行业 纸浆日报 日期 2025 年 9 月 29 日 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 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 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 ＃summary＃ 每日报告 一、行情回顾 ...

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].

Group 1: Report Overview - Report Title: Pulp Daily Report [1] - Report Date: September 4, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - Cost - end guidance is limited, supply remains loose, and pulp is in low - level volatile adjustment awaiting peak - season demand [8] Group 4: Market Review and Operation Suggestions Market Review - Pulp futures 01 contract: The previous settlement price was 5340 yuan/ton, and the closing price was 5324 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong wood pulp market is 5000 - 6650 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The price of Shandong Silver Star is 5,750 yuan/ton [7] - Arauco's August pulp offers: Softwood pulp Silver Star at 720 USD/ton, unbleached pulp Venus at 590 USD/ton, hardwood pulp Star at 520 USD/ton, all stable compared to June [8] - World's 20 major pulp - producing countries' July chemical pulp shipments: Up 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1% [8] - July European port pulp inventory: Down 1.9% month - on - month and up 19.2% year - on - year [8] - July China's pulp imports: 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - As of August 28, 2025, weekly pulp inventory in major regions and ports: Up 1.23% month - on - month [8] - January - July profit of the papermaking and paper products industry: Down 21.9% year - on - year, with a slightly wider decline [8] Operation Suggestions - No operation suggestions provided in the report Group 5: Industry News - On September 2, Shanying Paper announced a shutdown and maintenance plan for the National Day. It involves 12 paper lines at multiple bases in Anhui, Zhejiang, Central China, Fujian, Guangdong, and Jilin, with shutdown durations ranging from 4 to 8 days from September 29 to October 6, affecting about 97,000 tons of boxboard and corrugated paper production capacity [9] - July European port total inventory: Down 1.91% month - on - month and up 19.19% year - on - year. Only the ports in the Netherlands, Belgium, France, and Switzerland saw a 1.72% month - on - month increase, while ports in the UK, Germany, Italy, and Spain decreased by 26.03%, 6.96%, 1.45%, and 7.22% respectively [9] Group 6: Data Overview - The report presents multiple data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - delivery price differences, warehouse receipt volume, domestic main port pulp inventory, European main port 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][28][29][32]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The pulp market continues to be weak, and it is recommended to pay attention to the stabilization of demand. The operation suggestion is to wait and see for the time being [35] Group 3: Summary According to the Directory 1. This Week's Market Review - The main pulp futures contract SP2511 searched for the bottom downward, rebounded slightly on Friday, and the overall trend was weak [7] 2. Fundamental Analysis - **Pulp Market Price**: As of August 28, the weekly average price of imported softwood pulp was 5,677 yuan/ton, down 1.13% from last week, and the decline rate increased by 0.49 percentage points compared with the previous period; the weekly average price of imported hardwood pulp was 4,190 yuan/ton, down 0.12% from last week, changing from rising to falling [11] - **Accumulated Pulp Imports from January to July**: In July 2025, China imported 2.877 million tons of pulp, with an import value of 1.7652 billion US dollars and an average unit price of 613.56 US dollars/ton. From January to July, the cumulative import volume and value increased by 6.5% and 3.4% respectively compared with the same period last year [16] - **Port Inventory Situation**: As of August 28, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0468 million tons, down 0.14% from last week, and the decline rate narrowed by 1.45 percentage points [19][35] - **European Commodity Chemical Pulp Consumption and Inventory in July**: In July 2025, the consumption of European chemical pulp was 814,200 tons, a year-on-year decrease of 2.07%; the inventory of European chemical pulp was 683,200 tons, a year-on-year increase of 8.65%. The inventory days were 26 days, an increase of 3 days compared with the same period last year [23] - **Warehouse Receipt Inventory of the Shanghai Futures Exchange**: No specific analysis content provided - **Different Performance of Operating Rates of Downstream Pulp Types**: Wastepaper pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption; non-wood pulp consumption accounts for 6% of the total pulp consumption. As of August 28, the weekly operating load rate of double copper paper increased by 1.31 percentage points; the weekly operating load rate of double offset paper increased by 0.17 percentage points; the operating load rate of white cardboard decreased by 1.56 percentage points compared with last week; the operating load rate of household paper decreased by 0.32 percentage points compared with last week [28] 3. Outlook for the Future - The inventory of major Chinese regions and ports decreased slightly, and the decline rate narrowed. The external quotation of imported hardwood pulp has a rising expectation, and some spot traders in some regions have a certain sentiment of supporting prices due to cost pressure. However, the profit improvement of downstream paper mills is poor, the acceptance of high prices is limited, and they mainly purchase at low prices. The pulp market transaction is not prosperous, and the spot price is slightly weak. The recent market has been running weakly. It is recommended to pay attention to the stabilization of demand and wait and see for the time being [35]

Group 1 - The core viewpoint indicates that the pulp futures market is under pressure due to a seasonal demand slump, with processing profits for paper mills not showing significant improvement [3] - As of August 21, 2025, the inventory of pulp at major Chinese ports reached 2.132 million tons, reflecting a week-on-week increase of 33,000 tons, or 1.6% [2] - The main contract for pulp futures closed at 5,108 CNY/ton, with a weekly decline of 3.33% [1] Group 2 - Institutions suggest that the sentiment is dominated by expectations of supply contraction, as major international pulp producers like Suzano and Bracell have announced production cuts [3] - The external pricing for wood pulp has remained stable, with needle pulp priced at 720 USD/ton and bleached pulp at 590 USD/ton, indicating no significant changes since June [2] - Despite marginal improvements in demand, the sustainability of this trend is uncertain, as paper mills continue to face high inventory levels and low profit margins [3]

1. Report Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints - This week's pulp outlook is slightly bullish. International pulp mills' production cuts and product conversions support the current pulp prices from falling, and the increase in foreign market prices further boosts market sentiment. However, the demand market is currently slow to follow up. Whether pulp prices can continue to rise or surge significantly depends on the shipment status and production fluctuations in the demand-side base paper market. Additionally, macro - policy stimuli can also affect the price fluctuations of pulp futures. It is recommended to monitor port inventory levels and base paper demand [75]. 3. Summary by Directory 3.1 Industry News - As of August 14, 2025, the pulp inventory at Changshu Port was 536,000 tons, a week - on - week increase of 51,000 tons or 10.5%. Qingdao Port's inventory was 1.375 million tons, a decrease of 10,000 tons or 0.7%. Gaolan Port's inventory was 50,000 tons, a decrease of 11,000 tons or 18.0%. The total inventory of major sample ports was 2.099 million tons, a week - on - week increase of 51,000 tons or 2.5% [6]. - Brazil's Suzano announced a reduction of nearly 500,000 tons in commodity pulp production over the next 12 months, equivalent to about 1% of the global demand for 40 million tons of hardwood pulp [6]. - China's pulp imports in July 2025 were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. The cumulative imports for the year were 21.455 million tons, a cumulative year - on - year increase of 6.5% [6]. 3.2 Market Data 3.2.1 Market Trends - As of August 15, 2025, the basis for coniferous pulp Silver Star in Shandong was 544 yuan/ton, a month - on - month decrease of 20.93% but a year - on - year increase of 29.52%. The basis for Russian Needle was - 6 yuan/ton, a month - on - month decrease of 110.34% and a year - on - year increase of 80.00%. The price difference between Silver Star and Russian Needle was 550 yuan/ton, a month - on - month decrease of 12.70% and a year - on - year increase of 22.22% [12]. - As of August 15, 2025, the 11 - 01 month - spread was - 220 yuan/ton, a month - on - month increase of 9.84%. The 01 - 05 month - spread was 30 yuan/ton, a month - on - month increase of 36.36% [17]. 3.3 Fundamental Data 3.3.1 Price - The price difference between coniferous and broad - leaf pulp decreased. As of August 15, 2025, the price difference between Silver Star and Goldfish was 1,650 yuan/ton, a month - on - month decrease of 6.78% but a year - on - year increase of 57.14%. The price difference between Russian Needle and Goldfish was 1,100 yuan/ton, a month - on - month decrease of 3.51% and a year - on - year increase of 83.33% [24]. - The import profit of coniferous and broad - leaf pulp improved. As of August 15, 2025, the import profit of coniferous pulp (Silver Star) was - 36.74 yuan/ton, a month - on - month increase of 2.38% and a year - on - year increase of 81.82%. The import profit of broad - leaf pulp (Star) was 87.54 yuan/ton, a month - on - month increase of 769.10% and a year - on - year increase of 123.39% [28]. - The price of coniferous pulp: As of August 15, 2025, the prices of Silver Star, Cariboo, Northern Pine, Lion Brand, and Russian Needle were 5,850 yuan/ton, 5,950 yuan/ton, 6,150 yuan/ton, 5,950 yuan/ton, and 5,300 yuan/ton respectively. The price of Russian Needle increased by 1.53% month - on - month [29]. - The price of broad - leaf pulp: As of August 15, 2025, the prices of Goldfish, Star, Birdie, and Broadleaf were 4,200 yuan/ton, 4,200 yuan/ton, 4,150 yuan/ton, and 4,150 yuan/ton respectively, with month - on - month increases ranging from 2.44% to 2.94% [36]. - The price of natural color pulp and chemimechanical pulp: As of August 15, 2025, the prices of Venus and Kunhe were 4,900 yuan/ton and 3,700 yuan/ton respectively, remaining unchanged month - on - month [40]. 3.3.2 Supply - In June 2025, European port pulp inventory increased both month - on - month and year - on - year, while global pulp shipments in May increased month - on - month [41]. - In June 2025, the performance of pulp imports continued to diverge. Coniferous pulp imports decreased by 6.07% month - on - month, while broad - leaf pulp imports increased by 10.96% month - on - month [45]. 3.3.3 Demand - The capacity utilization rates of some finished paper products showed an upward trend. As of August 15, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 72.58%, 63.50%, 56.27%, and 57.18% respectively [49]. - The prices of finished paper products were generally weak. As of August 15, 2025, the average prices of white cardboard, household tissue paper, offset paper, and coated paper decreased to varying degrees month - on - month [50]. - The profits of finished paper products weakened [61]. 3.3.4 Inventory - As of August 15, 2025, the warehouse receipt quantity of pulp (warehouse) was 235,100 tons, a month - on - month increase of 1.13% and a year - on - year decrease of 50.02%. The warehouse receipt quantity of pulp (factory warehouse) was 19,200 tons, remaining unchanged month - on - month and a year - on - year decrease of 42.05% [66]. - Overall, port inventory was at a medium level for the year, and the inventory of major domestic ports showed an upward trend this period. Qingdao Port's inventory decreased, while Changshu Port's inventory increased [71].

Report Information - Report Name: Pulp Daily Report - Date: August 13, 2025 - Industry: Pulp [1][2] Investment Rating - Not provided Core View - The fundamentals of the pulp industry have slightly improved compared to the previous period. If the industry profit is further repaired in the future, pulp still has room to rebound and rise, but the overall space is limited due to the lack of supply - side support [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: Pulp futures contract 09 had a previous settlement price of 5,192 yuan/ton and a closing price of 5,216 yuan/ton, rising 0.46%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,150 - 6,700 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The price of Shandong Yinxing was 5,850 yuan/ton [7] - **Industry Situation**: The new import wood pulp outer plate has not been announced, and market wait - and - see sentiment persists. Suzano will reduce its commodity pulp production by 3.50% from August 6th for the next year. In May, the shipment volume of coniferous pulp from 20 major pulp - producing countries in the world was 1.69 million tons, a month - on - month increase of 4.4% and a year - on - year decrease of 8.2%. In July, China's total pulp imports were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 8, 2025, the weekly pulp inventory in major regions and ports decreased by 4.67% month - on - month, and the inventory in major ports decreased compared to the previous week. The profit improvement space of downstream paper enterprises is limited, and they mainly replenish inventory on a need - to - buy and low - price basis [7][8] 2. Industry News - **Broadleaf Pulp**: Suzano, the world's largest broadleaf pulp producer, will reduce its commodity pulp production by about 3.5% in the next 12 - month operating cycle, which means a reduction of about 400,000 - 500,000 tons, equivalent to about 1% of the global demand for 40 million tons of broadleaf pulp. Bracell also announced a production adjustment [9] - **Coniferous Pulp**: Active production cuts have affected 2 - 4% of the coniferous pulp supply. Fenbao temporarily closed its 690,000 - ton/year Joutseno factory, reducing the global supply of 26 million tons of coniferous wood by 2 - 3%. UPM extended the maintenance work of its 700,000 - ton/year Kaukas factory in the third quarter [9]

1. Report Information - Report Title: Pulp Daily Report [1] - Date: July 15, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions Market Review - The previous settlement price of the pulp futures contract 09 was 5,228 yuan/ton, and the closing price was 5,244 yuan/ton, a 0.31% increase [7]. - The intended transaction price range of softwood pulp in the Shandong market was 5,070 - 6,700 yuan/ton, with the low - end price remaining stable compared to the previous trading day. The quotation of Shandong Yinxing was 5,920 - 5,950 yuan/ton [7]. Supply and Demand Analysis - Chile's Arauco announced its July offer. Yinxing had completed transactions with no new offers, and the net price of Uruguay's hardwood pulp New Star was $500/ton [8]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6% year - on - year [8]. - According to Europulp data, the total inventory of wood pulp in European ports in May increased by 13.3% month - on - month and 22% year - on - year [8]. - China's pulp imports in June were 3.03 million tons, a 0.5% increase month - on - month and a 16.3% increase year - on - year [8]. - As of July 10, 2025, the weekly pulp inventory in major regions and ports increased by 0.45% month - on - month, with only the inventory at Gaolan Port decreasing compared to the previous week. The overall shipment speed was stable [8]. - Downstream terminal orders were insufficient, and the prices of base paper were generally stable with some individual declines [8]. Operation Suggestions - The absolute price of pulp is currently at a relatively low level. The downside space due to weak fundamentals is limited, and a new round of upward movement depends on the improvement of terminal demand and the restoration of industry profits. In the short term, it will maintain a wide - range volatile operation at a low level [8]. 3. Industry News - On July 11, the second - phase chemi - thermomechanical pulp (CTMP) project's Line 2 of Liansheng Pulp and Paper Co., Ltd. was successfully put into operation. It took only 4 hours and 8 minutes to connect the entire system from feeding, and after 20 hours of system optimization after startup, the quality of the main pulp reached the requirements of the paper machine production line. The CTMP from Line 2 has been used in the PM1 white cardboard production line of Zhangpu Base [9]. - The successful commissioning of Line 2 of the second - phase CTMP project not only marks another major progress in Liansheng Pulp and Paper's Zhangpu Base's annual production of 3.9 million tons of forest - pulp - paper integration but also further strengthens the company's flexible self - supply capacity of raw materials [9]. - In the Zhangpu Base project with an annual output of 3.9 million tons, Valmet supplied a BCTMP production line, including various pulping process technologies such as wood chip washing, pre - impregnation systems, high - consistency refining, low - consistency refining, bleaching, high - consistency screening systems, and twin - roll washers, as well as engineering, procurement, on - site management (EPS), training, on - site services, and related spare parts [9]. 4. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [7][15][17][19][26][28][30]