Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The supply side shows an increase in quantity and a decrease in price, with the W20's May shipment volume to China up 3.3% month-on-month and Chile's Arauco company's new July wood pulp offers indicating certain trends [1]. - The demand side has a slight increase in the output of major finished paper products this week, but the low - price of finished paper provides weak support for pulp [1]. - The inventory shows a slight de - stocking trend as of July 24, 2025, with the inventory of mainstream pulp ports in China at 214.3 tons, a 3.8 - ton decrease from the previous period and a 1.7% month - on - month decline [2]. - It is expected that the futures price will have limited upward movement due to the lack of follow - up in spot prices and will likely move in a volatile manner [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 24, 2025, SP2601 was 5546, up 0.51% day - on - day and 2.36% week - on - week; SP2605 was 5462, down 0.07% day - on - day and 1.32% week - on - week; SP2509 was 5456, up 0.78% day - on - day and 3.65% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 5920, down 0.50% day - on - day and unchanged week - on - week; Russian Needle was 5420, down 1.09% day - on - day and up 2.26% week - on - week; Broadleaf pulp Goldfish was 4150, unchanged day - on - day and up 2.47% week - on - week [1]. - **Outer - disk Quotes**: Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 500 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month [1]. - **Import Costs**: Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1]. Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, and broadleaf pulp was 143.5 tons. The W20's May shipment volume to China increased by 3.3% month - on - month [1]. - **Inventory**: As of July 17, 2025, the pulp port inventory was 218.1 tons, and the futures delivery warehouse inventory was 25.60 tons [1]. - **Demand**: This week, the output of major finished paper products increased slightly, including double - offset paper, coated paper, tissue paper, and white cardboard [1]. Pulp Valuation Data - **Basis**: On July 24, 2025, the Russian Needle basis was - 36 with a quantile level of 0.591; the Silver Star basis was 464 with a quantile level of 0.841 [1]. - **Import Profit**: On July 24, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.685; that of broadleaf pulp Goldfish was 49 with a quantile level of 0.69 [1].

Group 1: Report Industry Investment Rating - Not mentioned in the report Group 2: Core View of the Report - The pulp market has a weak fundamental situation, which may restrict the rebound space. It is recommended to approach it with an interval - oscillation mindset [35] Group 3: Summary by Directory 1. This Week's Market Review - The main contract of pulp futures, SP2509, rebounded from a low level [7] 2. Fundamental Analysis - **Pulp Market Price**: As of July 17, the weekly average price of imported softwood pulp was 5,835 yuan/ton, up 0.50% from last week, turning from a decline to an increase; the weekly average price of imported hardwood pulp was 4,080 yuan/ton, up 0.34% from last week, with the increase rate expanding by 0.14 percentage points; the weekly average price of imported natural pulp was 5,013 yuan/ton, down 1.99% from last week, with the decline rate expanding by 1.21 percentage points; the weekly average price of imported chemimechanical pulp was 3,777 yuan/ton, up 0.27% from last week, turning from a decline to an increase [12] - **Accumulated Pulp Imports from January to June**: In June 2025, China imported 3.031 million tons of pulp, with an import value of 1.9079 billion US dollars and an average unit price of 629.46 US dollars/ton. The accumulated import volume and value from January to June increased by 4.2% and 2.3% respectively compared with the same period last year [16] - **Port Inventory Situation**: As of July 10, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.1621 million tons, down 1.08% from last week, turning from an increase to a decline [20] - **European Port Inventory in May**: In May 2025, the total inventory in European ports increased by 13.26% month - on - month and 22.04% compared with May 2024. The inventory in UK and Spanish ports decreased by 39.93% and 3.92% respectively month - on - month, while the inventory in ports of the Netherlands/Belgium/France/Switzerland, Germany, and Italy increased by 21.74%, 5.12%, and 16.36% respectively month - on - month [23] - **Downstream Operating Rates**: Waste pulp consumption accounts for 63% of the total pulp consumption in China; wood pulp consumption accounts for 31%, and imported wood pulp consumption accounts for 21%; non - wood pulp consumption accounts for 6%. As of July 17, the operating load rate of double - copper paper remained flat compared with last week; the operating load rate of double - offset paper increased by 1.41 percentage points; the operating load rate of white cardboard increased by 2.31 percentage points; the operating load rate of household paper decreased by 2.73 percentage points [28] 3. Future Outlook - The weekly pulp inventory in major Chinese regions and ports decreased by 1.41% from last week, turning from an increase to a decline. Affected by the off - season atmosphere of traditional industries, terminal orders are insufficient, and the downstream base paper industry still faces shipment pressure and has low enthusiasm for purchasing raw materials. The pulp port inventory remains at a high level in recent years, and the overall de - stocking rhythm is slow. The lower - end cost also provides some support, and industry players are reluctant to sell at low prices. The overall market rebound is restricted by the weak fundamentals. It is recommended to use an interval - oscillation approach [35]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View In the off - season of demand and with high inventory, pulp prices are expected to fluctuate at a low level [2]. 3. Summary by Related Catalogs Price Data - On July 8, 2025, the futures price of SP2601 was 5294, with a daily increase of 0.34% and a weekly increase of 1.50%. The spot price of coniferous pulp Silver Star was 5900, with no daily or weekly change. Other futures and spot prices also had corresponding changes, and the foreign - market quotes and import costs of some pulp varieties showed a trend of quantity increase and price decrease [1]. - The foreign - market quote of Chilean Silver Star was 720 dollars, a month - on - month decrease of 2.70%, and its import cost was 5884, a month - on - month decrease of 2.68% [1]. Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%, and that of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84%. The pulp shipment volume to China in May increased by 3.3% month - on - month. Chilean Arauco Company announced the new July wood pulp foreign - market quotes, showing an increase in supply volume and a decrease in price [1]. - **Demand**: The output of major finished paper increased slightly this week, but the price of finished paper remained low, providing weak support for pulp [2]. - **Inventory**: As of July 3, 2025, the inventory of China's mainstream pulp ports was 221.3 tons, an increase of 5.0 tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [2]. Strategy In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [2].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - In the off - season of demand and high - inventory situation, pulp is expected to fluctuate at a low level [1]. Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 5, 2025, SP2601 was 5276, down 0.08% day - on - day and up 0.42% week - on - week; SP2507 was 5040, down 0.51% day - on - day and down 0.16% week - on - week; SP2509 was 5074, up 0.12% day - on - day and up 0.20% week - on - week [1]. - **Spot Prices**: On July 5, 2025, the price of coniferous pulp Silver Star was 5900, unchanged day - on - day and week - on - week; Russian Needle was 5120, unchanged; broadleaf pulp Golden was 4020, unchanged [1]. - **Outer - Disk Quotes**: The outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1]. Pulp Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; broadleaf pulp was 129.3 tons, up 7.84% month - on - month. The pulp shipment volume to China in June 2025 was 140 tons, up 3.3% from May. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations from May 22 to July 3, 2025 [1]. - **Inventory**: As of July 3, 2025, the sample inventory of China's mainstream pulp ports was 221.3 tons, a 2.3% increase from the previous period. The delivery - warehouse inventory also had some changes during the period [1]. - **Demand**: From May 22 to July 3, 2025, the production of major finished papers such as offset paper, coated paper, tissue paper, and white cardboard showed small - scale fluctuations, with a slight overall increase this week. However, the finished - paper prices were continuously low, providing weak support for pulp [1]. Pulp Valuation Data - **Basis**: On July 5, 2025, the Russian Needle basis was 46, with a quantile level of 0.795; the Silver Star basis was 826, with a quantile level of 0.956 [1]. - **Import Profit**: On July 5, 2025, the import profit of coniferous pulp Silver Star was 16, with a quantile level of 0.649; broadleaf pulp Goldfish was - 567, with a quantile level of 0.187 [1].

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL | | | | | | | | 农产品研究中心。 | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/6/12 | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年6月11日 | HMH | 周环比 | | | 2025年6月11日 | 日刊十 HMA | 周环比 | | | SP2601 | 5270 | -0. 23% | 0. 38% | | 针叶浆银星 | 6150 | 0. 00% | 0. 00% | | 期货价格 | SP2507 | 5346 | -0. 56% | 0. 91% | 现货价 | 针叶浆俄针 | 5350 | 0. 00% | 0. 56% | | | SP2509 | 5260 | -0. 45% | 0. 46% ...

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL | | | | | | 农产品研究中心 | | | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/6/6 | | | | | | | | 纸浆价格数据 | | | | | | 2025年6月5日 | | | 日环比 | 周环比 | | | 2025年6月5日 | 日环比 | 107 W/N | | SP2601 | | 5242 | -0. 15% | 0. 15% | | 针叶浆银星 | 6150 | 0. 00% | 0. 00% | | 期货价格 | SP2507 | 5280 | -0. 34% | -0. 86% | 现货价 | 针织我针 | 5320 | 0. 00% | 0. 00% | | SP2509 | | 5228 | -0. 15% | 0. 27% | | ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On June 4, 2025, SP2601 was 5250, up 0.23% day - on - day and 0.65% week - on - week; SP2507 was 5298, down 0.11% day - on - day and up 0.46% week - on - week; SP2509 was 5236, up 0.27% day - on - day and 1.00% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 6150, down 0.81% day - on - day and week - on - week; Knitted Coniferous was 5320, down 1.48% day - on - day and 0.56% week - on - week; Broadleaf pulp Goldfish was 4120, down 0.72% day - on - day and up 0.49% week - on - week [1] - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply** - **Imports in April 2025**: Coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; Broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month [1] - **Shipments to China**: In April 2025, shipments of coniferous pulp to China decreased by 2.9% year - on - year, and shipments of broadleaf pulp to China increased by 26.7% year - on - year. In March 2025, shipments to China were 1813, up 20.70% month - on - month [1] - **Domestic Production**: In late May 2025, broadleaf pulp production fluctuated around 20 tons, and chemimechanical pulp production was around 20 tons [1] - **Inventory** - **Port Inventory**: As of May 29, 2025, pulp port inventory was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase [1] - **Delivery Warehouse Inventory**: As of May 29, 2025, it was 25.20 tons, down from the previous period [1] - **Demand**: In late May 2025, among the main finished paper products, the output of white cardboard increased slightly, and the output of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made rigid purchases [1] Pulp Valuation Data - **Basis**: On June 4, 2025, the Russian needle basis was 22, with a quantile level of 0.755; the Silver Star basis was 852, with a quantile level of 0.971 [1] - **Import Profit**: On June 4, 2025, the import profit of coniferous pulp Silver Star was 104, with a quantile level of 0.78; the import profit of broadleaf pulp Goldfish was - 467, with a quantile level of 0.206 [1] Summary - **Supply**: Chilean Arauco's June 2025 wood pulp outer - disk quotes were flat. Broadleaf pulp is expected to resume partial supply in July (limited quantity) [1] - **Demand**: The implementation of price increase letters from cultural paper and white cardboard manufacturers was poor, and downstream paper mills made rigid purchases. The output of white cardboard increased slightly, and the output of other paper types was stable [1] - **Inventory**: As of May 29, 2025, pulp port inventory showed a slight accumulation trend [1] - **Strategy**: Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [1]. 3. Summary by Related Catalogs Price Data - **Futures Prices**: On June 3, 2025, SP2601 was 5238, down 1.32% day - on - day and 1.17% week - on - week; SP2507 was 5414, down 1.42% day - on - day and up 1.65% week - on - week; SP2509 was 5222, down 1.36% day - on - day and 1.47% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6200, unchanged day - on - day and down 0.80% week - on - week; Russian Needle was 5400, unchanged day - on - day and down 0.92% week - on - week; Hardwood pulp Goldfish was 4150, unchanged day - on - day and down 1.19% week - on - week [1]. - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, down 3.90% month - on - month; Chilean Star was 560 dollars, down 11.11% month - on - month; Chilean Venus was 620 dollars, down 4.62% month - on - month [1]. - **Import Costs**: Import costs decreased. For example, Chilean Silver Star's import cost decreased from 6289 to 6046, a 3.87% decline [1]. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; hardwood pulp imports were 119.9 tons, down 18.44% month - on - month. The shipment of pulp to China in March 2025 was 1813 tons, up 20.70% month - on - month [1]. - **Inventory**: As of May 29, 2025, the inventory of mainstream pulp ports in China was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase. The inventory showed a slight accumulation trend [1]. - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid procurement. Among the main finished paper products, the output of white cardboard increased slightly, while the output of other paper types remained stable [1]. Valuation Data - **Basis**: The Russian Needle basis was - 14, with a quantile level of 0.67; the Silver Star basis was 786, with a quantile level of 0.958 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of hardwood pulp Goldfish was - 437, with a quantile level of 0.219 [1].

Report Summary 1) Report Industry Investment Rating No information provided in the report. 2) Report's Core View - The current demand for pulp is weak, and it is expected to move in a volatile manner [1]. 3) Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 28, 2025, SP2601 was 5234 with a 0.35% change and -1.91% compared to the same period; SP2507 was 5326 with a 0.99% change and -1.73% compared to the same period; SP2509 was 5214 with a 0.58% change and -2.32% compared to the same period [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6150 with a -0.81% change and -1.60% compared to the same period; Coniferous pulp Russian Needle was 5320 with a -0.56% change and -2.39% compared to the same period; Hardwood pulp Goldfish was 4100 with a 0.00% change and -2.38% compared to the same period [1]. - **Outer - Disk Quotes and Import Costs**: Outer - disk quotes for Chilean Silver Star decreased by 3.90% to 740 dollars, Chilean Star decreased by 11.11% to 560 dollars, and Chilean Venus decreased by 4.62% to 620 dollars. Import costs for Chilean Silver Star decreased by 3.87% to 6046 dollars, Chilean Star decreased by 11.00% to 4587 dollars, and Chilean Venus decreased by 4.57% to 5073 dollars [1]. Pulp Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, a -5.01% month - on - month decrease; hardwood pulp imports were 119.9 tons, an -18.44% month - on - month decrease. The pulp shipment volume to China in March 2025 was 1813 tons, a 20.70% month - on - month increase. Domestic production of hardwood pulp and chemimechanical pulp showed some fluctuations. The pulp port inventory on May 22, 2025, was 215.7 tons, a 1.9% month - on - month decrease [1]. - **Demand**: Among the main finished paper production, the production of white cardboard increased slightly, while the production of other paper types remained stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made purchases based on rigid demand [1]. - **Inventory**: As of May 22, 2025, the inventory of China's main pulp ports was 215.7 tons, showing a destocking trend [1]. Pulp Valuation Data - **Basis**: On May 28, 2025, the Russian Needle basis was -6 with a quantile level of 0.694, and the Silver Star basis was 824 with a quantile level of 0.968 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and the import profit of hardwood pulp Goldfish was -487 with a quantile level of 0.2 [1]. Summary and Strategy - **Summary**: On the supply side, Arauco in Chile announced its May 2025 pulp outer - disk prices, and the shipment volume of coniferous and hardwood pulp to China in April 2025 had different changes. On the demand side, the implementation of price increase letters was poor, and downstream purchases were based on rigid demand. On the inventory side, the inventory showed a destocking trend [1]. - **Strategy**: The current pulp demand is weak, and it is expected to move in a volatile manner [1].