Core Viewpoint - The domestic futures market for pulp is experiencing a downward trend, with significant fluctuations in prices and inventory levels indicating a bearish outlook for the near future [1][2]. Group 1: Market Performance - On November 20, the main contract for pulp futures opened at 5400.00 CNY/ton, with a price fluctuation range between 5402.00 CNY and 5288.00 CNY, resulting in a decline of approximately 2.25% [1]. - As of November 19, the top 20 futures companies held a total of 198,400 contracts in long positions and 208,400 contracts in short positions, leading to a long-to-short ratio of 0.95 and a net position of -10,000 contracts, which increased by 1,111 contracts from the previous day [1]. Group 2: Inventory Levels - As of November 20, 2025, the inventory level at major Chinese pulp ports was recorded at 2.173 million tons, reflecting an increase of 63,000 tons from the previous period, marking a 3.0% rise and indicating a continuous accumulation trend over the past two weeks [1]. - The Shanghai Futures Exchange reported a decrease in warehouse receipts for pulp futures to 205,216 tons, down by 8,067 tons from the previous trading day, while factory warehouse receipts remained stable at 6,000 tons [1]. Group 3: Market Outlook - New Century Futures noted that the current market prices are stable, with needle pulp prices dropping by $20 to $680/ton and broadleaf pulp prices rising by $20 to $540/ton, suggesting weakened cost support for pulp prices [1]. - The paper industry is facing low profitability and high inventory pressure, leading to poor demand for high-priced pulp, as paper mills are primarily purchasing raw materials based on essential needs, which is bearish for pulp prices [1]. - Xinhuh Futures indicated that the recent price increase is primarily due to concerns over insufficient warehouse receipts for the January contract, but current prices are nearing those of high-quality brands outside of Russia, which may limit further price increases amid weakening macroeconomic sentiment [2].

Group 1: Report Overview - Report Title: Pulp Daily Report [1] - Report Date: September 4, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - Cost - end guidance is limited, supply remains loose, and pulp is in low - level volatile adjustment awaiting peak - season demand [8] Group 4: Market Review and Operation Suggestions Market Review - Pulp futures 01 contract: The previous settlement price was 5340 yuan/ton, and the closing price was 5324 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong wood pulp market is 5000 - 6650 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The price of Shandong Silver Star is 5,750 yuan/ton [7] - Arauco's August pulp offers: Softwood pulp Silver Star at 720 USD/ton, unbleached pulp Venus at 590 USD/ton, hardwood pulp Star at 520 USD/ton, all stable compared to June [8] - World's 20 major pulp - producing countries' July chemical pulp shipments: Up 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1% [8] - July European port pulp inventory: Down 1.9% month - on - month and up 19.2% year - on - year [8] - July China's pulp imports: 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - As of August 28, 2025, weekly pulp inventory in major regions and ports: Up 1.23% month - on - month [8] - January - July profit of the papermaking and paper products industry: Down 21.9% year - on - year, with a slightly wider decline [8] Operation Suggestions - No operation suggestions provided in the report Group 5: Industry News - On September 2, Shanying Paper announced a shutdown and maintenance plan for the National Day. It involves 12 paper lines at multiple bases in Anhui, Zhejiang, Central China, Fujian, Guangdong, and Jilin, with shutdown durations ranging from 4 to 8 days from September 29 to October 6, affecting about 97,000 tons of boxboard and corrugated paper production capacity [9] - July European port total inventory: Down 1.91% month - on - month and up 19.19% year - on - year. Only the ports in the Netherlands, Belgium, France, and Switzerland saw a 1.72% month - on - month increase, while ports in the UK, Germany, Italy, and Spain decreased by 26.03%, 6.96%, 1.45%, and 7.22% respectively [9] Group 6: Data Overview - The report presents multiple data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - delivery price differences, warehouse receipt volume, domestic main port pulp inventory, European main port pulp inventory, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][28][29][32]