Core Viewpoint - The Shanghai Futures Exchange has announced the suspension of the "Bratsk" brand bleached sulfate softwood pulp futures delivery to maintain market stability and ensure the quality of domestic pulp products [1][2]. Group 1: Market Stability and Quality Assurance - The decision to suspend the "Bratsk" brand delivery is seen as a measure to stabilize the pulp futures market and safeguard the quality of pulp products in China [1]. - The pulp futures market has been functioning effectively since its launch, serving as a crucial tool for risk management and resource allocation for upstream and downstream enterprises [1]. Group 2: Supply and Demand Dynamics - As of June 20, 2025, the total quantity of pulp futures warehouse receipts in China is 251,000 tons, with 235,000 tons in warehouses and 16,000 tons in factory storage [2]. - The current supply of bleached softwood pulp is abundant, with 14 deliverable brands covering the mainstream domestic brands [2]. - The average monthly import volume of softwood pulp in 2025 is 868,000 tons, showing a significant increase compared to the second half of 2024 [2]. Group 3: Price Trends and Market Outlook - The external market prices for pulp have remained stable, with no significant drivers for change noted [3]. - The demand for finished paper is currently facing challenges due to low prices, low profits, and high inventory levels, which may limit support for pulp prices [3]. - The next demand peak is expected after mid-August, with potential inventory accumulation before the seasonal restocking begins [3].