国信期货研究 Page 1 等待需求恢复，关注下方支撑 纸浆 2026 年 3 月 1 日 国信期货纸浆月报 主要结论 供应端，据中华人民共和国海关总署数据显示，2025 年 1-12 月纸浆累计进 口量 3603.8 万吨，同比增加 4.9%；累计进口金额较去年同期减少 2.4%。但是 2026 年纸浆进口量预期收紧。据巴西海关，2026 年 1 月巴西出口中国针叶浆 0.51 万吨，环比缩减 60.39%，同比缩减 39.51%；阔叶浆 71.22 万吨，环比缩减 14.58%， 同比缩减 29.41%。据智利海关公布的数据，2026 年 1 月智利纸浆出口中国针叶 浆 12.49 万吨，环比缩减 0.90%，同比缩减 10.82%；出口阔叶浆 24.88 万吨，环 比增长 47.14%，同比增长 16.78%；出口本色浆 1.82 万吨，环比缩减 26.52%， 同比增长 10.66%。 国信期货交易咨询业务资格： 证监许可【2012】116 号 需求端，受到春节期间样本企业停工检修影响，下游各纸种开工负荷率下滑。 据卓创资讯，其中双铜纸开工负荷率较节前一周下滑 7.93 个百分点；双胶纸开 工负荷率较 ...

Group 1 - The core viewpoint of the article indicates that as the Spring Festival approaches, the demand for paper pulp is declining due to downstream paper companies completing their raw material stocking [1] - As of February 9, the spot price for imported softwood pulp is stable at 5,270 yuan per ton, while the price for imported hardwood pulp is also stable at 4,530 yuan per ton [1] - The overall trading activity in the market is weak, with traders holding prices steady due to expectations of increased costs after the holiday, leading to a lack of transactions [1] Group 2 - Downstream operating loads are expected to gradually decrease as the holiday approaches, further weakening demand support [1] - There is a low intention for raw material stocking before the holiday, as paper companies lack confidence in post-holiday market trends [1] - The expectation is that the paper pulp spot market will experience limited transactions and a lack of market activity before the Spring Festival [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp market continues to have a situation of oversupply. The domestic production of broadleaf pulp has increased, and port inventories have been accumulating for five consecutive weeks. The downstream paper mills' procurement is almost stagnant, and overall demand support is weak [5]. - The supply - demand of double - offset paper maintains a weak balance. Supply has increased, but downstream consumption is flat, and the contradiction between supply and demand has not been effectively alleviated. Its valuation is at a low level, and short - term trading is light due to the Spring Festival [5]. - Pulp valuation shows a weak shock trend. In the short term, there is a lack of positive support, and in the long term, it is necessary to pay attention to the downstream resumption of work and restocking rhythm after the festival and port destocking [5]. 3. Summary According to Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis**: The pulp market has an oversupply pattern, and the double - offset paper market has a weak supply - demand balance. Pulp valuation is weak, and double - offset paper valuation is at a low level [5]. - **Trading Strategies**: For single - side trading, the main idea is to short SP2505 and be bearish on OP2502; for arbitrage, mainly wait and see, and pay attention to 4SP - OP arbitrage; for options, wait and see for SP options and sell OP2602 - C - 4250 [5]. 3.2 Core Logic Analysis - **Pulp Market**: The supply of domestic broadleaf pulp is 24.9 tons (a month - on - month increase of 0.9 tons), and chemical mechanical pulp slightly increases by 0.2 tons. Port inventories have accumulated to 218.2 tons, and downstream paper mills' procurement is almost stagnant [5]. - **Double - Offset Paper**: Production is 20.1 tons (a month - on - month increase of 7.5%), capacity utilization is 51.4%. Downstream consumption is flat, and enterprise inventories are 142.2 tons (a month - on - month increase of 1.1%) [5]. - **Pulp Valuation**: It is in a weak shock state, with core pressure from pre - festival demand stagnation and continuous port inventory accumulation [5]. - **Double - Offset Paper Valuation**: It is at a low level, with supply abundance and weak demand as core constraints. Short - term trading is light, and long - term improvement depends on the optimization of the supply - demand pattern [5]. 3.3 Weekly Data Tracking 3.3.1 Supply - **Double - Offset Paper**: Production is 20.1 tons, a month - on - month increase of 1.4 tons (7.5%), and capacity utilization is 51.4%, a month - on - month increase of 3.5%. The weekly average profit is - 483.8 yuan/ton, and the gross profit margin drops by 1.2 percentage points [9]. - **Coated Paper**: Production is 8.4 tons, a month - on - month increase of 0.1 tons (1.2%), and capacity utilization is 62.0%, a month - on - month increase of 0.4%. The weekly average profit is - 5.5 yuan/ton, and the gross profit margin rises by 1.1 percentage points [17]. - **Domestic Pulp**: The production of broadleaf pulp is 24.9 tons, an increase of 0.9 tons from last week. The production profit margin is relatively stable [25]. - **Wood Pulp**: The market price of chemical mechanical pulp is 2575 yuan/ton, remaining flat. As of February 5, 2026, the inventory of mainstream port samples is 218.2 tons, a month - on - month increase of 1.3 tons (0.6%) [29]. 3.3.2 Inventory - **Double - Offset Paper**: The production enterprise inventory is 142.2 tons, a month - on - month increase of 1.1%. It is expected to continue increasing in the next cycle [13]. - **Coated Paper**: The production enterprise inventory is 39.7 tons, a month - on - month increase of 2.1%. It is expected to continue increasing in the next cycle [22]. - **Life - Use Paper**: The production is 29.83 tons, a month - on - month decrease of 0.13%. The inventory is 63 tons, a month - on - month increase of 0.16%, and the inventory days are 20.52 days, a month - on - month increase of 0.15% [33]. - **White Cardboard**: The production is 35.0 tons, a month - on - month increase of 1.9 tons (5.74%). The production factory inventory is 104.0 tons, a month - on - month decrease of 0.2 tons (0.19%) [36]. 3.3.3 Price - **Double - Offset Paper**: The enterprise average price of 70g double - offset paper is 4571.4 yuan/ton, a month - on - month decrease of 1.5% [44]. - **Coated Paper**: The enterprise average price of 157g coated paper is 4903.6 yuan/ton, a month - on - month decrease of 1.4% [44]. - **Imported Pulp**: The average spot price of coniferous pulp is 5331 yuan/ton, a month - on - month decrease of 0.4%; the average spot price of broadleaf pulp is 4600 yuan/ton, a month - on - month decrease of 0.6%; the average spot price of chemical mechanical pulp is 3800 yuan/ton, remaining flat; the average spot price of natural color pulp is 4950 yuan/ton, a month - on - month decrease of 0.58% [48].

Group 1: Report Investment Rating - No information provided Group 2: Core View - The recent supply side of pulp has seen disruptions again, but the demand side shows a decline. The overall commodity market has been highly volatile recently. It is recommended to observe cautiously [6] Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On February 2, 2026, SP2601 was 5440 yuan/ton, down 1.13% day-on-day and 2.33% week-on-week; SP2609 was 5306 yuan/ton, down 0.82% day-on-day and 2.21% week-on-week; SP2605 was 5266 yuan/ton, down 0.64% day-on-day and 2.01% week-on-week [5] - **Spot Prices**: On February 2, 2026, the price of coniferous pulp Silver Star was 5320 yuan/ton, down 1.12% day-on-day and 1.48% week-on-week; the price of coniferous pulp Russian Needle was 5150 yuan/ton, down 0.96% day-on-day and 1.90% week-on-week; the price of broadleaf pulp Goldfish was 4600 yuan/ton, unchanged day-on-day and down 1.08% week-on-week [5] - **Outer - disk Quotes**: The outer - disk quote of Chilean Silver Star was 710 dollars/ton, up 1.43% month - on - month; the quote of Chilean Star was 590 dollars/ton, up 3.51% month - on - month; the quote of Chilean Venus was 620 dollars/ton, unchanged month - on - month [5] - **Import Costs**: The import cost of Chilean Silver Star was 5802 yuan/ton, up 1.42% month - on - month; the import cost of Chilean Star was 4830 yuan/ton, up 3.47% month - on - month; the import cost of Chilean Venus was 5073 yuan/ton, unchanged month - on - month [5] Pulp Fundamental Data - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month compared to November; the import volume of broadleaf pulp was 135.2 tons, down 23.40% month - on - month [5] - **Domestic Production**: The production of broadleaf pulp and chemimechanical pulp fluctuated slightly from December 2025 to January 2026 [5] - **Pulp Port Inventory**: As of January 29, 2026, the inventory of Chinese pulp mainstream port samples was 216.9 tons, up 4.9% compared to the previous period, showing a continuous inventory accumulation trend for four weeks [5] - **Futures Delivery Warehouse Inventory**: The inventory of the futures delivery warehouse also fluctuated from December 2025 to January 2026 [5] - **Finished Paper Production**: The production of double - offset paper, coated paper, tissue paper, and white cardboard decreased to varying degrees [5] Supply, Demand and Inventory Analysis - **Supply Side**: In January, Chilean Arauco's coniferous pulp offer was 710 dollars/ton, up 10 dollars/ton; the offer of broadleaf pulp Star was 590 dollars/ton, up 20 dollars/ton; the offer of natural pulp Venus was 620 dollars/ton, unchanged [5] - **Demand Side**: The demand side of pulp has been stable recently. The price of tissue paper has increased slightly, and the prices of other paper products have been stable. The production of major wood - pulp paper has decreased [5] - **Inventory Side**: As of January 29, 2026, the inventory in Chinese pulp mainstream ports continued to accumulate [5]

Report Information - Report Name: Pulp Daily Report [1] - Date: December 30, 2025 [2] Investment Rating - Not provided Core View - Supply data for pulp is positive, but the market is constrained by weak demand. It is expected to fluctuate and adjust, with the market focusing on the pricing of near - month warehouse receipts [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the SP2605 pulp futures contract was 5,608 yuan/ton, and the closing price was 5,510 yuan/ton, a decline of 1.75%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,950 - 6,300 yuan/ton, up 50 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5,580 - 5,600 yuan/ton [7] - **Industry Data**: April under the Golden Eagle Group announced a $20/ton price increase for bleached hardwood pulp (BHK) orders in Asia starting from January. In November, the chemical pulp shipments of 20 major pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% month - on - month decrease and a 6.3% year - on - year increase; consumption was 805,600 tons, a 6.2% month - on - month and 4.6% year - on - year decrease. The total pulp imports in November 2025 were 3.246 million tons, a 24% month - on - month and 15.9% year - on - year increase. As of December 25, 2025, the weekly pulp inventory in major areas and ports was 1.8891 million tons, a 2.47% week - on - week decrease [8] - **Demand Situation**: Some paper mills have expectations of raising prices due to cost pressure, but the price increase is weak due to insufficient terminal orders. The mainstream price of offset paper remains stable [8] 2. Industry News - On December 29, Rugao Customs of Nantong City implemented the "advance declaration + direct pick - up at the ship's side" integrated customs clearance model, reducing the customs clearance time of imported pulp by over 70% and logistics costs by 30%, helping Asia Pulp & Paper Co., Ltd. (APP) operate efficiently. APP, a key foreign - invested project in Rugao, produces 1.2 million tons of high - end food - grade white cardboard annually, with over 90% of raw materials relying on imported pulp and a daily consumption of nearly 2,000 tons. The new model saves over one million yuan in logistics and tax costs and ensures the safety and smoothness of the supply chain [9] 3. Data Overview - The report provides multiple data charts, including those related to the spot price of imported softwood pulp in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][25][29]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The implementation of a new round of price increase letters is going well, domestic inventories are being reduced, and the market is viewed as oscillating upward [2] 3. Summary by Relevant Catalogs Paper Pulp Price Data - On December 23, 2025, the week - on - week change of SP2601 futures price was 0.04%, and the spot price of coniferous pulp Silver Star increased by 2.82%; the week - on - week change of SP2609 futures price was 0.07%, and the spot price of coniferous pulp Russian Needle increased by 3.13%; the week - on - week change of SP2605 futures price was - 0.04%, and the spot price of broad - leaf pulp Goldfish remained unchanged [1] - The month - on - month change of the outer - market quotation of Chilean Silver Star was 2.94%, and the import cost increased by 2.91%; the outer - market quotation of Brazilian Goldfish increased by 1.89%, and the import cost increased by 1.87%; the outer - market quotation and import cost of Chilean Venus remained unchanged [1] Paper Pulp Fundamental Data Supply - In October 2025, the shipment volume of paper pulp to China: The shipment volume of coniferous pulp was 173 thousand tons, a month - on - month decrease of 7.49%; the shipment volume of broad - leaf pulp was 131,800 tons, a month - on - month decrease of 2.80% [1] - The import volume of coniferous pulp in October 2025 was 691,000 tons, with a month - on - month change of 0.00% [1] - From November 6 to December 11, 2025, the domestic production volume of broad - leaf pulp fluctuated between 22.9 - 25 tons, and the domestic production volume of chemimechanical pulp fluctuated between 23.5 - 23.8 tons [2] - It is reported that in December, the offer of Chilean Arauco's coniferous pulp was 700 US dollars per ton, an increase of 20 US dollars per ton; the offer of broad - leaf pulp Star was 570 US dollars per ton, an increase of 20 US dollars per ton; the offer of natural color pulp Venus was 620 US dollars per ton, remaining unchanged [2] - In Asia, APRIL and Bracel under the Golden Eagle Group announced that the price of bleached broad - leaf wood pulp (BHK) for orders received in December would be increased by 20 US dollars per ton [2] Inventory - From October 30 to December 11, 2025, the paper pulp port inventory fluctuated between 200.8 - 217.3 tons, and the futures delivery warehouse inventory fluctuated between 19.9 - 22.4 tons [2] - As of December 18, 2025, the inventory of mainstream paper pulp ports in China was 199.3 tons, a decrease of 4.3 tons from the previous period, a month - on - month decrease of 2.1%, and the inventory has been decreasing for four consecutive weeks [2] Demand - From October 30 to December 11, 2025, the production volume of double - offset paper fluctuated between 20.6 - 20.9 tons, the production volume of coated paper fluctuated between 8.0 - 8.6 tons, the production volume of tissue paper fluctuated between 28.36 - 28.78 tons, and the production volume of white cardboard fluctuated between 35.7 - 38.4 tons [2] - Currently, 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 [2]

Report Information - Report Type: Pulp Daily Report [1] - Date: December 11, 2025 [2] Industry Investment Rating - Not provided Core View - Recently, the international wood chip supply has been continuously tight, and APRIL and Bracell under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood pulp in Asia in December. In October, the chemical pulp shipments of the world's top 20 pulp-producing countries decreased year-on-year, with significant declines in shipments to the Chinese market. In October 2025, the total wood pulp inventory at European ports decreased both month-on-month and year-on-year, while the weekly pulp inventory in major regions and ports increased month-on-month as of November 27, 2025. The downstream base paper prices have been adjusted slightly, and the processing cost pressure remains high. Some cultural paper mills issued price increase letters in December, boosting market confidence. In the short term, the suspension of overseas pulp mills has boosted the futures price. The main contract is mainly a game between new and old warehouse receipts, and the fundamentals have not yet formed a trend, so it is still regarded as a low-level wide-range shock adjustment [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the pulp futures 05 contract was 5,460 yuan/ton, and the closing price was 5,436 yuan/ton, a overall decrease of 0.44%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, with prices remaining stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5,500 yuan/ton [7]. - **Operation Suggestions**: The fundamentals have not yet formed a trend, and it is still regarded as a low-level wide-range shock adjustment [8]. 2. Industry News - On December 3, the Ministry of Ecology and Environment issued a letter soliciting opinions on the revised draft of the "Catalogue for the Classification Management of Environmental Impact Assessments of Construction Projects". Compared with the 2021 version, the revised "Catalogue" has 56 primary categories, 199 secondary industry categories, and 4 general processes. The adjustment has added 30 secondary industry categories. The "paper products manufacturing" industry is no longer in the "Catalogue", which means that new projects will simplify the requirements for environmental assessment management next year, which is a major benefit for the base paper processing industry and will further expand paper consumption. The deadline for soliciting opinions is January 5, 2026 [9]. 3. Data Overview - **Pulp Futures Data**: Includes information on contracts such as SP2601, SP2605, and SP2609, including opening price, closing price, highest price, lowest price, change rate, trading volume, open interest, etc. [7] - **Inventory Data**: In October 2025, the total wood pulp inventory at European ports decreased by 10.2% month-on-month and 6.5% year-on-year. As of November 27, 2025, the weekly pulp inventory in major regions and ports increased by 1.51% month-on-month [8] - **Price Data**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, and the quote for Shandong Silver Star was 5,500 yuan/ton [7]

Report Information - Report Title: Pulp Daily Report - Report Date: November 27, 2025 - Report Industry: Pulp Industry Core Viewpoint - The supply pressure of pulp is showing signs of weakening, but the downstream profit is insufficient, resulting in poor cost transmission. Pulp prices are under pressure to fall from high levels and are expected to fluctuate in a wide range at low levels [8] Summary by Section 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,216 yuan/ton, and the closing price was 5,208 yuan/ton, a decline of 0.15%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,400 yuan/ton, remaining stable compared to the previous trading day's closing price. The quoted price of Shandong Yinxing was 5,480 - 5,500 yuan/ton [7] - The external quotation of imported wood pulp in November is still unclear, with many rumors of price increases, and there is still a wait - and - see attitude in the market. In October, the chemical pulp shipments of 20 major pulp - producing countries decreased by 3.5% year - on - year, softwood pulp by 7.1% year - on - year, and hardwood pulp by 1.9% year - on - year, with a significant decline in shipments to the Chinese market. In October, the European wood pulp inventory was 703,900 tons, a decrease of 2.8% month - on - month and an increase of 3.4% year - on - year; the consumption was 844,100 tons, an increase of 4.8% month - on - month and 1.2% year - on - year. As of November 20, 2025, the weekly pulp inventory in major regions and ports was 2.0104 million tons, an increase of 1.71% from the previous week [8] - The price increase of downstream base paper is weak, and most mainstream prices remain stable. The price increase of white cardboard has slowed down. Currently, paper mills are under processing pressure, have a relatively limited acceptance of high - priced raw materials, and have poor restocking intentions [8] 2. Industry News - On November 26, it was reported that the digitalized automatic warehouse for papermaking products of Asia Symbol, a leading domestic company, completed equipment installation and commissioning and was officially put into operation. The warehouse project started in September 2024, began shelf installation in May 2025, and is now in use, which will bring a qualitative leap to Asia Symbol's warehousing and logistics efficiency [9] - Asia Symbol's annual 500,000 - ton high - grade cultural paper project (PM14) has been well - received since its launch in August 2023. The company plans to increase the proportion of copy paper products, add supporting equipment such as copy paper cutters in the original post - processing workshop, and increase the corresponding supporting warehousing capacity. Considering the insufficient warehousing capacity of white cardboard, it planned and constructed this project according to the demand for cultural paper and white cardboard [9] 3. Data Overview - The report provides multiple data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate, with data sources from Wind and Zhuochuang Information [15][17][19][24][25][27]

Core Viewpoint - The domestic white cardboard price has increased, influenced by various factors in the pulp market, with a notable rise in prices and changes in inventory levels [1] Group 1: Price Trends - As of October 23, the average price of domestic white cardboard reached 4054 yuan/ton, marking a 1.38% increase since the end of September [1] - The pulp futures warehouse receipts on the Shanghai Futures Exchange totaled 220,002 tons, a decrease of 267 tons compared to the previous period [1] Group 2: Supply and Demand Dynamics - The pulp supply remains relatively loose, with domestic port inventories being higher year-on-year, despite an 11% month-on-month and 10% year-on-year increase in pulp imports, totaling 2.95 million tons in September 2025 [1] - Eldorado Brasil Celulose is undergoing maintenance from October 20 to 31, which may slightly alleviate supply pressure [1] Group 3: Market Sentiment and Recommendations - The downstream paper operating rates are fluctuating, and the spot market is experiencing moderate volume, with a lack of strong seasonal support for orders [1] - The market sentiment is pessimistic, with expectations of continued short-term price increases, although there are constraints on prices moving higher [1]

Group 1: Report Overview - Report Title: Pulp Daily Report [1] - Date: October 23, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Viewpoints - The pulp market has no significant fundamental changes, with a slight rebound boosted by the sector and mainly fluctuating in a wide range at a low level. The demand side of the pulp market has a gentle increase in volume, and the start of the traditional peak season is delayed [8]. Group 4: Market Review and Operation Suggestions Market Review - The previous settlement price of the pulp futures 01 contract was 5,154 yuan/ton, and the closing price was 5,220 yuan/ton, a total increase of 1.28%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,850 - 6,500 yuan/ton, with the price rising 10 yuan/ton compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5,600 yuan/ton [7]. - Arauco of Chile announced the new October FOB prices for wood pulp: the softwood pulp Yinxing was at $680/ton, a decrease of $20/ton from the previous month; the unbleached pulp Jinxing was at $590/ton, unchanged from the previous month; the hardwood pulp Mingxing was at $540/ton, also unchanged from the previous month [8]. - In September, the European wood pulp inventory was 722,300 tons, a month - on - month increase of 3% and a year - on - year increase of 16.1%; the European wood pulp consumption was 813,200 tons, a month - on - month increase of 16.3% and a year - on - year decrease of 1.6%. In September, China's total pulp imports were 2.95 million tons, a month - on - month increase of 11.3% and a year - on - year increase of 10.1%. As of October 16, 2025, the weekly pulp inventory in major regions and ports increased by 1.45% month - on - month, and the overall shipping speed was moderate [8]. Operation Suggestions - No operation suggestions are provided in the report. Group 5: Industry News - Eldorado Brasil Celulose will conduct a full - shutdown maintenance at its Tres Lagoas factory in Mato Grosso do Sul, Brazil, from October 20 to 31, 2025. The factory has an annual production capacity of approximately 1.8 million tons of bleached eucalyptus pulp, and 90% of its products are for export, with about half going to the Chinese market [9]. Group 6: Data Overview - The report presents multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and spreads of coated paper and offset paper, prices and spreads of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][21][27][29]