投资咨询业务资格:证监许可【2012】31号 | | C | | | 2025年10月9日 | 日环比 | 周环比 | | | 2025年10月9日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5104 | -0. 74% | -3.63% | | 针叶浆银星 | 5520 | -0. 54% | -2. 30% | | | SP2511 | 4804 | -0.62% | -4.76% | 现货价 | 针叶浆俄针 | 5050 | -0. 98% | -2. 88% | | | SP2505 | 5146 | -0.73% | -3. 13% | | 阔叶浆等更 | 4250 | 0.00% | 0.71% | | | | 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 | 700 | 720 | -2.78% | | 智利银星 | 5721 | 5884 | -2.75% | | (美元) | 巴 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp fundamentals still show no signs of recovery, with no significant reduction in pulp port inventories and the number of warehouse receipts. The pulp futures are expected to fluctuate, and an 11 - 1 reverse spread is recommended [5][6]. 3. Summary by Relevant Catalog Price Data - **Futures Prices**: On September 25, 2025, SP2601 was 5314 with a daily increase of 0.34% and a weekly decrease of 0.15%; SP2511 was 5060 with a daily increase of 0.32% and a weekly increase of 0.92%; SP2505 was 5328 with a daily increase of 0.30% and a weekly decrease of 0.34% [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5650, Russian Needle was 5200; Broad - leaf pulp Goldfish was 4220, all with no daily or weekly changes [5]. - **Outer - disk Quotes**: Chilean Silver Star decreased by 2.78% to 700 dollars; Japanese quotes increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - **Import Costs**: Chilean Silver Star decreased by 2.75% to 5721; Brazilian Goldfish increased by 3.87% to 4344; Chilean Venus remained unchanged at 4830 [5]. Fundamental Data - **Supply**: In August 2025, coniferous pulp imports were 61.4 tons, a month - on - month decrease of 4.95%; broad - leaf pulp imports were 125.8 tons, a month - on - month decrease of 6.88%. The pulp shipment volume to China in August was 162 tons, a 4.50% increase [5]. - **Production**: Domestic broad - leaf pulp production on September 25, 2025, was 23.8 tons; chemimechanical pulp production was 22.3 tons [5]. - **Inventory**: As of September 25, 2025, the pulp port inventory was 203.3 tons, a decrease of 7.9 tons from the previous period, a 3.7% decrease. The futures delivery warehouse inventory was 23.5 tons [5]. - **Demand**: On September 25, 2025, double - offset paper production was 21.00 tons; coated paper production was 8.50 tons; tissue paper production was 28.07 tons; white cardboard production was 35.90 tons [5]. Valuation Data - **Basis**: On September 25, 2025, the Russian Needle basis was 140 with a quantile level of 0.867; the Silver Star basis was 590 with a quantile level of 0.86 [5]. - **Import Profit**: Coniferous pulp Silver Star had an import profit of - 71 with a quantile level of 0.497; broad - leaf pulp Goldfish had an import profit of - 124 with a quantile level of 0.523 [5]. Market Analysis - **Supply Side**: Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broad - leaf pulp quotes [5]. - **Demand Side**: Current paper product demand is stable, prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on pulp demand has not been reflected [5]. - **Inventory Side**: As of September 25, 2025, the pulp inventory showed a de - stocking trend [5].

| | | 2025年9月24日 | 日环比 | 周环比 | | | 2025年9月24日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SP2601 | 5296 | 0. 46% | -0. 97% | | 针叶浆银星 | 5650 | 0. 00% | 0.00% | | 期货价格 | SP2511 | 5044 | 0.72% | 0. 04% | 现货价 | 针叶浆俄针 | 5200 | 0. 00% | -0. 95% | | | SP2505 | 5312 | 0. 45% | -1.04% | | 阔叶浆金鱼 | 4220 | 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 | 700 | 720 | -2. 78% | | 智利银星 | 5721 | 5884 | -2.75% | | (美元) | 日起ぞ更 | 530 | 510 | 3.92% | 进口成本 | ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The pulp fundamentals show no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5]. Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 23, 2025, SP2601 was 5272, down 0.30% day-on-day and 1.46% week-on-week; SP2511 was 5008, unchanged day-on-day and down 1.18% week-on-week; SP2505 was 5288, down 0.53% day-on-day and 1.31% week-on-week [5]. - **Spot Prices**: On September 23, 2025, the price of coniferous pulp Silver Star was 5650, unchanged day-on-day and week-on-week; Russian Needle was 5200, unchanged day-on-day and down 0.95% week-on-week; broadleaf pulp Goldfish was 4220, unchanged day-on-day and up 0.96% week-on-week [5]. - **Foreign Quotes**: The quote for Chilean Silver Star was 700 dollars, down 2.78% month-on-month; Japanese X was 530 dollars, up 3.92% month-on-month; Chilean Venus was 590 dollars, unchanged month-on-month [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5721, down 2.75% month-on-month; Brazilian Goldfish was 4344, up 3.87% month-on-month; Chilean Venus was 4830, unchanged month-on-month [5]. Pulp Fundamental Data - **Supply**: In August 2025, the import volume of coniferous pulp was 61.4 tons, down 4.95% month-on-month; broadleaf pulp was 125.8 tons, down 6.88% month-on-month. The pulp shipment volume to China in July 2025 was 158 tons, up 23.00% year-on-year [5]. - **Inventory**: As of September 18, 2025, the pulp port inventory was 211.2 tons, and the futures delivery warehouse inventory was 24.4 tons [5]. - **Demand**: The production volume of finished paper such as offset paper, coated paper, household paper, and white cardboard showed certain fluctuations in different periods [5]. Pulp Valuation Data - **Basis**: On September 23, 2025, the Russian Needle basis was 192, and the quantile level was 0.899; the Silver Star basis was 642, and the quantile level was 0.881 [5]. - **Import Profit**: On September 23, 2025, the import profit of coniferous pulp Silver Star was -71, and the quantile level was 0.497; broadleaf pulp Goldfish was -124, and the quantile level was 0.523 [5]. Market Analysis and Strategy - **Supply**: The foreign quotes of coniferous pulp decreased, and the quotes of broadleaf pulp increased. Chilean Arauco's September quotes showed a decrease in coniferous pulp and an increase in broadleaf pulp [5]. - **Demand**: The current demand for paper products is basically stable, the paper product prices have not rebounded significantly, and the benefits of the "Golden September and Silver October" to the pulp demand side have not been reflected [5]. - **Inventory**: As of September 18, 2025, the inventory of China's mainstream pulp ports showed a narrow - range accumulation trend [5]. - **Strategy**: The pulp fundamentals have no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - The fundamentals of pulp have no signs of recovery, the port inventory and the number of warehouse receipts of pulp have no obvious reduction, and the pulp futures fluctuate [5]. Group 3: Summary by Related Catalogs Futures and Spot Prices - On September 19, 2025, the futures prices of SP2601, SP2511, and SP2505 were 5316, 5018, and 5334 respectively, with day-on-day changes of -0.11%, 0.08%, and -0.22%, and week-on-week changes of 0.72%, 0.56%, and 0.87% [5]. - The spot prices of coniferous pulp Silver Star, Russian Needle, and broadleaf pulp Goldfish were 5650, 5200, and 4220 respectively, with day-on-day changes of 0.00%, 0.00%, and 0.00%, and week-on-week changes of 0.00%, 0.58%, and 0.96% [5]. Outer - disk Quotes and Import Costs - The outer - disk quotes of Chilean Silver Star, Japanese - like, and Chilean Venus were 700, 530, and 590 dollars respectively, with month - on - month changes of -2.78%, 3.92%, and 0.00% [5]. - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5721, 4344, and 4830 respectively, with month - on - month changes of -2.75%, 3.87%, and 0.00% [5]. Supply - side Data - In July 2025, the import volumes of coniferous pulp and broadleaf pulp were 64.6 and 135.1 tons respectively, with month - on - month changes of -4.72% and -5.85% [5]. - The pulp shipment volume to China was 158 tons, with a year - on - year increase of 23.00% [5]. - The domestic production volumes of broadleaf pulp and chemimechanical pulp on September 18, 2025 were 23.1 and 22.2 tons respectively [5]. Inventory - side Data - As of September 18, 2025, the pulp port inventory was 211.2 tons, with a week - on - week increase of 2.4% [5]. - The futures delivery warehouse inventory was 24.4 tons [5]. Demand - side Data - The production volumes of offset paper, coated paper, tissue paper, and white cardboard on September 18, 2025 were 20.90, 8.30, 28.04, and 35.60 tons respectively [5]. Valuation Data - On September 19, 2025, the Russian Needle basis was 182 with a quantile level of 0.896, and the Silver Star basis was 632 with a quantile level of 0.878 [5]. - The import profits of coniferous pulp Silver Star and broadleaf pulp Goldfish were -71 and -124 respectively, with quantile levels of 0.496 and 0.522 [5]. Market Situation - On the supply side, Arauco's September coniferous pulp Silver Star quote was 700 dollars/ton, broadleaf pulp Star quote increased by 20 dollars/ton to 540 dollars/ton, and natural pulp Venus quote remained at 590 dollars/ton. Coniferous pulp outer - disk quotes decreased while broadleaf pulp quotes increased [5]. - On the demand side, the current paper product demand remained basically stable. Some offset paper and white cardboard manufacturers issued price increase letters, and the implementation remained to be observed [5]. - On the inventory side, as of September 18, 2025, the inventory showed a narrow - range accumulation trend [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp fundamentals show no signs of repair, with no significant reduction in pulp port inventory and the number of warehouse receipts, and pulp futures are oscillating [5] Group 3: Summary by Related Catalogs Price Data - On September 17, 2025, the futures prices of SP2601, SP2511, and SP2505 were 5348, 5042, and 5368 respectively, with daily changes of -0.04%, -0.51%, and 0.19%, and weekly changes of 1.44%, 0.92%, and 1.78% [5] - The spot prices of coniferous pulp Silver Star, Russian Needle, and broadleaf pulp Goldfish were 5650, 5250, and 4220 respectively, with daily changes of 0.00%, 0.00%, and 0.96%, and weekly changes of 0.00%, 1.55%, and 0.96% [5] - The outer - disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700, 530, and 590 US dollars respectively, with monthly changes of -2.78%, 3.92%, and 0.00% [5] - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5721, 4344, and 4830 respectively, with monthly changes of -2.75%, 3.87%, and 0.00% [5] Fundamental Data Supply - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month - on - month decrease of 4.72%, and the import volume of broadleaf pulp was 135.1 tons, a month - on - month decrease of 5.85% [5] - The domestic production of broadleaf pulp and chemimechanical pulp from July 31, 2025, to September 11, 2025, fluctuated within a certain range [5] Inventory - As of September 11, 2025, the inventory of China's mainstream pulp ports was 206.2 tons, a decrease of 0.4 tons from the previous period, a month - on - month decrease of 0.2% [5] - The inventory of the futures delivery warehouse from July 31, 2025, to September 11, 2025, also fluctuated [5] Demand - The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard from July 31, 2025, to September 11, 2025, remained relatively stable [5] Valuation Data - On September 17, 2025, the Russian Needle basis was 208 with a quantile level of 0.901, and the Silver Star basis was 608 with a quantile level of 0.871 [5] - The import profit of coniferous pulp Silver Star was -71 with a quantile level of 0.496, and that of broadleaf pulp Goldfish was -124 with a quantile level of 0.522 [5] Market Situation - On the supply side, Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broadleaf pulp quotes [5] - On the demand side, the current demand for paper products is basically stable, and some paper mills have issued price increase letters, but the implementation remains to be seen [5] - On the inventory side, the inventory change is not significant [5]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The pulp fundamentals show no signs of repair, with no obvious reduction in pulp port inventory and the number of warehouse receipts. However, benefiting from the warming of commodity sentiment, pulp futures are expected to run strongly in the short term [5]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 16, 2025, SP2601 was 5324 with a daily increase of 0.87% and a weekly increase of 0.64%; SP2511 was 5056 with a daily increase of 1.32% and a weekly increase of 0.60%; SP2509 was 4970 with a daily increase of 0.69% and a weekly decrease of 0.04% [5]. - **Spot Prices**: On September 16, 2025, the price of coniferous pulp Silver Star was 5650 with no daily change and a weekly decrease of 0.88%; Russian Needle was 5200 with a daily and weekly increase of 0.58%; Eucalyptus pulp Goldfish was 4180 with no daily and weekly change [5]. - **Outer - disk Quotes**: The outer - disk quote of Chilean Silver Star was 720 dollars, a decrease of 2.70% compared to the previous period; Japanese Quote increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, an increase of 3.87% compared to the previous period; Chilean Silver Star was 5884, a decrease of 2.68%; Chilean Venus remained unchanged at 4830 [5]. Pulp Fundamental Data - **Supply**: In July 2025, the import volume of coniferous pulp was 64.6 tons, a decrease of 4.72% compared to June; the import volume of eucalyptus pulp was 135.1 tons, a decrease of 5.85%. The pulp shipment volume to China was 158 tons, a year - on - year increase of 23% [5]. - **Production**: The domestic production of eucalyptus pulp and chemimechanical pulp remained relatively stable from July 31 to September 11, 2025 [5]. - **Inventory**: As of September 11, 2025, the inventory of mainstream pulp ports in China was 206.2 tons, a decrease of 0.4 tons compared to the previous period, a 0.2% decrease. The inventory of futures delivery warehouses was 24.5 tons [5]. - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard remained relatively stable. Some offset paper and white cardboard manufacturers issued price increase letters, but the implementation remains to be observed [5]. Pulp Valuation Data - **Basis**: On September 16, 2025, the basis of Russian Needle was 144 with a quantile level of 0.871; the basis of Silver Star was 594 with a quantile level of 0.865 [5]. - **Import Profit**: On September 16, 2025, the import profit of coniferous pulp Silver Star was - 234 with a quantile level of 0.27; the import profit of eucalyptus pulp Goldfish was - 164 with a quantile level of 0.479 [5].

| ITG 国贸期货 | | | | 投资咨询业务资格:证监许可【2012】31号 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | STATE .. | | | | | | | | | | | 国贸期货研究院 | | | 农产品研究中心 -- | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/9/11 | | | 纸浆价格数据 | | | | | | | | | | | 2025年9月10日 | | | 日环比 | 周环比 | | | 2025年9月10日 | 日环比 | 周环比 | | 针叶浆银星 | SP2601 | 5272 | 0. 11% | -0. 98% | | | 5650 | -0. 88% | -1.22% | | 现货价 | 期货价格 SP2511 | 4996 | 0. 52% | -1.07% | | 针叶浆俄针 | 5170 | 0. 00% | -0. 58% | | 阔叶浆金鱼 | SP2509 | 4938 | 0. 16% ...

Report Overview - Report Title: Pulp Weekly Report (Week 2, July 2025) [1] - Analyst: Pan Shengjie from the Commodity Research Institute [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The pulp market fundamentals are stabilizing [3] - The supply - demand relationship in the pulp market has not improved significantly, and weak demand restricts the rebound of pulp prices [4] - Global pulp market shows a growth trend in the past five months, especially the domestic market [4] Summary by Directory Pulp Market Fundamentals - This week, the spot prices of imported wood pulp varied. Imported softwood pulp prices rebounded from the bottom, narrowing the decline of the average price; imported hardwood pulp prices rose due to non - standard basis quotes and low - price reluctance to sell; the supply - demand relationship did not improve significantly, and the demand was weak; imported natural pulp and chemimechanical pulp prices followed the decline of imported softwood pulp prices [4] - From the monthly hardwood pulp balance data, the current fundamentals are favorable for the relative strength of hardwood pulp. The cost support for the hardwood - softwood price spread in July has improved [4] - Trump's new tariff policies push the US economic policy uncertainty index to a record high. The US tariff policy on Brazil may increase Brazil's hardwood pulp exports to other regions and is negative for the basis of Brazilian hardwood pulp. The US tariff on Canada is expected to be negative for the basis of Canadian softwood pulp [4] - As of May, global pulp shipments decreased by 1.7% year - on - year. Softwood pulp shipments decreased by 8.2% year - on - year, while hardwood pulp shipments increased by 3.1% year - on - year. However, the cumulative shipments in 2025 still had a nearly 10% year - on - year increase. The global pulp industry's operating rate was close to 90% for the second consecutive month in May, but it also brought inventory pressure. In May, softwood pulp inventory increased by 5 days to 46 days, and hardwood pulp inventory increased by 4 days to 51 days. The domestic paper - making enterprises' finished - product inventory decreased by 0.2% year - on - year in May, the first year - on - year decrease since April 2024 [4] Impact of Softwood Supply on SP Unilateral - As of May 2025, European bleached softwood kraft pulp inventory decreased by 238,000 tons month - on - month, consumption increased by 269,000 tons month - on - month, and the inventory - to - sales ratio was 0.89 times. The average value in the past 12 months increased by 4.7% year - on - year, with continuous marginal inventory accumulation for 6 months, which is negative for SP unilateral but with limited impact [11] - Domestic softwood chip imports increased for two consecutive months, reaching 21,000 tons (equivalent to 11,000 tons of pulp). Softwood pulp imports decreased for two consecutive months, reaching 821,000 tons. The total long - fiber imports were 832,000 tons, with a 4.3% year - on - year decrease in the cumulative value in the past 6 months, and the decline has been narrowing for 7 months, which is negative for SP unilateral but with limited impact [11] Impact of Hardwood Supply on Hardwood - Softwood Price Spread - As of May 2025, hardwood chip imports increased by 1.289 million tons month - on - month, equivalent to 644,000 tons of pulp; hardwood pulp imports increased by 1.309 million tons month - on - month. Softwood chip imports increased for two consecutive months, reaching 21,000 tons, equivalent to 11,000 tons of pulp; softwood pulp imports decreased for two consecutive months, reaching 821,000 tons. The short - fiber to long - fiber import ratio was 2.35 times, with a 10.5% year - on - year increase in the average value in the past 12 months, and the growth has been narrowing for 4 months, which is positive for the hardwood - softwood price spread [18] - The use of hardwood pulp in domestic paper decreased by 2.224 million tons month - on - month, and the use of softwood pulp decreased for three consecutive months, reaching 523,000 tons. The consumption ratio was 4.26 times, with an 8.0% year - on - year increase in the average value in the past 9 months, and the growth has been expanding for 8 months, which is positive for the hardwood - softwood price spread [18] Impact of International Pulp and Paper Trade on SP Unilateral - As of May 2025, domestic pulp import value increased by $1.906 billion month - on - month, and the US pulp import value decreased by $308 million month - on - month in April. The combined value (with a one - month lag) was $2.214 billion, with a 3.6% year - on - year decrease in the cumulative value in the past 3 months, and the decline has been expanding for 2 months, which is negative for SP unilateral but with limited impact [23] - The total export value of paper products from Japan, South Korea, and Brazil was $565 million, with a 5.4% year - on - year decrease in the cumulative value in the past 3 months, and the decline has been expanding for 2 months, which is negative for SP unilateral with full impact [23] Impact of Port Inventory on SP Unilateral - As of July 11, 2025, the total inventory of four ports and warehouse receipts was 2.378 million tons, with a 9.3% year - on - year increase, and continuous marginal inventory accumulation for 9 months, which is negative for SP unilateral [29] Impact of Port Inventory on Hardwood - Softwood Price Spread - As of July 11, 2025, the ratio of the four - port inventory to warehouse receipt inventory increased for four consecutive months, reaching 8.94 times. The average value in the past 6 months increased by 60.7% year - on - year, and the marginal inventory decreased for 3 months, which is relatively negative for hardwood pulp [34] Impact of Manufacturing PMI on SP Unilateral - As of June 2025, China's manufacturing PMI increased for two consecutive months, reaching 49.7 points, with a 0.2% year - on - year increase in the 12 - month average value, and the growth has been narrowing for 3 months. The US manufacturing PMI increased month - on - month, reaching 49.0 points, with a 1.3% year - on - year increase in the 12 - month average value, and the growth has been narrowing for 10 months, which is negative for SP unilateral [42] Impact of Domestic Paper Production and Inventory on SP Unilateral - As of April 2025, domestic paper industry electricity consumption decreased month - on - month, reaching 838 million kWh, with a 0.6% year - on - year increase in the cumulative value in the past 12 months, and the growth has been narrowing for 9 months, which is negative for SP unilateral [50] - Domestic paper industry finished - product inventory increased for four consecutive months, reaching 77.57 billion yuan, with a 5.6% year - on - year increase in the average value in the past 12 months, and continuous marginal inventory accumulation for 13 months, which is negative for SP unilateral [50] Impact of US Economic Policy and International Oil Price on SP Unilateral - As of July 2025, the US economic policy uncertainty index increased month - on - month, reaching 435.3 points, with an 82.8% year - on - year increase in the average value in the past 12 months, and the growth has been narrowing. Brent crude oil price decreased month - on - month, reaching $69.1 per barrel, with a 20.9% year - on - year decrease in the average value in the past 3 months, and the decline has been narrowing, with marginal strengthening, which is positive for SP price [56] Impact of International Trade and US Dollar Index on SP Unilateral - In May, China's total import and export volume decreased month - on - month, reaching $529 billion, with a 2.1% year - on - year increase in the cumulative value in the past 6 months, and the growth has been narrowing for 2 months, which is positive for SP valuation [57] - In June, the real broad - based US dollar index decreased for five consecutive months, reaching 114.9 points, with a 5.7% year - on - year increase in the average value in the past 9 months, and continuous marginal increase for 16 months, which is negative for SP unilateral. The general cycle of the US dollar index is 22 months [63]

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]