行业 纸浆日报 日期 2025 年 12 月 30 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 表1：行情回顾 | | RDI ਤੇ ਤ ...

世界500强投资企业 E 突期货有限公司 成为一流的衍生品综合服务商 入 期 市 市 服 热线线 官 方 网 站 客 霜 有 谨 风 400-8888-598 www.itf.com.cn 慎 险 IIIC 国贸期货 投资咨询业务资格:证监许可【2012】31号 收费サ 国贸期货研究院 投资咨询号:Z0015194 2025/12/24 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 周环比 2025年12月23日 周环比 2025年12月23日 日环比 日环比 SP2601 针叶浆银星 0. 04% 2. 82% 0. 00% 0. 00% 5550 5600 期货价格 现货价格 SP2609 针叶浆俄针 0. 07% 3.13% 0. 00% 0. 00% 5670 5250 (元/吨) (元/吨) SP2605 5620 -0. 04% 2. 78% 阔叶浆金鱼 0. 00% 0. 00% 4500 上期价格 月环比 上期价格 月环比 本期价格 本期价格 智利银星 智利银星 2. 94% 5559 2.91% 700 5721 680 外盘报价 进口成本 田西等鱼 巴西金鱼 540 ...

021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 行业 纸浆日报 日期 2025 年 12 月 11 日 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

行业 纸浆日报 日期 2025 年 11 月 27 日 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

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]

Industry Investment Rating - Not provided in the given content Core Viewpoints - The pulp futures 01 contract decreased by 0.60%, and the price of Shandong wood pulp market remained stable. The short - term external market quotes showed mixed trends. The supply - side tightening needs to be reflected in shipments, port inventories are at a high level, and downstream paper mills still aim to reduce costs and increase efficiency. The pulp market will continue to adjust with low - level fluctuations [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the pulp futures 01 contract was 5304 yuan/ton, and the closing price was 5272 yuan/ton, a decline of 0.60% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5000 - 6600 yuan/ton, remaining stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5600 - 5620 yuan/ton [7] - **External Quotes**: Chile's Arauco Company announced the new September wood pulp external quotes. The price of softwood pulp Silver Star was 700 US dollars/ton, a decrease of 20 US dollars/ton from the previous month; the price of natural pulp Venus was 590 US dollars/ton, the same as the previous month; the price of hardwood pulp Star was 520 US dollars/ton, an increase of 20 US dollars/ton from the previous month [8] - **Supply and Demand**: In August, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 10.3% year - on - year, with softwood pulp increasing by 5% and hardwood pulp increasing by 14.7%. China's total pulp imports in August were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 25, 2025, the weekly pulp inventory in major regions and ports decreased by 3.84% month - on - month. The downstream cultural paper market was affected by typhoon weather, with the start - up of individual production lines in South China declining, production in some downstream enterprises stagnating, and the trading in the base paper market weakening, showing a weak and volatile operation [8] 2. Industry News - On September 25, the PM71 paper machine at Shanying's Suzhou base was successfully started up. After the successful start - up of the PM72 at the same base, this was another major milestone achieved by Voith and Shanying. The dual - machine production of PM71&72 at the Suzhou base marked a key step in Shanying's layout in the high - end corrugated base paper market. In the future, both parties will focus on the directions of intelligence and sustainable development and jointly explore the high - quality growth path of the packaging paper industry [9] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European major port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19][24][26][30]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: September 23, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract of pulp futures was 5,320 yuan/ton, and the closing price was 5,288 yuan/ton, a decline of 0.60%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,600 yuan/ton, with prices remaining stable compared to the previous trading day's closing price. The offer price of Shandong Yinxing was 5,600 - 5,620 yuan/ton [7]. - Overseas Quotes: Chile's Arauco Company announced the new September wood pulp overseas quotes. The price of softwood pulp Yinxing was 700 US dollars/ton, a decrease of 20 US dollars/ton from the previous month; the price of natural pulp Venus was 590 US dollars/ton, unchanged from the previous month; the price of hardwood pulp Mingxing was 520 US dollars/ton, an increase of 20 US dollars/ton from the previous month [8]. - European Inventory and Consumption: In August, the European wood pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%. The European wood pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4% [8]. - China's Imports: In August, China's total pulp imports were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [8]. - Inventory in China: As of September 18, 2025, the weekly pulp inventory in major regions and ports was 2.0832 million tons, an increase of 0.54% from the previous week [8]. - Downstream Market: The cultural paper market continued to recover in terms of industry operation, with an expected increase in market supply, showing a weak and volatile trend. In the short term, overseas quotes showed mixed trends. The tightening of the supply side still needed to be reflected in shipments. Port inventories remained at a high level, and downstream paper mills still aimed to reduce costs and increase efficiency, so the market continued to adjust with low - level fluctuations [8]. Group 3: Industry News - Chenming Paper: On September 15, Chenming Paper stated during a specific - object research reception that the Shouguang base had fully resumed production, and the Huanggang base and the second plant of the Jiangxi base were operating normally. The first plant of the Jiangxi base, the Jilin base, and the Zhanjiang base were still under maintenance and aimed to resume production as soon as possible. Regarding the question of whether to reduce the production capacity of white cardboard, the company said it had three white cardboard production lines. The second plant in Jiangxi mainly produced poker cards with stable profits; the fourth plant in Shouguang planned to produce high - value - added copper - plated cards, game cards, food cards, etc. to improve profitability; after the fourth plant in Zhanjiang resumed production, it would mainly reduce costs and improve profit margins by reducing the cost of self - made pulp and improving production efficiency [9]

Group 1: Report Information - The report is a daily paper pulp report dated September 11, 2025 [1][2] Group 2: Research Team - The energy and chemical research team includes researchers such as Liu Youran (pulp), Li Jie (crude oil and asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (industrial silicon and polysilicon), Peng Jinglin (polyolefins), and Feng Zeren (glass and soda ash) [3][4] Group 3: Market Review and Operational Suggestions - The previous settlement price of the pulp futures 01 contract was 5,284 yuan/ton, and the closing price was 5,266 yuan/ton, a decrease of 0.34%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,650 yuan/ton, with the low - end price remaining stable compared to the previous trading day. The price of Shandong Yinxing was 5,700 yuan/ton [7] - Chile's Arauco Company announced the new August wood pulp export prices: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to the June prices. In July, the chemical commodity pulp shipments of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1%. In July 2025, the total wood pulp inventory in European ports decreased by 1.9% month - on - month and increased by 19.2% year - on - year. In August, China's total pulp imports were 2.653 million tons, a decrease of 7.8% month - on - month and 5.5% year - on - year. As of September 4, 2025, the weekly pulp inventory in major regions and ports increased by 0.52% month - on - month. In July, the cumulative year - on - year profit of the papermaking and paper products industry decreased by 21.9%, with the decline slightly expanding [8] - On the demand side, the new round of publication bidding for offset paper has not started, and the listing price on the first day was lower than expected, with large short - term fluctuations. The overall shipping and supply pressure in the pulp and paper market remains high, the peak demand season is not prosperous, the supply - demand contradiction has not improved, and the market is mainly in a low - level volatile operation [8] Group 4: Industry News - On September 10, after the resumption of production at Meilun Chemical Pulp Mill and Factories 5, 6, and 9, the Shouguang base made new progress. On September 8, the tissue paper production line of Factory 7 was successfully started. The factory is equipped with two international - class production lines, with core equipment imported from Andritz in Austria and Valmet in Finland. The paper machine has a width of 5,600 mm and an operating speed of 2,000 m/min, with advanced processes such as integrated double - layer headboxes and shoe presses, and a full - set of automated control systems. It can efficiently produce boxed facial tissues, roll papers, etc., and all quality indicators reach international advanced levels. As of now, the operating production lines at the Shouguang base are running smoothly, and the remaining production lines are planned to start operation before September 10, when the Shouguang base will fully resume full - load production capacity [9] Group 5: Data Overview - The report provides various data charts, including those related to import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, 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 [15][28][32]

Report Industry Investment Rating - No specific investment rating is provided in the report. Core Viewpoints - The pulp price is currently weak due to delivery pressure and a fundamental pattern of weak supply and demand. However, with the pulp price falling to a low level, there are rumors that some enterprises are preparing to take delivery, which may relieve the warehouse receipt pressure. As the port inventory decreases week - on - week and the seasonal peak demand season approaches, paper mills have a strong willingness to support prices, so the pulp price may rebound. The report maintains a view of range - bound trading [3]. - The pulp price in Shandong is stable today, the market shows signs of stopping the decline, but the upward driving force is limited, the trading sentiment is light, and it is expected to remain in a low - level range - bound trading before the Mid - Autumn Festival peak season. It is recommended to wait and see [5]. - The short - selling main force has reduced positions, which is bullish [8]. Summary by Related Content Supply and Demand Analysis - On the supply side, the supply of hardwood pulp remains loose, but Brazil has a slight production cut and raised the quotation, basically indicating the confirmation of a phased bottom. The risk of tariffs increases the possibility of production cuts by overseas softwood pulp mills, and the pattern of tight softwood and loose hardwood continues to diverge [3]. - On the demand side, there is an expectation of a recovery, but the spot market has not shown signs of improvement. The "peak season is not prosperous", with basically small fluctuations. Among the four major paper types, the production of offset printing paper and tissue paper increased year - on - year, while the production of white cardboard and coated paper decreased year - on - year. The improvement of raw paper orders is limited, dragging down the pulp market trend [3]. Price and Market Trend - The spot price of softwood pulp in Shandong today continues to remain stable, and the port inventory starts to decline slightly, but it is still higher than the same period last year [3]. - The pulp price in Shandong is stable, the market has signs of stopping the decline, but the upward driving force is limited, and the trading sentiment is light [5]. Market Sentiment and Suggestion - The short - selling main force has reduced positions, which is bullish for the pulp market [8]. - It is expected that the pulp market will remain in a low - level range - bound trading before the Mid - Autumn Festival peak season, and it is recommended to wait and see [5].