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]

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 国贸期货研究院 | | | | 投资咨询号:Z0015194 | | | 2025/6/11 | | | | 农产品研究中心 | | | 杨璐琳 | 从业资格号:F3042528 | | | | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年6月10日 | 日环比 | 周环比 | | | 2025年6月10日 | 日环比 | 周环比 | | | SP2601 | 5282 | -0. 26% | 0. 84% | | 针叶浆银星 | 6150 | 0. 00% | -0. 81% | | 期货价格 | SP2507 | 5376 | -0. 33% | 1. 36% | 现货价 | 针叶浆俄针 | 5350 | 0. 00% | -0. 93% | | | SP2509 | 5284 | -0. 11% | 1. 19% | | 阔叶浆 ...

世界500强投资企业 | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG 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 | | | 2025/5/16 | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年5月15日 | HMAL | 周环比 | | | 2025年5月15日 | 日十六十 HM.N. | 周环比 | | | SP2505 | 5370 | 0. 71% | 4. 80% | | 针叶浆银星 | 6300 | 0. 00% | 1.61% | | 期货价格 | SP2507 | 5386 | 0. 15% | 4.62% | 现货价 | 针叶浆俄针 | 5450 | 2. 83% | 4. 81% | | | SP2509 | 5318 | 0. 19% ...