Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on September 25, 2025 [2] SP Main Contract Closing Price - On September 24, 2025, the SP main contract closing price was 5044.00, with a 0.71885% increase from the previous day. The converted US dollar price was 618.06. The Shandong Yinxing basis was 566, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 581 [3] Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion was -145.57, for Canadian Lion was -533.29, and for Chilean Yinxing was -91.92. The previous day's exchange rate was 7.12 [4] Price Averages - From September 18 - 24, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong regional average prices also remained unchanged [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from September 19 - 24, 2025 [4] Profit Margins - The double - offset profit margin on September 24, 2025, was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the living paper profit margin was 6.7258%, with a 0.0382 change compared to previous data [4] Price Spreads - On September 24, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1785, and the softwood - waste paper price spread was 4034 [4]

Group 1: Report Title and Date - The report is titled "Continued Weakness, Focus on Demand Stabilization - Guoxin Futures Pulp Weekly Report" and was released on September 5, 2025 [2] Group 2: Market Performance - The main pulp futures contract SP2511 showed a slight rebound but remained in a weak overall trend [7] Group 3: Fundamental Analysis Pulp Market Prices - As of September 4, the weekly average price of imported softwood pulp was 5,652 yuan/ton, down 0.44% from the previous week, with the decline narrowing by 0.69 percentage points. The weekly average price of imported hardwood pulp was 4,210 yuan/ton, up 0.48% from the previous week, turning from a decline to an increase [11] Cumulative 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. The cumulative import volume and value from January to July increased by 6.5% and 3.4% respectively compared to the same period last year [15] Port Inventory - As of September 4, 2025, the weekly pulp inventory in major Chinese regions and ports such as Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.0574 million tons, up 0.52% from the previous week, turning from a decline to an increase [19][34] European Pulp Consumption and Inventory in July - In July 2025, the total European port inventory decreased by 1.91% month-on-month and increased by 19.19% compared to July 2024. Only the port inventories in the Netherlands/Belgium/France/Switzerland increased by 1.72% month-on-month, while the port inventories in the UK, Germany, Italy, and Spain decreased by 26.03%, 6.96%, 1.45%, and 7.22% respectively [22] Downstream Pulp Utilization Rates - Wastepaper pulp accounts for 63% of China's total pulp consumption, wood pulp accounts for 31%, and imported wood pulp accounts for 21%. Non-wood pulp accounts for 6%. As of September 4, the operating rate of double-coated paper remained flat, that of offset paper decreased by 0.47 percentage points, that of white cardboard increased by 0.19 percentage points, and that of tissue paper decreased by 0.38 percentage points [27] Group 4: Future Outlook - The pulp inventory in major Chinese regions and ports increased by 0.52% from the previous week, turning from a decline to an increase. Some major hardwood pulp producers have raised their prices. The recent weak rebound in the market did not prompt the pulp market to follow suit. Downstream paper mills have limited acceptance of high prices and mainly purchase at low prices. The market showed a slight rebound. It is recommended to wait and see and focus on the stabilization of demand [34]

Group 1: Report Information - Report title: Pulp Morning Report [2] - Report date: August 22, 2025 [2] - Research team: Energy and Chemicals Team of the Research Center [2] Group 2: SP Main Contract Information - Closing price on August 21, 2025: 5130.00 [3] - Closing price trends from August 15 - 21, 2025: Decreased from 5306.00 to 5130.00 [3] - Dollar - converted price trends from August 15 - 21, 2025: Decreased from 645.15 to 623.85 [3] - Daily price change rates from August 15 - 21, 2025: - 0.22565%, - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682% [3] - Shandong Yinxing basis trends from August 15 - 21, 2025: Increased from 544 to 670 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis trends from August 15 - 21, 2025: Increased from 579 to 685 [3] Group 3: Pulp Price and Profit Information - Canadian Lion brands (Golden Lion, Lion) and Chilean Silver Star price, import profit: Golden Lion (CFR, port price 780 dollars, Shandong price 6350 yuan, profit - 48.45 yuan); Lion (CFR, port price 730 dollars, Shandong price 5500 yuan, profit - 442.78 yuan); Silver Star (CFR 90 - day letter of credit, port price 720 dollars, Shandong price 5800 yuan, profit - 111.65 yuan) [4] Group 4: Pulp and Paper Product Price and Margin Information - National and Shandong regional pulp average prices from August 15 - 21, 2025: No change in all types of pulp (coniferous, broad - leaf, natural color, chemimechanical) [4] - Paper product index (cultural, packaging, living paper) from August 18 - 21, 2025: No change [4] - Paper product profit margin trends from August 18 - 21, 2025: Double - offset paper margin increased from 4.8673% to 5.0306%; Double - copper paper margin increased from 22.6786% to 22.8214%; White - card paper margin increased from - 13.4568% to - 13.3333%; Living paper margin increased from 6.8022% to 7.4515% [4] Group 5: Pulp Price Difference Information - Coniferous - broadleaf, coniferous - natural color, coniferous - chemimechanical, coniferous - waste paper price differences from August 15 - 21, 2025: Coniferous - broadleaf price difference decreased from 1650 to 1620; Coniferous - natural color price difference decreased from 450 to 400; Coniferous - chemimechanical price difference decreased from 2025 to 1975; Coniferous - waste paper price difference decreased from 4274 to 4224 [4]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary of Key Information SP Main Contract Closing Price - On August 8, 2025, the SP main contract closing price was 5162.00, with a -0.46278% change from the previous day [3]. - The closing prices from August 4 - 8, 2025, were 5168.00, 5160.00, 5170.00, 5186.00, and 5162.00 respectively, with corresponding percentage changes of -0.34709%, -0.15480%, 0.19380%, 0.30948%, and -0.46278% [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, and that of Lion was -392.78; for Chilean Silver Star, it was -76.65 [4]. - The port dollar prices of Golden Lion, Lion, and Silver Star were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5600, and 5835 respectively [4]. National and Regional Pulp Price Averages - From August 4 - 8, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4]. Paper Index and Profit Margin Information - From August 5 - 8, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The profit margins of double - offset, double - copper, white card, and living paper on August 8, 2025, were 6.4302%, 24.2360%, -11.9756%, and 7.9481% respectively, with the living paper profit margin changing by -0.3820 compared to previous days [4]. Pulp Price Spreads - On August 8, 2025, the softwood - hardwood, softwood - natural, softwood - chemimechanical, and softwood - wastepaper price spreads were 1700.00, 435, 2010, and 4259 respectively [4].

Report Summary 1. Report Information - Report Type: Pulp Daily Report [1] - Date: July 23, 2025 [2] 2. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 09 contract was 5,328 yuan/ton, and the closing price was 5,368 yuan/ton, a rise of 0.75%. [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton. [7] - **International Quotes**: Chile's Arauco announced its July quotes. The Yinxing had no new offers as the previous deals were completed. The net price of Uruguay's hardwood pulp, New Star, was $500/ton. [7] - **Production and Shipment**: In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year. [7] - **Inventory and Consumption**: In June, the European wood pulp inventory increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's pulp imports in June were 3.03 million tons, up 0.4% month - on - month and 16.1% year - on - year. As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, turning from an increase to a decrease. [7] - **Market Trend**: Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, the pulp market fluctuated and rose slightly in the short term, driven by the commodity market atmosphere. [7] 3. Industry News - On July 22, the annual 150,000 - ton special paper project of Sichuan Hefeng Paper of Taisheng Group was successfully put into operation. The project uses bamboo pulp as the main raw material, focusing on producing 40 - 100 - gram low - gram - weight food packaging paper. After the two paper machines in Sichuan reach full production, they are expected to have a significant impact on the special paper market in the southwest region, with some production capacity sold to the central and eastern coastal areas. [8] 4. Data Overview - The report presents multiple data charts, including the total warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory, and prices and spreads of various paper products [25][27][29]

Industry Information - Report Type: Pulp Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Highlights 1. Market Review and Operational Suggestions - The previous settlement price of the pulp futures 09 contract was 5,292 yuan/ton, and the closing price was 5,334 yuan/ton, a rise of 0.79%. The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton [7]. - Chile's Arauco announced its July offer. Yinxing had no new offers as all transactions were completed, and the net price of Uruguay's hardwood pulp, New Star, was $500/ton [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May was 1.69 million tons, a 4.4% increase month - on - month and an 8.2% decrease year - on - year [7]. - According to UTIPULP data, the European wood pulp inventory in June increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7]. - China's total pulp imports in June were 3.03 million tons, a 0.4% increase month - on - month and a 16.1% increase year - on - year [7]. - As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, changing from an increase to a decrease [7]. - Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, pulp fluctuated and rose slightly in the short term, driven by the commodity market atmosphere [7] 2. Industry News - The 18,000 - ton cardboard and 16,000 - ton carton project of Dongsheng Paper Products Co., Ltd. in Guitou Town, Ruyuan County, Shaoguan City, Guangdong Province, successfully completed its trial production. The company is a Hong Kong - funded enterprise and the only corrugated cardboard manufacturer in Shaoguan [8]. - The project won the "Representative Project of Guangdong - Hong Kong Social Investment and Development" at the 2025 Hong Kong - Macau Spring Reception. With a total investment of 150 million yuan, covering 56 mu and a planned construction area of 37,000 square meters, it is expected to be put into production this year, with an annual production capacity of about 30,000 tons of corrugated cardboard, an expected annual output value of about 160 million yuan, and about 100 job opportunities [8] 3. Data Overview The report includes various data charts related to pulp, such as pulp futures prices, import prices, inventory levels in different regions (including Europe and China), and prices of related paper products, with data sources from Wind, PPPC, UTIPULP, and other institutions [7][27][29]

Report Overview - Report Type: Pulp Daily Report - Date: June 5, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market maintains a low - range oscillatory adjustment. New import pulp offers are mainly decreasing, port inventory reduction is slow, downstream paper mills' price increase announcements have limited implementation results, and the fundamental situation has limited changes [7]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 09 contract was 5,272 yuan/ton, and the closing price was 5,236 yuan/ton, a decline of 0.68% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market is 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The Shandong Yinxing offer is 6,300 yuan/ton [7]. - **Import Offers**: Chile's Arauco announced May offers, with Yinxing at $740/ton and Jinxing at $620/ton, still lower than the previous offers [7]. - **Supply**: In April, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 7.2% year - on - year, while the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month [7]. - **Demand**: The downstream market has a clear demand for improved profitability, but terminal orders are limited, and raw material procurement is cautious [7]. 3.2. Industry News - On May 28, a composite packaging materials project with a total investment of 150 million yuan started in Wuyao Town, Rugao, Jiangsu. The project is invested by Jiangsu Xiangju Environmental Protection New Materials Co., Ltd. After completion, it will have an annual production capacity of 60 million square meters of composite packaging materials. It is expected to generate annual taxable sales of 200 million yuan and taxes of 10 million yuan this year, and annual taxable sales of 400 million yuan and taxes of 20 million yuan when fully operational [8]. 3.3. Data Overview - The report provides multiple data charts, including pulp futures and spot prices, price spreads, inventory data, and exchange rate data, with data sources from Wind and Zhuochuang Information [10][13][15]

Group 1: Report General Information - Report Name: Pulp Daily Report [1] - Report Date: May 29, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operational Suggestions - Pulp Futures: The previous settlement price of Pulp Futures Contract 09 was 5,210 yuan/ton, and the closing price was 5,214 yuan/ton, a 0.08% increase. The intended transaction price range of softwood pulp in the Shandong market was 5,400 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 6,300 yuan/ton [7]. - Import Quotes: Chile's Arauco announced its May quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, still lower than the previous quotes [7]. - Supply - side Data: According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, a 11.1% decrease month - on - month and a 10.2% decrease year - on - year. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a 0.98% increase month - on - month [7]. - Market Outlook: The new round of import pulp quotes is mainly decreasing, the de - stocking speed at ports is still slow. Downstream paper mills have issued price - increase notices, boosting market confidence, but their raw material procurement attitude is cautious. Pulp may maintain a low - range oscillatory adjustment in the future [7]. Group 3: Industry News - Zhanjiang Zhongzhi Paper Co., Ltd. plans to make major adjustments to the construction scale of its high - end packaging new materials project at the China Paper Southern Base. The original plan was to build 1 production line of coated white cardboard with an annual output of 1.02 million tons and 2 chemical mechanical pulp production lines with a total annual output of 612,000 tons. The new plan includes 1 chemical mechanical pulp production line with an annual output of 400,000 tons, 1 chemical pulp production line with an annual output of 400,000 tons, and 2 special paper production lines with a total annual output of 190,000 tons. The project will also build solid waste resource comprehensive utilization facilities to improve resource utilization efficiency and achieve green and sustainable development [8]. Group 4: Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, cross - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate [14][16][24][26][28]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Pulp futures contract 09 closed at 5300 yuan/ton, down 0.53% from the previous settlement price. The new round of imported pulp offers are mainly lower, the port destocking speed is still slow, downstream paper mills have issued price increase notices to boost market confidence, but the raw material procurement mentality of paper mills is cautious, and the pulp may maintain a low - level range - bound adjustment in the future [7]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5328 yuan/ton and a closing price of 5300 yuan/ton, a decline of 0.53%. The intended transaction price range of softwood pulp in Shandong wood pulp market was 5400 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 6300 yuan/ton. Arauco in Chile announced May offers: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, still lower than the previous offers. The shipment volume of softwood pulp from 20 major pulp - producing countries in the world in March increased by 11.7% year - on - year, and the cumulative increase from January to March was 4.1%. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a month - on - month increase of 0.98%. The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [7]. 3.2. Industry News - On May 22, Shandong JinCailun Paper's PM18 was successfully started up. The new equipment will optimize the product structure and improve product quality. Hunan Zhengding Environmental Technology Co., Ltd. provided a complete set of air hood ventilation system and workshop ceiling air supply system for this project, which is technologically advanced and incorporates energy - saving and emission - reduction concepts [8]. 3.3. Data Overview - No specific data summary content provided other than indicating data sources such as Wind and Jianxin Futures Research and Development Department [10][12][13]

Group 1: Report Title and Date - The report is titled "Continued Low-level Rebound, Focus on Demand Recovery - Guoxin Futures Pulp Weekly Report" and is dated May 18, 2025 [2] Group 2: Market Review - This week, the main contract of pulp futures, SP2507, continued to rebound with a slight decline [7] Group 3: Fundamental Analysis - As of May 15, the weekly average price of imported softwood pulp was 6,028 yuan/ton, up 1.14% from last week; imported hardwood pulp was 4,213 yuan/ton, up 0.91%; imported natural pulp was 5,420 yuan/ton, down 0.61%; imported chemimechanical pulp was 3,842 yuan/ton, unchanged from last week [12] - In April 2025, China imported 2.893 million tons of pulp with an import value of 1.8252 billion US dollars and an average unit price of 630.90 US dollars/ton. The cumulative import volume and value from January to April increased by 1% and 0.5% year-on-year respectively [15] - The weekly pulp inventory in major regions and ports such as Baoding, Tianjin Port, etc. was 2.1948 million tons, up 11.24% from last week [18] - In April 2025, the inventory of European chemical pulp was 695,800 tons, up 3.62% year-on-year, and the inventory days were 26 days, up 1 day from the same period last year. Most European countries' port inventories increased month-on-month, driving the total European port inventory to increase in April [21] Group 4: Outlook - The latest round of quotations from international pulp mills has lowered the price of imported hardwood pulp, and the inventory accumulation in European ports is a short-term negative for the market. Domestically, the price of base paper is weak, and paper mills mainly purchase at low prices based on rigid demand. Pay attention to the progress of demand recovery. If the downstream operating load rate rebounds month-on-month, it may boost industry expectations. If the Sino-US tariffs are unexpectedly reduced, there is a willingness to push up prices in the market due to the inverted shipping price. Pay attention to the recovery of downstream demand, and the operation suggestion is to try long at low prices [31]