Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The pulp futures market maintains a weak fundamental pattern, with limited upside potential in the short - term due to recent position - reduction. It is expected to fluctuate weakly in the near future [6]. 3. Summary by Related Catalogs Price Data - **Futures Prices**: On March 30, 2026, SP2701 was 5528 yuan/ton, down 0.14% day - on - day and up 0.25% week - on - week; SP2609 was 5264 yuan/ton, down 0.30% day - on - day and week - on - week; SP2605 was 5182 yuan/ton, down 0.38% day - on - day and 0.12% week - on - week [5]. - **Spot Prices**: On March 30, 2026, the price of coniferous pulp Silver Star was 5200 yuan/ton, unchanged day - on - day and week - on - week; Russian coniferous pulp was 5050 yuan/ton, unchanged; broadleaf pulp was 4600 yuan/ton, unchanged [5]. - **Outer - disk Quotes**: In March 2026, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, down 4.23% month - on - month; Chilean Star was 620 dollars/ton, up 3.33% month - on - month; Chilean Venus was 620 dollars/ton, unchanged [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5559 yuan/ton, down 4.19% month - on - month; Chilean Star was 5073 yuan/ton, up 3.30% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged [5]. Supply - side Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 tons, down 30.86% month - on - month; broadleaf pulp was 147.13 tons, down 2.94% month - on - month [5]. - **Domestic Production**: The domestic production of broadleaf pulp in March 2026 (as of March 26) was 26.2 tons; chemical mechanical pulp was 25.3 tons [5]. - **Supply Information**: In March, Chile's Arauco Company adjusted its wood pulp quotes, with coniferous pulp at 680 dollars/ton, broadleaf pulp Star at 620 dollars/ton (75% supply), and natural pulp Venus at 620 dollars/ton [5]. Demand - side Data - **Finished Paper Production**: In March 2026 (as of March 26), the production of offset paper was 21.60 tons, coated paper was 8.20 tons, tissue paper was 31.21 tons, and white cardboard was 38.50 tons. The demand for pulp has been stable recently, with stable finished paper prices and increased production this week. Price increase letters issued by paper mills are expected to be difficult to implement [5]. Inventory - side Data - **Port Inventory**: As of March 26, 2026, the inventory of China's mainstream pulp ports was 239.5 tons, an increase of 9.8 tons from the previous period, a 4.3% increase. The pulp inventory at the main ports has shown a trend of accumulation, turning from two consecutive weeks of de - stocking to stocking [5]. - **Futures Delivery Warehouse Inventory**: As of March 26, 2026, the inventory in the futures delivery warehouse was 18.6 tons [5].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The overall situation of the pulp futures market is weak, with limited room for short - term upward movement due to reduced positions, and it is expected to fluctuate weakly in the short term [6] Group 3: Summary According to the Directory Futures and Spot Prices - On March 27, 2026, the futures prices of SP2701, SP2609, and SP2605 were 5536 yuan/ton, 5280 yuan/ton, and 5202 yuan/ton respectively, with day - on - day increases of 0.80%, 0.72%, and 0.89% and week - on - week increases of 0.47%, 0.15%, and 0.74% [5] - The spot prices of coniferous pulp Silver Star, Russian Needle, and broad - leaf pulp Goldfish were 5200 yuan/ton, 5050 yuan/ton, and 4600 yuan/ton respectively, with day - on - day increases of 0.00% and week - on - week increases of 0.97%, 1.00%, and 1.10% [5] Outer - disk Quotes and Import Costs - The outer - disk quotes of Chilean Silver Star, Chilean Star, and Chilean Venus were 680 dollars/ton, 620 dollars/ton, and 620 dollars/ton respectively, with monthly decreases of - 4.23%, increases of 3.33%, and no change [5] - The import costs of Chilean Silver Star, Chilean Star, and Chilean Venus were 5559 yuan/ton, 5073 yuan/ton, and 5073 yuan/ton respectively, with monthly decreases of - 4.19%, increases of 3.30%, and no change [5] Supply - side Data - In February 2026, the import volume of coniferous pulp was 58.02 tons, a month - on - month decrease of 30.86%, and the import volume of broad - leaf pulp was 147.13 tons, a month - on - month decrease of 2.94% [5] - The shipment volume of pulp to China in January 2026 was 170 thousand tons, a month - on - month decrease of 19.80% [5] - The domestic production volume of broad - leaf pulp and chemical mechanical pulp fluctuated from February 5 to March 26, 2026 [5] Inventory - side Data - As of March 26, 2026, the pulp port inventory was 239.5 tons, a week - on - week increase of 4.3% after two consecutive weeks of de - stocking [5] - The futures delivery warehouse inventory also changed from February 5 to March 26, 2026 [5] Demand - side Data - The production volume of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated from February 5 to March 26, 2026, and the demand for pulp was stable recently, with the price of finished paper stable and the production volume increasing this week, but the price increase letters issued by paper mills were expected to be difficult to implement [5] Supply - side News - Chile's Arauco Company adjusted its pulp quotes in March, with coniferous pulp at 880 dollars/ton, broad - leaf pulp Star at 620 dollars/ton (supplied at 75% of the quantity), and natural pulp Venus at 620 dollars/ton [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - The weak pattern of the pulp futures fundamentals continues. The upside space for short - term position reduction is limited, and it is expected to fluctuate weakly in the short term [6]. 3. Summary According to Relevant Catalogs Pulp Futures and Spot Prices - On March 26, 2026, for pulp futures, SP2701 had a price of 5492 yuan/ton, with a daily -环比 of - 1.05% and a weekly -环比 of 0.66%; SP2609 was 5242 yuan/ton, with a daily -环比 of - 1.43% and a weekly -环比 of 0.38%; SP2605 was 5156 yuan/ton, with a daily -环比 of - 1.30% and a weekly -环比 of 1.02% [5]. - For spot prices, the price of coniferous pulp Silver Star was 5200 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 2.97%; coniferous pulp Russian Needle was 5050 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 3.06%; broad - leaf pulp Goldfish was 4600 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 1.10% [5]. Pulp Outer - disk Quotes and Import Costs - The outer - disk quote of Chilean Silver Star was 680 dollars/ton, with a month -环比 of - 4.23%, and its import cost was 5559 yuan/ton, with a month -环比 of - 4.19%. The outer - disk quote of Chilean Star was 620 dollars/ton, with a month -环比 of 3.33%, and its import cost was 5073 yuan/ton, with a month -环比 of 3.30%. The outer - disk quote of Chilean Venus was 620 dollars/ton, with a month -环比 of 0.00%, and its import cost was 5073 yuan/ton, with a month -环比 of 0.00% [5]. Pulp Supply - side Data - In February 2026, the import volume of coniferous pulp was 58.02 tons, a month -环比 decrease of 30.86% compared to January; the import volume of broad - leaf pulp was 147.13 tons, a month -环比 decrease of 2.94% [5]. - The shipment volume of pulp to China in January 2026 was 170 thousand tons, a decrease of 19.80% [5]. - On March 26, 2026, the domestic production of broad - leaf pulp was 26.2 tons, and that of chemimechanical pulp was 25.3 tons [5]. Pulp Inventory - side Data - As of March 26, 2026, the inventory of China's main pulp ports was 239.5 tons, an increase of 9.8 tons from the previous period, a 4.3% increase [5]. - The inventory of futures delivery warehouses was 18.6 tons [5]. Pulp Demand - side Data - On March 26, 2026, the production of double - offset paper was 21.60 tons, copper - plate paper was 8.20 tons, tissue paper was 31.21 tons, and white cardboard was 38.50 tons [5]. - The demand side of pulp has been stable recently. The price of finished paper is stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market still has supply - demand contradictions and is expected to oscillate in the short - term low - level range, pending further price guidance from negotiations [8] 3. Summary by Directory 3.1行情回顾与操作建议 - **Market performance of pulp futures**: The previous settlement price of the 05 contract of pulp futures was 5,188 yuan/ton, and the closing price was 5,156 yuan/ton, a decline of 0.62%. The 09 contract closed at 5,242 yuan/ton, down 0.83%, and the 2701 contract closed at 5,492 yuan/ton, down 0.58% [7] - **Spot price of wood pulp in Shandong**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,650 - 5,350 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 5,210 - 5,230 yuan/ton [7] - **Supply - demand data**: Suzano announced price increases for eucalyptus hardwood pulp in the Asian and European - American markets in April 2026. The world's chemical pulp shipments in 20 producing countries in January decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year. In February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. The cumulative pulp import volume from January to February 2026 was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 26, 2026, the weekly pulp inventory in major regions and ports increased by 6.39% month - on - month [8] 3.2行业要闻 - **Asia Symbol (Shandong) Pulp & Paper Co., Ltd.**: The second - phase project of the household paper is under construction, with partial production lines expected to be put into operation by the end of this year and full production in the first half of 2027 [9] - **Nine Dragons Paper (Hubei) Co., Ltd.**: The company plans a total investment of 20.5 billion yuan, covering an area of 3,994 mu. After full operation, the total output value will reach 23 billion yuan, with a profit and tax of 1.8 billion yuan and 3,500 new jobs. The first - phase project was put into operation at the end of 2022, the second and third - phase projects were fully put into operation in September 2025, and the fourth - phase project is being planned. In 2025, the industrial output value was 5.606 billion yuan, a year - on - year increase of 34.35% [9]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The weak fundamental situation of pulp futures continues, with limited room for short - term rally due to position reduction. It is expected to fluctuate weakly in the short term [6] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On March 25, 2026, SP2701 was 5550 yuan/ton, up 0.36% day - on - day and 2.93% week - on - week; SP2609 was 5318 yuan/ton, up 0.26% day - on - day and 3.02% week - on - week; SP2605 was 5224 yuan/ton, up 0.27% day - on - day and 3.65% week - on - week [5] - **Spot Prices**: Coniferous pulp Silver Star was 5200 yuan/ton, down 0.95% day - on - day but up 2.97% week - on - week; Coniferous pulp Russian Needle was 5050 yuan/ton, down 0.98% day - on - day and up 3.06% week - on - week; Broadleaf pulp Goldfish was 4600 yuan/ton, with no day - on - day change and up 1.10% week - on - week [5] - **Foreign Quotes**: Chilean Silver Star was 710 dollars/ton, Chilean Star was 600 dollars/ton, and Chilean Venus was 620 dollars/ton, all with no change compared to the previous period [5] - **Import Costs**: The import cost of Chilean Silver Star was 5802 yuan/ton, Chilean Star was 4911 yuan/ton, and Chilean Venus was 5073 yuan/ton, all with no change compared to the previous period [5] Pulp Fundamental Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 tons, down 30.86% month - on - month; the import volume of broadleaf pulp was 147.13 tons, down 2.94% month - on - month [5] - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170 thousand tons, down 19.80% month - on - month [5] - **Domestic Production**: On March 19, 2026, the domestic production of broadleaf pulp was 26.3 tons, and that of chemimechanical pulp was 24.5 tons [5] - **Inventory**: As of March 19, 2026, the pulp port inventory was 229.7 tons, down 7.6 tons from the previous period and 3.2% month - on - month; the futures delivery warehouse inventory was 18.2 tons [5] - **Finished Paper Production**: On March 19, 2026, the production of offset paper was 20.60 tons, coated paper was 7.60 tons, tissue paper was 31.00 tons, and white cardboard was 37.50 tons [5] Supply - Demand Analysis - **Supply - side**: In March, Chilean Arauco adjusted its pulp quotes. Coniferous pulp was offered at 880 dollars/ton, broadleaf pulp Star at 620 dollars/ton (supplying 5% of the quantity), and unbleached pulp Venus at 620 dollars/ton [5] - **Demand - side**: The demand for pulp has been stable recently, the price of finished paper is stable, and the production has increased this week. However, the price increase notices issued by paper mills are unlikely to be implemented [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The pulp market is expected to oscillate. The overall market demand remains weak and the supply - demand fundamentals have not changed significantly. The high - level pressure of port inventory persists, and industry players mostly adopt a wait - and - see attitude. Attention should be paid to changes in downstream paper mills' procurement willingness and foreign market quotation dynamics [4]. - In the short term, the price of the household paper market is expected to stabilize. The current situation is one of oversupply, and key factors to watch are changes in raw material pulp prices and the operation of major paper mills' equipment [5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data - **Futures Market**: The daily closing price of the pulp main contract was 5,210 yuan/ton, up 22 yuan from the previous day; the night - session closing price was 5,176 yuan/ton, down 58 yuan. The trading volume was 378,624 lots, an increase of 51,683 lots. The open interest of the 05 contract was 196,807 lots, a decrease of 44,855 lots. The number of warehouse receipts was 183,562 tons, an increase of 1,487 tons. The net position of the top 20 members was - 33,044 lots, a decrease of 388 lots [3]. - **Spread Data**: The basis of "Yinxing - futures main contract" was 40, an increase of 28; the basis of "Jinyu - futures main contract (non - standard)" was - 610, a decrease of 22. The month - spread of SP05 - SP07 was - 50, an increase of 2 [3]. - **Spot Market**: The domestic prices of coniferous pulp such as Beimu, Kailipu, Shipai, Yueliang, Yinxing, and Ezhen were in the range of 5,100 - 5,500 yuan/ton; the domestic prices of broad - leaf pulp such as Jinse, Mingxing, Xiaochi, and Buju were in the range of 4,500 - 4,600 yuan/ton; the domestic price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton; the domestic price of natural pulp (Jinxing) was 4,800 yuan/ton [3]. 3.2 Industry News - The pulp futures market rose slightly yesterday, with the main contract closing at 5,210 yuan/ton, a 0.5% increase, driving a slight increase in the spot price of coniferous pulp. However, the actual market trading was rather light. Downstream paper mills had low procurement enthusiasm due to average profits, and some enterprises adopted a price - pressing strategy, with limited acceptance of high - priced raw materials. The trend of broad - leaf pulp was relatively stable [4]. - The price of the household paper market was mainly in the range of consolidation, with little change in market trading activity. The news from major paper enterprises was relatively quiet. The raw material pulp market was oscillating and adjusting, and the price of broad - leaf pulp remained stable, providing limited support for the price of household paper. The terminal demand for household paper showed no obvious signs of improvement, maintaining rigid procurement. Some paper enterprises had poor sales performance, and the overall industry operating level changed little [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The weak pattern of the pulp futures fundamentals continues, with limited upside potential for short - term position - reduction rallies. It is expected to fluctuate weakly in the short term [6]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On March 23, 2026, SP2701 was 5514 yuan/ton with a daily increase of 0.07% and a weekly increase of 0.29%; SP2609 was 5280 yuan/ton with a daily increase of 0.15% and a weekly decrease of 0.53%; SP2605 was 5188 yuan/ton with a daily increase of 0.46% and a weekly decrease of 0.84% [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5200 yuan/ton with a daily increase of 0.97% and a weekly decrease of 1.89%; Coniferous pulp Russian Needle was 5050 yuan/ton with a daily increase of 1.00% and a weekly decrease of 1.94%; Broad - leaf pulp Goldfish was 4600 yuan/ton with a daily increase of 1.10% and no weekly change [5]. - **External Quotes and Import Costs**: Chilean Silver Star's external quote was 710 dollars/ton with no change, and its import cost was 5802 yuan/ton with no change; Chilean Star's external quote was 600 dollars/ton with no change, and its import cost was 4911 yuan/ton with no change; Chilean Venus's external quote was 620 dollars/ton with no change, and its import cost was 5073 yuan/ton with no change [5]. Pulp Fundamental Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 tons, a month - on - month decrease of 30.86% compared to January; the import volume of broad - leaf pulp was 147.13 tons, a month - on - month decrease of 2.94% [5]. - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170 thousand tons, a decrease of 19.80% [5]. - **Domestic Production**: The domestic production of broad - leaf pulp on March 19, 2026, was 26.3 tons; the domestic production of chemimechanical pulp was 24.5 tons [5]. - **Inventory**: As of March 19, 2026, the pulp port inventory was 229.7 tons, a decrease of 7.6 tons from the previous period, a month - on - month decrease of 3.2%; the futures delivery warehouse inventory was 18.2 tons [5]. - **Finished Paper Production**: On March 19, 2026, the production of double - offset paper was 20.60 tons, coated paper was 7.60 tons, tissue paper was 31.00 tons, and cardboard was 37.50 tons [5]. Supply and Demand - **Supply**: Chile's Arauco Company's March coniferous pulp offer was 710 dollars/ton, unchanged; the broad - leaf pulp Star's offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus's offer was 620 dollars/ton, unchanged [5]. - **Demand**: The demand side of pulp has been stable recently. The prices of finished paper are stable, and the production volume has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The weak pattern of the pulp futures fundamentals continues, with limited upside potential for short - term position - reduction rallies. It is expected to fluctuate weakly in the short term [6]. 3. Directory Summaries 3.1 Pulp Price Data - **Futures Prices**: On March 20, 2026, SP2701 futures price was 5,510 yuan/ton, up 0.99% day - on - day and down 0.29% week - on - week; SP2609 was 5,272 yuan/ton, up 0.96% day - on - day and down 1.09% week - on - week; SP2605 was 5,164 yuan/ton, up 1.18% day - on - day and down 2.05% week - on - week [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5,150 yuan/ton, up 1.98% day - on - day and down 2.83% week - on - week; Coniferous pulp Russian Needle was 5,000 yuan/ton, up 2.04% day - on - day and down 2.91% week - on - week; Broadleaf pulp Goldfish was 4,550 yuan/ton, with no day - on - day change and down 1.09% week - on - week [5]. - **External Offer and Import Cost**: The external offer of Chilean Silver Star was 710 US dollars/ton, unchanged; Chilean Star was 600 US dollars/ton, unchanged; Chilean Venus was 620 US dollars/ton, unchanged. The import costs of these pulps also remained unchanged [5]. 3.2 Pulp Fundamental Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 million tons, down 30.86% month - on - month; the import volume of broadleaf pulp was 147.13 million tons, down 2.94% month - on - month [5]. - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170 thousand tons, down 19.80% month - on - month [5]. - **Domestic Production**: On March 19, 2026, the domestic production of broadleaf pulp was 26.3 million tons, and that of chemimechanical pulp was 24.5 million tons [5]. - **Inventory**: As of March 19, 2026, the pulp port inventory was 229.7 million tons, down 7.6 million tons from the previous period, a 3.2% decline. The futures delivery warehouse inventory was 18.2 million tons [5]. - **Demand (Finished Paper Production)**: On March 19, 2026, the production of offset paper was 20.60 million tons, coated paper was 7.60 million tons, tissue paper was 31.00 million tons, and white cardboard was 37.50 million tons [5]. 3.3 Supply and Demand Analysis - **Supply**: Chile's Arauco Company's March offer for coniferous pulp was 710 US dollars/ton, unchanged; the offer for broadleaf pulp Star was 620 US dollars/ton, up 20 US dollars/ton; the offer for natural pulp Venus was 620 US dollars/ton, unchanged [5]. - **Demand**: The demand for pulp has been stable recently. The prices of finished paper are stable, and the production has increased this week. However, the price increase letters issued by paper mills are expected to be difficult to implement [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market shows a trend of inventory reduction at major ports. The demand side is currently stable, with stable prices of finished paper and an increase in production this week. The price increase notices issued by paper mills are expected to be difficult to implement. For pulp futures, after a sharp decline with increasing positions, there has been a small rebound with decreasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [5][6] 3. Summary According to Relevant Contents Pulp Price Data - **Futures Prices**: On March 19, 2026, SP2701 was 5456 yuan/ton, with a daily increase of 1.19% and a weekly decrease of 0.76%; SP2609 was 5222 yuan/ton, with a daily increase of 1.16% and a weekly decrease of 1.51%; SP2605 was 5104 yuan/ton, with a daily increase of 1.27% and a weekly decrease of 2.82% [5] - **Spot Prices**: Coniferous pulp Silver Star was 5050 yuan/ton, unchanged daily and down 4.72% weekly; Coniferous pulp Russian Needle was 4900 yuan/ton, unchanged daily and down 4.85% weekly; Broadleaf pulp Goldfish was 4550 yuan/ton, unchanged daily and down 1.09% weekly [5] - **Foreign Quotes and Import Costs**: Chilean Silver Star's foreign quote was 710 dollars/ton, unchanged; its import cost was 5802 yuan/ton, unchanged. Chilean Star's foreign quote was 600 dollars/ton, unchanged; its import cost was 4911 yuan/ton, unchanged. Chilean Venus's foreign quote was 620 dollars/ton, unchanged; its import cost was 5073 yuan/ton, unchanged [5] Pulp Fundamental Data - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, a month - on - month increase of 7.31% compared to November 2025; the import volume of broadleaf pulp was 135.2 tons, a month - on - month decrease of 23.40% compared to November 2025 [5] - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170,000 tons, a month - on - month decrease of 19.80% [5] - **Domestic Production Volume**: On March 19, 2026, the domestic production volume of broadleaf pulp was 26.3 tons; the domestic production volume of chemimechanical pulp was 24.5 tons [5] - **Inventory Data**: As of March 19, 2026, the pulp port inventory was 229.7 tons, a decrease of 7.6 tons from the previous period, a month - on - month decrease of 3.2%; the futures delivery warehouse inventory was 18.2 tons [5] - **Finished Paper Production Volume**: On March 19, 2026, the production volume of offset paper was 20.6 tons; the production volume of coated paper was 7.6 tons; the production volume of tissue paper was 31.0 tons; the production volume of white cardboard was 37.5 tons [5] Supply and Demand - **Supply Side**: Chile's Arauco Company's March offer for coniferous pulp was 710 dollars/ton, unchanged; the offer for broadleaf pulp Star was 620 dollars/ton, up 20 dollars/ton; the offer for natural pulp Venus was 620 dollars/ton, unchanged [5] - **Demand Side**: The demand side of pulp has been stable recently. The prices of finished paper are stable, and the production volume has increased this week. The price increase notices issued by paper mills are expected to be difficult to implement [5] Strategy - Pulp futures have seen a small rebound with decreasing positions after a sharp decline with increasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp futures 05 contract closed at 5104 yuan/ton, up 0.79% from the previous settlement price. The high - end price of the coniferous pulp in the Shandong wood pulp market decreased by 50 yuan/ton compared to the previous trading day. The port inventory is accelerating the destocking process, and the pulp price rebounded after breaking through the integer - level support. It is necessary to pay attention to the support strength [7][8] - The demand for household paper and fluff pulp remains strong, and it is expected to account for two - thirds of the global coniferous wood pulp demand by 2030. NBSK has strategic value due to its excellent fiber strength, good adaptability, and ability to improve production efficiency [9] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The pulp futures 05 contract had a previous settlement price of 5064 yuan/ton and a closing price of 5104 yuan/ton, with an overall increase of 0.79%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4500 - 5300 yuan/ton, and the high - end price dropped by 50 yuan/ton compared to the previous trading day. The offer price of Shandong Yinxing was 5030 - 5050 yuan/ton [7] - Arauco's March wood pulp FOB prices: coniferous pulp Yinxing remained at $710/ton; natural pulp Jinxing remained at $620/ton; broad - leaf pulp Mingxing increased by $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, coniferous pulp decreased by 5.5% year - on - year, and broad - leaf pulp increased by 3.5% year - on - year. In February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 19, 2026, the weekly pulp inventory in major regions and ports decreased by 5.89% month - on - month. Some downstream paper mills still face inventory pressure, with slow overall shipments and average market sales [8] 3.2 Industry News - On March 19, the CEO of Stora Enso analyzed the structural changes and impacts in the current pulp market. He pointed out that even under the background of continued macro - economic uncertainty, geopolitical tensions, and the gradual decline in the demand for printing and writing paper, the demand for household paper and fluff pulp remains strongly growing. It is expected that by 2030, household paper and fluff pulp will account for two - thirds of the global coniferous wood pulp demand. NBSK has strategic value as it can help customers optimize production operations, with higher tensile strength, lower beating energy consumption, and improved paper machine operation efficiency [9] 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, needle - broadleaf price differences, inter - period 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 [15][17][19][22][27][30]