| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SAL | | | | | | | | | | | 国贸期货研究院 | | | | | 投资咨询号:Z0015194 | | | 2025/7/10 | | | 农产品研究中心 | | | | 杨璐琳 | 从业资格号:F3042528 | | | | | | 纸浆价格数据 | | | | | | | | | | | 2025年7月9日 | SP2601 | 5318 | 日环比 0. 45% | 周环比 0. 64% | | 针叶浆银星 | 2025年7月9日 5900 | 日环比 0. 00% | 周环比 | | | | | | | | | | | 0. 00% | | 期货价格 | SP2507 | 5070 | 0. 76% | 0. 44% | 现货价 | 针叶浆俄针 | 5120 | 0. 00% | 0. 00% | | SP2509 | | 5106 | 0. 3 ...

官 方 脂 热 线 M www.itf.com.cn 400-8888-598 世界500强投资企业 国贸期货有限公司 -流的衍生品综合服务商 DAVA - y m 市 市 站 需 有 谨 风 慎 险 | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/6/30 | | | | | 农产品研究中心。 | | 杨璐琳 纸浆价格数据 | | | | | | | | | 2025年6月27日 | HMLL | 周环比 | | | 2025年6月27日 | 日环比 | 周环比 | | | SP2601 | 5264 | -0. 68% | -0. 04% | | 针叶浆银星 | 5950 | 0. 00% | -1. 65% | | 期货价格 | SP2507 | 5060 | 0. 00% | -3. 62% | 现货 ...

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年6月29日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 操作建议 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 操作建议 行业资讯 资料来源：中纸网，纸业联讯，隆众资讯 Special report on Guotai Junan Futures 4 1. 【常熟港纸浆库存统计】截至2025年6月26日，中国纸浆常熟港库存54.6万吨，较上周期下降3.9万吨，环比下降6.7%。本周常熟港库存呈现去库走势。 2. 【青岛港纸浆库存统计】截至2025年6月26日，中国青岛港港内及港外仓库纸浆库存135.2万吨，较上周下降0.6万吨，环比下降0.4%。本周期青岛港库存 周期内呈现窄幅去库的走势。 3. 【高栏港纸浆库存统计】截至2025年6月26日，中国纸浆高栏港库存13.8万吨，较上周下降1.8万吨，环比下降11.5%。本周期 ...

ITC 国贸期货 官 方 服 热 线 M www.itf.com.cn 400-8888-598 世界500强投资企业 网 | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | SUL | | | | | | 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 | | | 2025/6/25 | | | | | | | 纸浆价格数据 | | | | | | 2025年6月24日 | | 日环比 | 周环比 | | | 2025年6月24日 | 日 +K + HMM | 周环比 | | SP2601 | 5350 | -2.27% | 2. 33% | | 针叶浆银星 | 6000 | -0. 83% | -0. 83% | | 期货价格 SP2507 | 5130 | -2. 25% | -1.72% | 现货价 | 针叶浆俄针 | 5150 | -2. 83% | ...

纸浆：高库存继续常态化，浆价宽幅震荡为主 正信期货纸浆周报 20250623 研究员：赵婷 审核：王艳红 投资咨询编号：Z0016344 投资咨询编号：Z0010675 Email: zhaot@zxqh.net Tel：027-68851659 内容要点 供应端：上周纸浆产量为48.29万吨，环比增加0.09万吨，环比增幅0.19%，其中阔叶浆产量20.9万吨、化 机浆产量19.9万吨；预计本周国产阔叶浆产量约21.0万吨，化机浆产量约20.1万吨。 需求端：生活用纸市场，部分纸企库存压力增大，出货受限，开工变动不大，预计本周生活用纸产量约 27.5万吨；双胶纸市场，工厂生产稍有恢复，部分季节性订单少量供纸，预期本周双胶纸产量约19.8万吨； 铜版纸市场，少量季节性订单供货中，开工变化不大，预计本周铜版纸产量约7.7万吨；白卡纸市场，有停 机纸厂恢复生产，产量将有所增加，预计本周白卡纸产量约30.0万吨。 库存端：国内港口库存呈累库走势，库存量为220.8万吨，环比累库2.3万吨（或+1.1%），其中青岛港库 存量135.8万吨，环比累库1.6万吨（或+1.19%）；预计本周纸浆港口库存量约222万吨，将继 ...

| | | | | 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 | | | 2025/6/17 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年6月16日 | 日环比 | 周环比 | | | 2025年6月16日 | 日环比 | 10 m/ 10 | | | SP2601 | 5236 | 0. 65% | -1. 13% | | 针叶浆银星 | 6100 | 0. 00% | -0. 81% | | 期货价格 | SP2507 | 5242 | -0. 49% | -1.95% | 现货价 | 针叶浆俄针 | 5300 | 0. 00% | -0. 93% | | | SP2509 | 5232 | 0. 65% | -1. ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The pulp market is expected to remain in a state of oscillatory consolidation and weak operation in the near term. The cost - side foreign market quotations are stable, and the new round of the outer - market price of Brazilian eucalyptus pulp "Bird" remains unchanged. The increase in Brazilian eucalyptus pulp exports to China in May may lead to a significant increase in arrivals around July. The downstream demand remains weak, and the port inventory is difficult to deplete at a high level, which restricts the upward space of pulp prices. However, due to the low - level pulp futures prices in recent years, traders' sentiment of reluctance to sell at low prices is strong, so the subsequent deep - decline space is also limited [77]. Summary by Directory Industry News - As of June 12, 2025, the inventory of pulp in Changshu Port was 581,000 tons, a week - on - week increase of 29,000 tons (5.3%); in Qingdao Port, it was 1.342 million tons, a week - on - week increase of 16,000 tons (1.2%); in Gaolan Port, it was 152,000 tons, a week - on - week decrease of 6,000 tons (3.8%). The total inventory of mainstream ports in China was 2.185 million tons, a week - on - week increase of 28,000 tons (1.3%) [6]. - Rizhao Huatai Paper Co., Ltd. has an annual production capacity of 50,000 tons of fluff pulp, and the 500,000 - ton fluff pulp project is a future planning project and has not started construction yet [6]. - Finnpulp's Joutseno NBSK pulp mill will be shut down temporarily starting from June 9 to adjust inventory levels and match production with low orders in Asia [6]. Market Data Market Trends - The price of the main pulp futures contract first rose and then fell. Some spot traders were reluctant to sell at low prices. Constrained by weak demand, there were few actual transactions for high - priced goods. The price of softwood pulp fluctuated within a range during the week [36]. Basis and Spread - On June 13, 2025, the basis of Silver Star was 858 yuan/ton, a month - on - month decrease of 1.38% and a year - on - year increase of 125.79%; the basis of Russian Needle was 58 yuan/ton, a month - on - month decrease of 17.14% and a year - on - year increase of 182.86%; the spread between Silver Star and Russian Needle was 800 yuan/ton, with no month - on - month change and a year - on - year increase of 77.78% [14]. - On June 13, 2025, the 07 - 09 spread was 44 yuan/ton, a month - on - month decrease of 21.43%; the 07 - 11 spread was 116 yuan/ton, a month - on - month increase of 1.75% [19]. Fundamental Data Price - The difference between softwood and hardwood pulp decreased. On June 13, 2025, the spread between Silver Star and Goldfish was 2,000 yuan/ton, a month - on - month decrease of 1.48% and a year - on - year increase of 207.69%; the spread between Russian Needle and Goldfish was 1,200 yuan/ton, a month - on - month decrease of 2.44% and a year - on - year increase of 500% [27]. - The import profit of Silver Star was positive recently but continued to decline this week. There was no quotation for eucalyptus pulp "Star" in June, and the supply is expected to partially resume in July [32]. - On June 13, 2025, the prices of Silver Star, Cariboo, Northern Wood, Lion Brand, and Russian Needle were 6,100 yuan/ton, 6,200 yuan/ton, 6,350 yuan/ton, 6,200 yuan/ton, and 5,300 yuan/ton respectively, with month - on - month decreases of 0.81%, 0.80%, 0.78%, 0.80%, and 0.93% [34]. - Traders of imported eucalyptus pulp were under great cost pressure and were reluctant to sell at low prices. Some eucalyptus pulp brands' quotations increased slightly, but the downstream market's inquiry was only for low - price products, and the trading rhythm was slow, which limited the price rebound space [40]. - On June 13, 2025, the prices of Goldfish, Star, Bird, and Broadleaf were 4,100 yuan/ton, with month - on - month changes of - 0.49%, 0.00%, 0.00%, and 0.00% respectively [41]. - On June 13, 2025, the prices of Venus and Kunhe were 5,000 yuan/ton and 3,900 yuan/ton respectively, with a month - on - month decrease of 2.91% for Venus and no change for Kunhe [45]. Supply - In April 2025, the European port inventory decreased month - on - month, and the global pulp out - port volume decreased both year - on - year and month - on - month. The European port inventory was 1.352 million tons, a month - on - month decrease of 12.77% and a year - on - year increase of 16.75%; the global pulp out - port volume was 4.077 million tons, a month - on - month decrease of 18.30% and a year - on - year decrease of 10.89% [48][49]. - In April 2025, the pulp import volume decreased to varying degrees. The import volume of softwood pulp decreased by 5.03% month - on - month, and that of eucalyptus pulp decreased by 18.41% month - on - month [51]. Demand - On June 13, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 73.41%, 63.40%, 56.37%, and 56.18% respectively. The capacity utilization rate of household tissue paper increased slightly due to the "618" promotion, while that of other paper types decreased or remained at a low level [54]. - The market price of white cardboard remained stable. The supply was loose, and the terminal consumption was weak. The downstream customers' enthusiasm for stocking decreased, and they mainly received previous orders and replenished stocks on a just - in - time basis [56]. - The market price of household tissue paper was slightly adjusted. Some paper mills that had shut down for maintenance had not resumed production. The market was quiet, and traders were waiting and watching. Some regions' sales increased due to the "618" promotion, and the paper mills' operating rates increased slightly [60]. - The average price of coated paper enterprises decreased. The supply pressure was controllable, but the consumption demand was weak, and the industry was in a situation of weak supply and demand [60]. Inventory - On June 13, 2025, the warehouse receipt quantity of pulp in warehouses was 238,200 tons, a month - on - month increase of 1.21% and a year - on - year decrease of 49.96%; the warehouse receipt quantity in factories was 16,300 tons, with no month - on - month change and a year - on - year decrease of 51.14% [65]. - The port inventory was at a high level within the year, and the inventory of mainstream ports in China showed an increasing trend this period. The inventory in Qingdao Port and Changshu Port increased, while that in Gaolan Port decreased [71]. Operation Suggestions - The pulp market is expected to oscillate and consolidate, with a weak operation trend. The cost - side foreign market quotations are stable, and the increase in Brazilian eucalyptus pulp exports to China in May may lead to more arrivals around July. The downstream demand is weak, and the port inventory is difficult to deplete at a high level, which restricts the upward space of pulp prices. However, due to traders' reluctance to sell at low prices, the subsequent deep - decline space is also limited [77].

纸浆：流通货源阶段性收紧，浆价以震荡反弹为主 正信期货纸浆周报 20250519 研究员：赵婷 审核：王艳红 投资咨询编号：Z0016344 投资咨询编号：Z0010675 Email: zhaot@zxqh.net Tel：027-68851659 内容要点 1目 录 C ONTENTS 2 34 纸浆价格分析 纸浆供应端分析 供应端：上周纸浆产量为48.75万吨，环比减少0.82万吨，环比降幅1.66%；阔叶浆产量20.7万吨，化机浆 产量20.1万吨；预计本周国产阔叶浆样本产量约20.0万吨左右，预计本周化机浆样本产量约19.5万吨上下。 需求端：当前生活用纸市场，暂无利好消息，部分纸企出货滞缓，库存压力较大，监测样本企业产量小幅 减少，预计本周生活用纸产量约27.5万吨左右；双胶纸市场，停产企业暂未恢复胶版纸排产，随着纸价下 降，仍有产线有停机预期，预期本周双胶纸行业生产变化不大，约20.0万吨左右；铜版纸市场，行业盈利 情况稳定，工厂开工变化不大，预计本周铜版纸产量约7.7万吨左右；白卡纸市场，本周有停机纸厂结束检 修，下游客户备货意愿有所改善，纸厂出货有所加快，预计本周白卡纸总产量约29万吨上下。 ...

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年5月18日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 操作建议 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 操作建议 Special report on Guotai Junan Futures 4 2 行业资讯 1 1. 【常熟港纸浆库存统计】截至2025年5月15日，中国纸浆常熟港库存52.5万吨，较上周期上涨9.7万吨，环比上涨22.7%。本周常熟港库存呈现累库走势。 2. 【青岛港纸浆库存统计】截至2025年5月15日，中国青岛港港内港外仓库纸浆库存138.7万吨，较上周上涨6.9万吨，环比上涨5.2%。本周期青岛港库存周期内呈现累库。 3. 【高栏港纸浆库存统计】截至2025年5月15日，中国纸浆高栏港库存19.8万吨，较上周上涨2.6万吨，环比上涨15.1%。本周期高栏港库存呈现累库的趋势。 4. 【中国纸 ...

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年4月27日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 操作建议 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 操作建议 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 Special report on Guotai Junan Futures 4 1. 【常熟港纸浆库存统计】截至2025年4月24日，中国纸浆常熟港库存55.8万吨，较上周期上涨4.1万吨，环比上涨7.9%。本周常熟港库存呈现累库走势。 2. 【青岛港纸浆库存统计】截至2025年4月24日，中国纸浆青岛港库存134.7万吨，较上周下降1.1万吨，环比下降0.8%。本周期青岛港库存周期内呈现小幅去库走势。 3. 【高栏港纸浆库存统计】截至2025年4月24日，中国纸浆高栏港库存8.3万吨，较上周下降 ...