Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided. 2. Core View of the Report In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [2]. 3. Summary by Relevant Catalogs Price Data - On July 9, 2025, the futures price of SP2601 was 5318, with a daily - on - daily increase of 0.45% and a weekly - on - weekly increase of 0.64%. The spot price of coniferous pulp Silver Star was 5900, with no daily or weekly change [1]. - The futures price of SP2507 was 5070, with a daily increase of 0.76% and a weekly increase of 0.44%. The spot price of coniferous pulp Russian Needle was 5120, with no change [1]. - The outer - disk quotation of Chilean Silver Star was 720 dollars, a month - on - month decrease of 2.70%, and its import cost was 5884, a month - on - month decrease of 2.68% [1]. Fundamental Data - In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%, and the import volume of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84% [1]. - The pulp shipment volume to China in May increased by 3.3% month - on - month [1]. Supply - Chilean Arauco announced a new round of July wood pulp outer - disk quotations. The face value of coniferous pulp Silver Star (no new offer after completed transactions), the face value of natural pulp Venus was 590 dollars per ton, and the net price of Uruguayan broad - leaf pulp New Star was 500 dollars per ton (no quantity for Chilean Star). The supply side showed an increase in quantity and a decrease in price [1]. Demand - This week, the output of major finished paper increased slightly, but the price of finished paper remained low, providing weak support for pulp [2]. Inventory - As of July 3, 2025, the inventory of mainstream pulp ports in China was 221.3 tons, an increase of 5.0 tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [2].