Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of wood chips in the international market has been tight recently, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood kraft pulp (BHK) for orders received in December in Asia. On the demand side, pulp paper companies have recently issued price increase notices, with only white cardboard showing good implementation. Double-offset paper has issued another round of price increase notices, and their implementation needs attention. As of December 4, 2025, the inventory in major Chinese pulp ports decreased by 710,000 tons from the previous period, a 3.3% decline, showing a continuous slight de-stocking trend for two consecutive weeks. The pulp futures increased significantly with heavy positions during the night session, but there is no corresponding news from the industrial side, so the short - term risk is high. It is recommended to avoid unilateral trading and suggest a 1 - 5 reverse spread strategy [6]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices (Yuan/ton)**: On December 11, 2025, SP2601 was 5508, up 2.76% day - on - day and 0.22% week - on - week; SP2512 was 4810, up 1.99% day - on - day and 0.80% week - on - week; SP2605 was 5586, up 2.76% day - on - day and 0.90% week - on - week [6]. - **Spot Prices (Yuan/ton)**: Coniferous pulp Silver Star was 5600, up 1.82% day - on - day and unchanged week - on - week; Russian Needle was 5250, unchanged both day - on - day and week - on - week; Broadleaf pulp Goldfish was 4500, unchanged both day - on - day and week - on - week [6]. - **Outer - market Quotes (Dollars/ton)**: Chilean Silver Star was 680, unchanged; Japanese pulp was 540, up 1.89% from the previous period; Chilean Venus was 590, unchanged [6]. - **Import Costs (Yuan/ton)**: Chilean Silver Star was 5559, unchanged; Brazilian Goldfish was 4425, up 1.87% from the previous period; Chilean Venus was 4830, unchanged [6]. Pulp Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 691,000 tons, unchanged from September; the import volume of broadleaf pulp was 1.318 million tons, down 2.80% from September. The monthly domestic production of broadleaf pulp and chemimechanical pulp fluctuated. The shipment volume of pulp to China decreased by 7.49% [6]. - **Inventory**: As of December 4, 2025, the pulp port inventory was 2.107 million tons, and the futures delivery warehouse inventory was 210,000 tons. The port inventory showed a de - stocking trend [6]. - **Demand**: The production volume of finished paper such as double - offset paper, coated paper, tissue paper, and white cardboard also fluctuated monthly [6].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply side of pulp has positive factors as Canadian pulp mills have reduced production, and there is no new warehouse receipt registration, so the delivery resources for near - month contracts are tight. However, new warehouse receipt registration appears when the price rises to 5,500 yuan/ton on the market, limiting further upward space [7] 3. Summary According to the Directory 3.1 Pulp Price Data - **Futures Prices**: On December 6, 2025, SP2601 was 5,392 yuan/ton, down 1.06% day - on - day and up 3.89% week - on - week; SP2512 was 4,682 yuan/ton, down 1.84% day - on - day and down 0.47% week - on - week; SP2605 was 5,436 yuan/ton, down 0.98% day - on - day and up 3.42% week - on - week [6] - **Spot Prices**: On December 6, 2025, the price of coniferous pulp Silver Star was 5,600 yuan/ton, unchanged day - on - day and up 0.90% week - on - week; Russian coniferous pulp was 5,250 yuan/ton, unchanged both day - on - day and week - on - week; broadleaf pulp Fish was 4,500 yuan/ton, unchanged both day - on - day and week - on - week [6] - **Foreign Quotes**: The quote of Chilean Silver Star was 680 US dollars/ton, unchanged month - on - month; Japanese West Fish was 540 US dollars/ton, up 1.89% month - on - month; Chilean Venus was 590 US dollars/ton, unchanged month - on - month [6] - **Import Costs**: The import cost of Chilean Silver Star was 5,559 yuan/ton, unchanged month - on - month; Japanese Fish was 4,425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 4,830 yuan/ton, unchanged month - on - month [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports**: In October 2025, coniferous pulp imports were 69.1 tons, unchanged month - on - month; broadleaf pulp imports were 131.8 tons, down 2.80% month - on - month [6] - **Shipments**: The pulp shipments to China in October 2025 were 173 thousand tons, down 7.49% month - on - month [6] - **Domestic Production**: The production of broadleaf pulp and chemimechanical pulp fluctuates over different weeks in 2025 [6] - **Inventory** - **Port Inventory**: As of December 4, 2025, the pulp port inventory was 210.7 tons, showing a decreasing trend compared with previous periods [6] - **Futures Delivery Warehouse Inventory**: As of December 4, 2025, the futures delivery warehouse inventory was 21.0 tons, also showing a certain change trend compared with previous periods [6] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuates over different weeks in 2025 [6] - **Supply - Demand - Inventory Analysis**: Recently, the international wood chip supply has been tight and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - US - dollar/ton price increase for bleached hardwood kraft pulp (BHK) in Asia in December. On the demand side, wood - pulp paper has issued price increase letters recently, with only white cardboard having good implementation. As of December 4, 2025, the inventory in China's mainstream pulp ports decreased by 7.1 tons compared with the previous period, a 3.3% decline, and has continued to decline slightly for two consecutive weeks [6]