Report Information - Report Title: Pulp Daily Report [1] - Report Date: November 20, 2025 [2] 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The pulp futures 01 contract decreased by 1.17%, and the pulp price is under pressure at the previous high. Attention should be paid to the cost digestion performance of downstream paper enterprises [7]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5428 yuan/ton, and the closing price was 5396 yuan/ton, a decline of 1.17%. The intended transaction price range of softwood pulp in the Shandong market was 4900 - 6500 yuan/ton, with the price remaining stable compared to the previous trading day. The quotation of Shandong Yinxing was 5550 yuan/ton [7]. - Fenlin Fenbao Metsa notified Chinese customers that the November quotation of softwood pulp would be increased by $20. In September, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market still increased [7]. - In October, the European wood pulp inventory was 703,900 tons, a month - on - month decrease of 2.8% and a year - on - year increase of 3.4%. The European wood pulp consumption was 844,100 tons, a month - on - month increase of 4.8% and a year - on - year increase of 1.2%. As of November 14, 2025, the weekly pulp inventory in major regions and ports was 1.9766 million tons, a 4.22% increase from the previous week [7]. - The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while the prices of other base papers were stable. The improvement of social orders for offset paper was limited, and publishing tenders continued to progress [7]. 3.2 Industry News - On November 19, leading enterprises such as Nine Dragons and Shanying raised the prices of corrugated paper and kraft linerboard by 50 yuan per ton in multiple bases, and small and medium - sized paper enterprises such as Shanxi Qiangwei Paper followed, with a price increase of 30 - 80 yuan per ton. The terminal market also strengthened, with the average prices of linerboard and corrugated paper increasing by 80 yuan per ton week - on - week. Affected by shutdown maintenance and inventory decline, the price range of white board paper expanded to 2500 - 3850 yuan per ton. The average price of waste yellow board paper remained high at 1934 yuan per ton, and the adjustment of recycled pulp import policies intensified the supply contraction [8]. - On November 18, 2025, the 2025 China Pulp Market Situation Seminar was held in Chongqing, with nearly 1200 industry elites participating to explore the pulp market trend and promote in - depth industrial collaboration [8]. 3.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures 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 coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [14][16][18][23][24][26]