Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp futures market has experienced significant declines, and the market is currently in a state of multi - empty power struggle. With the support from the cost side due to firm overseas quotes, but the downstream paper price increase is weak, suppressing the purchasing willingness of downstream paper enterprises. It is recommended to wait for the market to stabilize and temporarily adopt a wait - and - see approach [32]. 3. Summary by Directory 3.1 This Week's Market Review - The main pulp futures contract SP2605 dropped significantly, with a weekly decline of 3.39% [7]. 3.2 Fundamental Analysis - **Pulp Market Price**: As of January 15, the weekly average price of imported softwood pulp was 5552 yuan/ton, down 0.52% from last week, turning from an increase to a decrease; the weekly average price of imported hardwood pulp was 4683 yuan/ton, up 0.60% from last week, with the growth rate narrowing by 0.14 percentage points [11]. - **Accumulated Pulp Imports from January to December**: In December 2025, China imported 311.3 million tons of pulp, with an import value of 1799.4 million US dollars and an average unit price of 578.03 US dollars/ton. The accumulated import volume and value from January to December increased by 4.9% and - 2.4% respectively compared to last year [15]. - **Port Inventory Situation**: As of January 15, 2026, the weekly pulp inventory in major Chinese regions and ports was 195.39 million tons, down 0.56% from last week, with the decline rate narrowing by 0.63 percentage points [19]. - **Pulp Inventory in Major European Ports in November**: In November 2025, the total European port inventory decreased by 1.07% month - on - month and 2.75% compared to November 2024, indicating that the off - season of European demand may have passed and demand is gradually recovering [22]. - **Shanghai Futures Exchange Pulp Inventory**: No detailed data was provided. - **Differentiated Trends in the Operating Rates of Downstream Pulp Types**: Waste paper pulp consumption accounts for 63% of the total pulp consumption in China. As of January 15, the weekly operating load rate of double - copper paper remained flat; that of double - offset paper increased by 0.07 percentage points; that of white cardboard remained flat; and that of household paper decreased by 2.44 percentage points [28]. 3.3 Future Outlook - The offshore price of Brazilian eucalyptus hardwood pulp "Little Bird" in January was raised by 20 US dollars/ton. Chile's Arauco Company's January pulp offshore quotes showed that the coniferous pulp "Silver Star" increased by 10 US dollars/ton to 710 US dollars/ton; the natural pulp "Venus" remained flat at 620 US dollars/ton; and the hardwood pulp "Star" increased by 20 US dollars/ton to 590 US dollars/ton [32]. - With the decline in European wood pulp port inventory, it indicates that the off - season of European demand may have passed and demand is gradually recovering. The firm offshore quotes provide some support to the cost side. However, the downstream paper price increase is weak, squeezing corporate profits and suppressing the purchasing willingness of enterprises for high - priced raw materials. The market is in a state of multi - empty power struggle, and it is recommended to wait for the market to stabilize and adopt a wait - and - see approach [32].