices (yuan/ton)**: On December 9, 2025, SP2601 was 5386 with a daily decline of 0.11% and a weekly increase of 1.09%; SP2512 was 4704 with a daily increase of 0.47% and a weekly increase of 0.60%; SP2605 was 5464 with a daily increase of 0.52% and a weekly increase of 1.83% [6] - **Spot Prices (yuan/ton)**: On December 9, 2025, the price of coniferous pulp Silver Star was 5600 with a daily and weekly increase of 0.90%; Russian coniferous pulp was 5250 with no daily or weekly change; broad - leaf pulp Goldfish was 4500 with no daily or weekly change [6] - **Outer - disk Quotes (dollars/ton)**: In December 2025, the price of Chilean Silver Star was 680 with no monthly change; Brazilian Goldfish was 540 with a monthly increase of 1.89%; Chilean Venus was 590 with no monthly change [6] - **Import Costs (yuan/ton)**: In December 2025, the import cost of Chilean Silver Star was 5559 with no monthly change; Brazilian Goldfish was 4425 with a monthly increase of 1.87%; Chilean Venus was 4830 with no monthly change [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports (10,000 tons)**: In October 2025, coniferous pulp imports were 69.1, unchanged from September; broad - leaf pulp imports were 131.8, a 2.80% decrease from September [6] - **Shipments to China (1000 tons)**: In October 2025, the shipments were 173, a 7.49% decrease from the previous period [6] - **Domestic Production (10,000 tons)**: As of December 4, 2025, broad - leaf pulp production was 23.9; chemimechanical pulp production was 23.8 [6] - **Inventory** - **Pulp Port Inventory (10,000 tons)**: As of December 4, 2025, it was 210.7 [6] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of December 4, 2025, it was 21.0 [6] - **Demand** - **Finished Paper Production (10,000 tons)**: As of December 4, 2025, double - offset paper production was 20.70; coated paper production was 8.60; tissue paper production was 28.52; white cardboard production was 37.70 [6] 3.3 Market Situation - **Supply - side**: Recently, the supply of wood chips in the international market has been continuously tight, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - dollar/ton price increase for bleached hardwood kraft pulp (BHK) orders received in December in Asia [6] - **Demand - side**: Recently, water - pulp paper manufacturers have issued price - increase letters. Only the implementation of price increases for white cardboard has been good, and double - offset paper manufacturers have issued price - increase letters again, with the implementation situation to be monitored [6] - **Inventory - side**: As of December 4, 2025, the inventory of mainstream pulp ports in China was 210.1 tons, a decrease of 7.1 tons from the previous period, a 3.3% decline. Inventory has continued to show a slight downward trend, and the inventory of sample ports has decreased for two consecutive weeks [6]