| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL. | | | | | | | | | 国贸期货研究院 农产品研究中心 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/8/26 | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年8月25日 | 日环比 | 周珂比 | | | 2025年8月25日 | HMM | 10 WIND | | | SP2601 | 5402 | 0. 71% | -1. 35% | | 针叶浆银星 | 5800 | 0. 00% | -0. 85% | | 期货价格 | SP2511 | 5136 | 0. 55% | -2. 21% | 现货价 | 针叶浆俄针 | 5180 | 0. 58% | -2. 26% | | | SP2509 | 5088 | 0. 59% | -2. 15 ...

| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国贸期货研究院 | | | | | | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/6/27 | | | 农产品研究中心 | | | | | 杨璐琳 | 纸浆价格数据 | | | | | | 2025年6月26日 | | | | 日环比 | 周环比 | | | 2025年6月26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% | 现货价 | 针叶浆俄针 | 5120 | 0. 00% | -2. 48% | | SP2509 | | | 5066 | -0. 08% | -3.58% | | 阔叶浆金 ...

| | | | | 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 | | | 2025/6/23 | | | | | | | 纸浆价格数据 | | | | | | | | 2025年6月20日 | | 日环比 | 周珂比 | | | 2025年6月20日 | 日 +K + HMA | 周环比 | | | SP2601 | 5166 | -1.90% | -0. 69% | | 针叶浆银星 | 6050 | 0. 00% | -0. 82% | | 期货价格 | SP2507 | 5124 | -2. 40% | -3. 10% | 现货价 | 针织我针 | 5250 | 0. 00% | -0. 94% | | | SP2509 | 5120 | -2.55% | -1.5 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The pulp market is bearish overall due to weakened cost support from lower pulp foreign quotes and weak terminal demand. A short - term bearish view is recommended, or a 7 - 9 reverse spread strategy can be considered [1]. 3) Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 6, 2025, SP2505 was 5064, down 1.02% day - on - day and 7.66% week - on - week; SP2507 was 5038, down 1.64% day - on - day and 6.53% week - on - week; SP2509 was 5000, down 1.30% day - on - day and 6.37% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6200, unchanged day - on - day and down 2.36% week - on - week; Russian Needle was 5200, unchanged day - on - day and down 4.59% week - on - week; Broadleaf pulp Goldfish was 4150, unchanged day - on - day and down 4.60% week - on - week [1]. - **Foreign Quotes**: Chilean Silver Star was 770 dollars, down 6.67% month - on - month; Brazilian Goldfish was 630 dollars, up 3.28% month - on - month; Chilean Venus was 690 dollars, unchanged month - on - month [1]. - **Import Costs**: Chilean Silver Star was 6289, down 6.62% month - on - month; Brazilian Goldfish was 5154, up 3.25% month - on - month; Chilean Venus was 5640, unchanged month - on - month [1]. Pulp Fundamental Data - **Supply**: In March 2025, coniferous pulp imports were 79.8 tons, unchanged month - on - month, and broadleaf pulp imports were 147 tons, down 8.47% month - on - month. The pulp shipment volume to China in February 2025 was 1502 tons, down 2.66% month - on - month [1]. - **Inventory**: As of April 24, 2025, the pulp port inventory was 210.6 tons, up 1.8% from the previous period; the delivery warehouse inventory was 32.10 tons [1]. - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard decreased slightly [1]. Pulp Valuation Data - **Basis**: On May 6, 2025, the Russian Needle basis was 164 with a quantile level of 0.881; the Silver Star basis was 1164 with a quantile level of 0.999 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was - 89 with a quantile level of 0.471; that of broadleaf pulp Goldfish was - 1004 with a quantile level of 0.057 [1].