1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market has supply - demand contradictions and will operate in a short - term low - level range - bound manner due to insufficient terminal orders and resistance to downstream paper price increases [8] 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,174 yuan/ton, and the closing price was 5,182 yuan/ton, with an overall increase of 0.15%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,620 - 5,350 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The Shandong Yinxing offer was 5,180 - 5,200 yuan/ton [7] - Suzano announced a price increase of 20 US dollars/ton for eucalyptus hardwood pulp in the Asian market and 50 US dollars/ton in the European and American markets in April 2026, effective April 1. The FOB price of hardwood pulp remained firm. According to the February report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 1.4% year - on - year, softwood pulp decreased by 4.8% year - on - year, and hardwood pulp increased by 1.5% year - on - year. According to Europulp data, the total wood pulp inventory in European ports in February 2026 increased by 15.3% month - on - month and 3.0% year - on - year. From January to February 2026, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 26, 2026, the weekly pulp inventory in major regions and ports was 2.3512 million tons, a month - on - month increase of 7.42%, turning from a decline to an increase [8] 3.2. Industry News - On March 27, the National Bureau of Statistics released the profit situation of national large - scale industrial enterprises from January to February 2026. From January to February, the total profit of national large - scale industrial enterprises reached 1.02456 trillion yuan, a year - on - year increase of 15.2% (calculated on a comparable basis). Among large - scale industrial enterprises, state - owned holding enterprises achieved a total profit of 366.56 billion yuan, a year - on - year increase of 5.3%; joint - stock enterprises achieved a total profit of 803.29 billion yuan, an increase of 22.1%; foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises achieved a total profit of 216.75 billion yuan, a decrease of 3.8%; private enterprises achieved a total profit of 284.45 billion yuan, an increase of 37.2%. The paper and paper products industry achieved a total profit of 5.04 billion yuan, a year - on - year increase of 6.1%; the printing and recording media reproduction industry achieved a total profit of 3.59 billion yuan, a year - on - year decrease of 1.1% [9] 3.3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, 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][17][19][24][28][30]

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: March 26, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the pulp futures 05 contract was 5,222 yuan/ton, and the closing price was 5,224 yuan/ton, a 0.04% increase. The SP2609 contract rose 0.23%, and the SP2701 contract rose 0.14% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,640 - 5,350 yuan/ton, with the low - end price down 10 yuan/ton from the previous trading day. The price of Shandong Yinxing was 5,220 - 5,240 yuan/ton [7]. - **Supply and Demand**: Suzano announced price increases for eucalyptus hardwood pulp in April 2026. According to PPPC, the chemical pulp shipments of 20 major pulp - producing countries in January decreased by 0.9% year - on - year, softwood pulp by 5.5%, and hardwood pulp increased by 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, a 3.3% month - on - month increase and a 5.8% year - on - year decrease; consumption was 820,700 tons, a 1.2% month - on - month increase and a 3.4% year - on - year increase. The cumulative pulp imports from January to February 2026 were 6.0439 million tons, a 5.4% year - on - year decrease. As of March 19, 2026, the weekly pulp inventory in major regions and ports was 2.1888 million tons, a 5.89% month - on - month decrease. The supply - demand contradiction in the pulp market still exists, and it will run in a short - term low - level range [8]. Group 3: Industry News - **Arauco's Price Adjustment**: In March, Arauco adjusted the price of softwood pulp Yinxing to 680 US dollars/ton, maintained the price of hardwood pulp Mingxing at 620 US dollars/ton with 75% supply, and maintained the price of natural pulp Jinxing at 620 US dollars/ton [9]. - **Jiulong Paper's Project**: Jiulong Paper (Hubei) Co., Ltd. plans a total investment of 20.5 billion yuan, with a total area of 3,994 mu. After full operation, the total output value will reach 23 billion yuan, with taxes and profits of 1.8 billion yuan and 3,500 new jobs. The project started in October 2020, the first - phase project was put into operation at the end of 2022, the second and third - phase projects were fully put into operation in September 2025, and the fourth - phase project is under planning. In 2025, its industrial output value was 5.606 billion yuan, a 34.35% year - on - year increase [9]. Group 4: Data Overview - **Graphs**: The report includes graphs such as import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery spread, European major port wood pulp inventory, copperplate paper and offset paper price and spread, white cardboard and whiteboard paper price and spread, and US dollar to RMB exchange rate [15][17][19][24][30]

Group 1: Report Industry Investment Rating - The investment rating for the pulp industry is "oscillating weakly" [1] Group 2: Core View of the Report - The pulp market lacks substantial drivers with high port inventory on the supply - side and downstream paper mills' procurement being mainly for immediate needs. Attention should be paid to the procurement rhythm of downstream paper mills and marginal data of port inventory. The price of household paper is stable, and the key is to focus on raw material pulp price changes and paper mill equipment operation [4][5] Group 3: Summary of Related Catalogs 1. Fundamental Data - **Futures Market**: The daily - session closing price of pulp's main contract decreased from 5,272 yuan/ton to 5,232 yuan/ton, and the night - session closing price dropped from 5,280 yuan/ton to 5,136 yuan/ton. The trading volume increased by 70,943 lots to 312,959 lots, and the open interest of the 05 contract rose by 10,073 lots to 261,935 lots. The number of warehouse receipts increased by 2,384 tons to 191,616 tons, and the net position of the top 20 members decreased by 4,681 lots to - 54,630 lots [3] - **Spread Data**: The basis of "Yinxing - futures main contract" increased by 40 to 68, and that of "Jinyu - futures main contract (non - standard)" increased by 40 to - 632. The monthly spread of SP03 - SP05 increased by 24 to - 32 [3] - **Spot Market**: The domestic prices of coniferous pulp such as Beimu and Kailipu are 5,550 yuan/ton, and the international price of Yinxing is 710 dollars/ton. The domestic prices of broad - leaf pulp like Jinmu and Mingxing are 4,600 yuan/ton, and the international price of Mingxing is 620 dollars/ton. The domestic price of chemical mechanical pulp Kunhe is 3,800 yuan/ton, and the domestic price of natural pulp Jinxing is 4,850 yuan/ton with an international price of 620 dollars/ton [3] - **Trend Intensity**: The pulp trend intensity is - 1, indicating a weak bearish view [3] 2. Industry News - Yesterday, the price of coniferous pulp fluctuated with the market, while the price of broad - leaf pulp was relatively stable. During this week's Shanghai Pulp Week industry meeting, market participants are cautious in operation and actual trading is light. The supply - demand fundamentals have not changed significantly, with high port inventory on the supply side and downstream paper mills' procurement being mainly for immediate needs [4] - The price of household paper is stable, with general trading enthusiasm. The raw material pulp market is oscillating, and the stable price of broad - leaf pulp has a weak supporting effect on household paper prices. The terminal demand for household paper has not improved significantly, and some paper mills have slow inventory release [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In 2026, the import volume of pulp is expected to tighten, and the supply of softwood pulp will be significantly tightened. The downstream paper mills are mainly focused on cost - reduction and efficiency - improvement, with general procurement enthusiasm. The pulp market trading will gradually recover after the Spring Festival, and the spot price of imported softwood pulp may rise. However, the domestic pulp port inventory is still at a relatively high historical level, with great de - stocking pressure. It is recommended to pay attention to the support near the previous low, and consider light - position trial long if the market stabilizes [1][2][3] 3. Summary by Directory 3.1 Market Review - In February 2026, the main contract SP2605 of pulp futures first declined and then rose. Before the Spring Festival, the domestic port inventory was still at a relatively high historical level, and the de - stocking rhythm was slow. Affected by the weak terminal consumption demand and some paper enterprises' early holidays, the pre - holiday stocking had limited impact on demand. The short - sellers added positions, causing the market to decline. After the Spring Festival, the procurement of downstream paper enterprises gradually started, the pulp market trading will gradually recover. Affected by the financial attributes of the product, the spot price of imported softwood pulp may rise. The short - sellers reduced positions, and the market rebounded following the industrial product sector [7] 3.2 Fundamental Analysis 3.2.1 Expected Tightening of Softwood Pulp Imports - China has a high external dependence on pulp, especially for bleached softwood pulp. In 2025, the cumulative pulp import volume was 36.038 million tons, a year - on - year increase of 4.9%, and the cumulative import amount decreased by 2.4% compared with the previous year. In 2026, the pulp import volume is expected to tighten. In January 2026, the exports of softwood and hardwood pulp from Brazil to China decreased compared with the previous month and the same period last year. The exports of softwood, hardwood, and unbleached pulp from Chile to China showed different trends. Large pulp mills may permanently shut down production capacity or reduce production, and the supply of softwood pulp in 2026 is expected to be significantly tightened [12][13] 3.2.2 Decline in European Port Inventory and Gradual Recovery of Overseas Demand - In January 2026, the consumption and inventory of European chemical pulp decreased year - on - year, and the inventory days remained the same as last year. The European wood pulp port inventory is slowly declining, and the overseas wood pulp demand may show a slow recovery trend. Against the background of the merger wave in the European paper industry, the pulp outer - market quotation is firm [16] 3.2.3 Continuous Increase in Outer - Market Quotations - The outer - market price of imported hardwood pulp has been rebounding since August 2025 and continued to rise in February 2026. The import cost has a strong support for the domestic price. As of February 26, the weekly average price of imported softwood pulp and hardwood pulp increased compared with the previous week before the Spring Festival [19] 3.2.4 Slow Resumption of Work in Downstream Paper Mills and Increasing Import Cost Pressure - The outer - market quotations of softwood and hardwood pulp are continuously strong, increasing the production cost of downstream paper enterprises. The increase in the price of downstream base paper is weak, squeezing the enterprise profit and suppressing the procurement willingness for high - price raw materials. Affected by the shutdown and maintenance during the Spring Festival, the operating load rates of various paper types decreased. The downstream paper mills are mainly focused on cost - reduction and efficiency - improvement, with general procurement enthusiasm and slow resumption of work, which drags down the increase of the actual order price of hardwood pulp [23][25] 3.2.5 Increase in Domestic Main Port Inventory and Still at a High Level - As of February 26, 2026, the total pulp inventory in Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port increased by 13.30% compared with the previous week before the Spring Festival, turning from a decline to an increase. The domestic pulp port inventory is still at a relatively high historical level, with great de - stocking pressure, waiting for the recovery of demand [29] 3.3 Future Outlook - The supply side shows that the pulp import volume is expected to tighten in 2026. The demand side shows that the operating load rates of downstream paper types decreased due to the Spring Festival shutdown and maintenance. The procurement enthusiasm of downstream paper mills is general, and the resumption of work is slow. The supply of softwood pulp is expected to be significantly tightened, the outer - market quotation is firm, and the pulp market trading will gradually recover after the Spring Festival. The spot price of imported softwood pulp may rise, but the domestic pulp port inventory is still at a high level, with great de - stocking pressure. It is recommended to pay attention to the support near the previous low, and consider light - position trial long if the market stabilizes [31][32][33]

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]