1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - The pulp demand side has been stable recently, with stable finished - paper prices and a slight increase in production this week. The inventory at the inventory side continued to accumulate in this cycle, with the port sample inventory showing an accumulation trend for six consecutive weeks. Coniferous pulp lacks positive factors but is supported by mill costs at the bottom, and is expected to fluctuate between 5,200 - 5,400 [5]. 3. Summary According to the Directory Futures and Spot Prices - **Futures Prices**: On February 26, 2026, SP2601 was 5,530 yuan/ton, down 0.18% day - on - day and up 1.88% week - on - week; SP2609 was 5,364 yuan/ton, down 0.67% day - on - day and up 1.59% week - on - week; SP2605 was 5,312 yuan/ton, down 0.67% day - on - day and up 1.45% week - on - week [5]. - **Spot Prices**: On February 26, 2026, the spot price of coniferous pulp Silver Star was 5,350 yuan/ton (0% day - on - day, 1.90% week - on - week), Russian Needle was 5,150 yuan/ton (0% day - on - day, 1.98% week - on - week), and broad - leaf pulp Goldfish was 4,600 yuan/ton (0% day - on - day, 0.44% week - on - week) [5]. Outer - Disk Quotes and Import Costs - **Outer - Disk Quotes**: In February 2026, the outer - disk quote of Chilean Silver Star was 710 US dollars/ton (0% month - on - month), Chilean Star was 600 US dollars/ton (up 1.69% month - on - month), and Chilean Venus was 620 US dollars/ton (0% month - on - month) [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5,802 yuan/ton (0% month - on - month), Chilean Star was 4,911 yuan/ton (up 1.68% month - on - month), and Chilean Venus was 5,073 yuan/ton (0% month - on - month) [5]. Supply - Side Data - **Imports**: In December 2025, coniferous pulp imports were 77.8 million tons, up 7.31% month - on - month compared to November; broad - leaf pulp imports were 135.2 million tons, down 23.40% month - on - month compared to November. The pulp shipment volume to China in December 2025 was 212 thousand tons, up 19.10% month - on - month [5]. - **Domestic Production**: On February 26, 2026, the domestic production of broad - leaf pulp was 25.2 million tons, and that of chemimechanical pulp was 23.8 million tons [5]. Inventory Data - **Pulp Port Inventory**: On February 26, 2026, the pulp port inventory was 240.1 million tons, showing an accumulation trend [5]. - **Futures Delivery Warehouse Inventory**: On February 26, 2026, the futures delivery warehouse inventory was 15.2 million tons [5]. Demand - Side Data - **Finished - Paper Production**: On February 26, 2026, the production of offset paper was 17.50 million tons, copperplate paper was 7.40 million tons, tissue paper was 23.98 million tons, and white cardboard was 36.10 million tons [5]. Supply - Demand - Inventory Summary and Strategy - **Summary**: The supply side: Arauco's February coniferous pulp offer was flat, broad - leaf pulp Star increased, and natural pulp Venus was flat. The demand side was stable, and the inventory side continued to accumulate. - **Strategy**: Coniferous pulp is expected to fluctuate between 5,200 - 5,400 [5].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp demand side has been stable recently, with stable finished paper prices and a slight increase in production this week. The inventory side shows a continuous inventory accumulation trend, with the port sample inventory showing an inventory accumulation trend for six consecutive weeks. The strategy suggests that softwood pulp lacks positive factors but has cost support from pulp mills, and is expected to fluctuate between 5,200 - 5,400 [5]. Group 3: Summary by Relevant Catalogs Futures and Spot Prices - Futures prices: SP2601 is 5,540 yuan/ton, down 0.25% day - on - day and up 2.29% week - on - week; SP2609 is 5,400 yuan/ton, up 0.07% day - on - day and up 2.86% week - on - week; SP2605 is 5,348 yuan/ton, up 0.15% day - on - day and up 2.81% week - on - week [5]. - Spot prices: Coniferous pulp Silver Star is 5,350 yuan/ton, unchanged day - on - day and up 1.90% week - on - week; Coniferous pulp Russian Needle is 5,150 yuan/ton, unchanged day - on - day and up 1.98% week - on - week; Hardwood pulp Goldfish is 4,600 yuan/ton, unchanged day - on - day and up 0.44% week - on - week [5]. Outer - disk Quotes and Import Costs - Outer - disk quotes: Chilean Silver Star is 710 dollars/ton, unchanged; Chilean Star is 600 dollars/ton, up 1.69% month - on - month; Chilean Venus is 620 dollars/ton, unchanged [5]. - Import costs: Chilean Silver Star is 5,802 yuan/ton, unchanged; Chilean Star is 4,911 yuan/ton, up 1.68% month - on - month; Chilean Venus is 5,073 yuan/ton, unchanged [5]. Supply - side Data - Import volume: In December 2025, coniferous pulp import volume was 77.8 tons, up 7.31% month - on - month compared to November; hardwood pulp import volume was 135.2 tons, down 23.40% month - on - month compared to November [5]. - Shipment volume to China: In December 2025, it was 212 thousand tons, up 19.10% month - on - month [5]. - Domestic production: For hardwood pulp, the production volume in February 12, 2026 was 25.2 tons; for chemimechanical pulp, it was 23.8 tons [5]. Inventory Data - Pulp port inventory: As of February 12, 2026, it was 219.5 tons, up 1.3 tons from the previous period, a 0.6% increase [5]. - Futures delivery warehouse inventory: As of February 12, 2026, it was 15.1 tons [5]. Demand - side Data - Finished paper production: For offset paper, the production volume was 20.00 tons; for coated paper, it was 8.40 tons; for white cardboard, it was 27.73 tons; for tissue paper, it was 35.00 tons [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp supply side has recent disturbances, but the demand side shows weakness, lacking a clear trading logic, and is expected to fluctuate weakly [6] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices (Yuan/ton) on Feb 9, 2026**: SP2601 at 5414, -0.66% day-on-day, -0.48% week-on-week; SP2609 at 5248, -0.57% day-on-day, -1.09% week-on-week; SP2605 at 5200, -0.65% day-on-day, -1.25% week-on-week [5] - **Spot Prices (Yuan/ton) on Feb 9, 2026**: Coniferous pulp Silver Star at 5250, -0.94% day-on-day, -1.32% week-on-week; Coniferous pulp Russian Needle at 5050, -0.98% day-on-day, -1.94% week-on-week; Hardwood pulp Goldfish at 4580, 0.00% day-on-day, -0.43% week-on-week [5] - **Foreign Offer Prices (USD/ton)**: Chilean Silver Star at 710, 1.43% month-on-month; Chilean Star at 590, 3.51% month-on-month; Chilean Venus at 620, 0.00% month-on-month [5] - **Import Costs (Yuan/ton)**: Chilean Silver Star at 5802, 1.42% month-on-month; Chilean Star at 4830, 3.47% month-on-month; Chilean Venus at 5073, 0.00% month-on-month [5] Pulp Fundamental Data Supply - **Import Volume (10,000 tons)**: In Dec 2025, coniferous pulp at 77.8, 7.31% month-on-month compared to Nov 2025; hardwood pulp at 135.2, -23.40% month-on-month compared to Nov 2025 [5] - **Shipments to China (1000 tons)**: In Nov 2025, at 178, 3.00% month-on-month [5] - **Domestic Production (10,000 tons)**: Hardwood pulp and chemimechanical pulp production data from Jan 8, 2025, to Feb 5, 2026, are provided [5] Inventory - **Pulp Port Inventory (10,000 tons)**: As of Feb 5, 2026, at 218.2, 0.6% month-on-month increase, with five consecutive weeks of inventory accumulation [5] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of Feb 5, 2026, at 14.2 [5] Demand - **Finished Paper Production (10,000 tons)**: Production data of offset paper, coated paper, tissue paper, and white cardboard from Dec 18, 2025, to Feb 5, 2026, are provided, with a slight increase in production this week [5] Summary - The pulp market continues to show an inventory accumulation trend this period, with port sample inventory accumulating for five consecutive weeks [5] Strategy - The pulp market is expected to fluctuate weakly due to supply disturbances and weak demand [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp demand has been stable recently, with a slight increase in the price of household paper and stable prices of other paper products. The production of major wood-pulp paper is stable. As of January 15, 2026, the inventory of mainstream pulp ports in China continued to accumulate. Recently, pulp futures warrants have been centrally registered, with limited room for further increase, and the price of hardwood pulp has slightly weakened. Consider shorting after a rebound [6] 3. Summary by Related Catalogs Price Data - **Futures Prices**: On January 18, 2026, SP2601 was 5,542 yuan/ton, up 2.44% day-on-day and 1.13% week-on-week; SP2609 was 5,400 yuan/ton, down 1.57% day-on-day and 3.61% week-on-week; SP2605 was 5,362 yuan/ton, down 1.36% day-on-day and 3.39% week-on-week [6] - **Spot Prices**: On January 18, 2026, the price of coniferous pulp Silver Star was 5,600 yuan/ton, up 2.75% day-on-day and 0.90% week-on-week; the price of coniferous pulp Russian Needle was 5,250 yuan/ton, down 0.94% day-on-day and 2.78% week-on-week; the price of hardwood pulp was 4,700 yuan/ton, down 1.05% day-on-day and week-on-week [6] - **Foreign Offers**: In January 2026, the offer of Chilean Silver Star was 700 US dollars/ton, up 2.94% month-on-month; the offer of Brazilian Goldfish was 540 US dollars/ton, up 1.89% month-on-month; the offer of Chilean Venus was 620 US dollars/ton, unchanged month-on-month [6] - **Import Costs**: In January 2026, the import cost of Chilean Silver Star was 5,721 yuan/ton, up 2.91% month-on-month; the import cost of Brazilian Goldfish was 4,425 yuan/ton, up 1.87% month-on-month; the import cost of Chilean Venus was 5,073 yuan/ton, unchanged month-on-month [6] Fundamental Data - **Supply**: In November 2025, the import volume of coniferous pulp was 72.5 tons, up 4.92% month-on-month; the import volume of hardwood pulp was 176.5 tons, up 33.92% month-on-month. The pulp shipment volume to China in November 2025 was 178 thousand tons, up 3.00% month-on-month. From January 8 to January 15, 2026, the domestic production of hardwood pulp was 25.2 tons, and the domestic production of chemimechanical pulp was 23.7 tons [6] - **Inventory**: As of January 15, 2026, the pulp port inventory was 201.4 tons, up 0.3% month-on-month; the futures delivery warehouse inventory was 14.9 tons [6] - **Demand**: From December 4, 2025, to January 15, 2026, the production of offset paper was 20.3 tons, the production of coated paper was 8.3 tons, the production of household paper was 29.3 tons, and the production of white cardboard was 38.4 tons [6]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The implementation of the new round of price increase letters is good, domestic inventories have decreased, and the market is expected to be in a volatile and bullish trend [5][6] 3. Summary by Relevant Catalog 3.1 Pulp Price Data - **Futures Prices**: On December 25, 2025, SP2601 was priced at 5,532 yuan/ton, down 0.36% day-on-day and up 2.03% week-on-week; SP2609 was 5,650 yuan/ton, down 0.18% day-on-day and up 2.32% week-on-week; SP2605 was 5,604 yuan/ton, down 0.28% day-on-day and up 1.89% week-on-week [6] - **Spot Prices**: The spot price of coniferous pulp Silver Star was 5,600 yuan/ton, with no change day-on-day and week-on-week; the price of coniferous pulp Russian Needle had a calculation error; the price of broadleaf pulp Goldfish was 0 yuan/ton, down 100% day-on-day and week-on-week [6] - **Foreign Quotes**: The foreign quotes of Chilean Silver Star were 700 dollars/ton, up 2.94% month-on-month; Brazilian Goldfish were 580 dollars/ton, up 3.57% month-on-month; and Chilean Venus were 620 dollars/ton, with no change month-on-month [6] - **Import Costs**: The import cost of Chilean Silver Star was 5,721 yuan/ton, up 2.91% month-on-month; Brazilian Goldfish was 4,749 yuan/ton, up 3.53% month-on-month; and Chilean Venus was 5,073 yuan/ton, with no change month-on-month [6] 3.2 Pulp Fundamental Data - **Supply**: In November 2025, the import volume of coniferous pulp was 72.5 tons, up 4.92% from October; the import volume of broadleaf pulp was 176.5 tons, up 33.92% from October. The domestic production of broadleaf pulp and chemimechanical pulp fluctuated slightly. Suzano announced a global price increase for broadleaf pulp in January 2026 [6] - **Inventory**: As of December 26, 2025, the inventory of mainstream ports in China was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease. The inventory has been decreasing for five consecutive weeks [6] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated. Currently, the demand side remains weak, with the prices of cultural paper in mainstream wood pulp paper products continuing to decline, while tissue paper and white cardboard have slightly increased [6]

Group 1: Report's Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - The implementation of a new round of price increase letters is good, and domestic inventories have decreased. The market is expected to be volatile and bullish [6] Group 3: Summary Based on Related Catalogs Futures and Spot Prices - On December 25, 2025, the futures prices of SP2601, SP2609, and SP2605 were 5,532 yuan/ton, 5,650 yuan/ton, and 5,604 yuan/ton respectively, with day-on-day changes of -0.36%, -0.18%, and -0.28%, and week-on-week changes of 2.03%, 2.32%, and 1.89% [6] - The spot price of coniferous pulp Silver Star was 5,600 yuan/ton, with no change day-on-day or week-on-week. The data of coniferous pulp Russian Needle and broadleaf pulp Goldfish had abnormal changes [6] Outer Disk Quotes and Import Costs - The outer disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700 dollars/ton, 580 dollars/ton, and 620 dollars/ton respectively, with month-on-month changes of 2.94%, 3.57%, and 0.00% [6] - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5,721 yuan/ton, 4,749 yuan/ton, and 5,073 yuan/ton respectively, with month-on-month changes of 2.91%, 3.53%, and 0.00% [6] Supply - Import Volume, Domestic Production, and Shipment - In November 2025, the import volume of coniferous pulp was 72.5 tons, with a month-on-month increase of 4.92%. The shipment volume of pulp to China decreased by 7.49% month-on-month [6] - The domestic production volume of broadleaf pulp and chemimechanical pulp had minor fluctuations [6] Inventory - Port and Futures Delivery Warehouse - As of December 25, 2025, the pulp port inventory was 190.6 tons, showing a decreasing trend. The futures delivery warehouse inventory also fluctuated [6] Demand - Finished Paper Production - The production volumes of double - offset paper, coated paper, tissue paper, and white cardboard had different degrees of fluctuations [6] Supply - Side and Demand - Side Situations - Suzano announced a global price increase for broadleaf pulp in January 2026. The Goldfish broadleaf pulp increased by 20 dollars in Asia and 120 dollars in Europe and North America [6] - The demand side remained weak. The prices of cultural paper continued to decline, while tissue paper and white cardboard prices increased slightly [6] Inventory - Side Situation - As of December 26, 2025, the sample inventory of mainstream pulp ports in China was 190.6 tons, a decrease of 8.7 tons from the previous period, a month-on-month decrease of 4.4%. The inventory has been decreasing for five consecutive weeks [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Canadian pulp mills have reduced production, leading to positive factors on the pulp supply side. There is no new warehouse receipt registration, resulting in a tight supply of delivery resources for near - month contracts. However, new warehouse receipt registration occurs when the price on the market rises to 5,500 yuan/ton, limiting further upward potential [7] 3. Summary by Relevant Catalog 3.1 Pulp Price Data - **Futures Prices (yuan/ton)**: On December 9, 2025, SP2601 was 5386 with a daily decline of 0.11% and a weekly increase of 1.09%; SP2512 was 4704 with a daily increase of 0.47% and a weekly increase of 0.60%; SP2605 was 5464 with a daily increase of 0.52% and a weekly increase of 1.83% [6] - **Spot Prices (yuan/ton)**: On December 9, 2025, the price of coniferous pulp Silver Star was 5600 with a daily and weekly increase of 0.90%; Russian coniferous pulp was 5250 with no daily or weekly change; broad - leaf pulp Goldfish was 4500 with no daily or weekly change [6] - **Outer - disk Quotes (dollars/ton)**: In December 2025, the price of Chilean Silver Star was 680 with no monthly change; Brazilian Goldfish was 540 with a monthly increase of 1.89%; Chilean Venus was 590 with no monthly change [6] - **Import Costs (yuan/ton)**: In December 2025, the import cost of Chilean Silver Star was 5559 with no monthly change; Brazilian Goldfish was 4425 with a monthly increase of 1.87%; Chilean Venus was 4830 with no monthly change [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports (10,000 tons)**: In October 2025, coniferous pulp imports were 69.1, unchanged from September; broad - leaf pulp imports were 131.8, a 2.80% decrease from September [6] - **Shipments to China (1000 tons)**: In October 2025, the shipments were 173, a 7.49% decrease from the previous period [6] - **Domestic Production (10,000 tons)**: As of December 4, 2025, broad - leaf pulp production was 23.9; chemimechanical pulp production was 23.8 [6] - **Inventory** - **Pulp Port Inventory (10,000 tons)**: As of December 4, 2025, it was 210.7 [6] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of December 4, 2025, it was 21.0 [6] - **Demand** - **Finished Paper Production (10,000 tons)**: As of December 4, 2025, double - offset paper production was 20.70; coated paper production was 8.60; tissue paper production was 28.52; white cardboard production was 37.70 [6] 3.3 Market Situation - **Supply - side**: Recently, the supply of wood chips in the international market has been continuously tight, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - dollar/ton price increase for bleached hardwood kraft pulp (BHK) orders received in December in Asia [6] - **Demand - side**: Recently, water - pulp paper manufacturers have issued price - increase letters. Only the implementation of price increases for white cardboard has been good, and double - offset paper manufacturers have issued price - increase letters again, with the implementation situation to be monitored [6] - **Inventory - side**: As of December 4, 2025, the inventory of mainstream pulp ports in China was 210.1 tons, a decrease of 7.1 tons from the previous period, a 3.3% decline. Inventory has continued to show a slight downward trend, and the inventory of sample ports has decreased for two consecutive weeks [6]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The pulp market lacks clear driving factors in the short - term, and a 7 - 9 reverse spread strategy is recommended [1]. 3) Summary by Related Catalogs a. Price Data - **Futures Prices**: On June 16, 2025, SP2601 was 5236, up 0.65% day - on - day and down 1.13% week - on - week; SP2507 was 5242, down 0.49% day - on - day and down 1.95% week - on - week; SP2509 was 5232, up 0.65% day - on - day and down 1.10% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6100, unchanged day - on - day and down 0.81% week - on - week; Russian Coniferous pulp was 5300, unchanged day - on - day and down 0.93% week - on - week; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and down 0.49% week - on - week [1]. - **Outer - Disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1]. - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1]. b. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month. The pulp shipments to China were 1353 tons, down 30.80% [1]. - **Inventory**: As of June 12, 2025, pulp port inventory was 218.5 tons, up 1.3% from the previous period; delivery warehouse inventory was 25.50 tons [1]. - **Demand**: The production of finished paper remained stable. Double - offset paper production was 20.10 tons; coated paper production was 7.61 tons; household paper production was 28.00 tons; white cardboard production was 30.10 tons [1]. c. Valuation Data - **Basis**: On June 16, 2025, the Russian Coniferous pulp basis was 58, with a quantile level of 0.818; the Silver Star basis was 858, with a quantile level of 0.972 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 54, with a quantile level of 0.712; the import profit of broadleaf pulp Goldfish was - 487, with a quantile level of 0.204 [1]. d. Summary of Market Conditions - **Supply - Side**: Chilean Arauco's June 2025 wood pulp outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value), unchanged; broadleaf pulp had no supply in June, with limited supply expected to resume in July; natural pulp Venus was 620 dollars/ton (face value), unchanged. In April 2025, the shipments of M20 coniferous pulp to China decreased by 2.9% year - on - year, and the shipments of broadleaf pulp to China increased by 26.7% year - on - year [1]. - **Demand - Side**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases, and the production of major finished papers remained stable [1]. - **Inventory - Side**: As of June 12, 2025, the inventory of China's mainstream pulp ports was 218.5 tons, up 2.8 tons from the previous period, showing a slight inventory accumulation trend [1]. e. Strategy A 7 - 9 reverse spread strategy is recommended as the pulp market lacks clear driving factors in the short - term [1].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The core view is that inventory remains at a high level, and demand shows a weak feedback. Last week, the pulp futures price declined, with a decrease in open interest and dominant long - position reduction. The SP2507 main contract dropped by 52 yuan/ton, a 0.96% decline, closing at 5362 yuan/ton. Domestic coniferous pulp and broad - leaf pulp spot prices also decreased [5]. - In March 2025, European chemical pulp consumption was 86.57 tons, a 3.24% year - on - year decrease; inventory was 70.73 tons, a 6.24% year - on - year increase, and inventory days were 26 days, up 1 day from the same period last year. China's pulp imports in March were 324.9 tons, a 0.9% month - on - month and 2.5% year - on - year increase, with a cumulative 963.9 tons and a 5.0% cumulative year - on - year increase. China's machine - made paper and cardboard production in March was 1455.3 tons, a 3.6% year - on - year increase, with a cumulative 3819.0 tons and a 3.8% cumulative year - on - year increase [6]. - The core logic is that last week, pulp futures and spot prices declined slightly. The basis of Silver Star strengthened, while that of Russian Needle weakened, and the brand price difference continued to widen. Since February, the price difference between coniferous pulp brands and between coniferous and broad - leaf pulp has been widening. Weak demand and weak expectations have led to a downward trend in pulp prices. In the second quarter, demand is still insufficient. On the supply side, the volume of pulp shipped from overseas mills to China increased in March, but due to low acceptance of high - priced foreign pulp from March to April, the long - term contract orders decreased, and it is expected that the future arrival volume will decline. There is new domestic production capacity for broad - leaf pulp, which will put pressure on its price. Coniferous pulp prices will have a bottom - finding and bottom - building process. Domestic pulp port inventory remains at a high level, and the demand side feedback is weak [7]. Group 3: Summary by Relevant Catalogs 1. Week - on - Week Data Review - Futures prices: SP2505 rose by 12 yuan/ton, a 0.22% increase; SP2507 dropped by 52 yuan/ton, a 0.96% decline; SP2509 fell by 128 yuan/ton, a 2.32% decline [8]. - Foreign offers: Coniferous pulp (Silver Star) and broad - leaf pulp (Star) remained unchanged [8]. - Domestic spot prices: Coniferous pulp (Shandong Silver Star) was unchanged; coniferous pulp (Shandong Russian Needle) rose by 50 yuan/ton, a 0.93% increase; broad - leaf pulp (Shandong Star) dropped by 50 yuan/ton, a 1.12% decline [8]. - Domestic finished paper average prices: White cardboard rose by 7.5 yuan/ton, a 0.16% increase; tissue paper dropped by 50 yuan/ton, a 0.79% decline; offset paper rose by 50 yuan/ton, a 0.86% increase [8]. 2. Industry Data: Inventory and Supply - Price differences: The basis of Silver Star - main contract increased by 46 yuan/ton, a 4.88% increase; the spread between 05 - 09 contracts rose by 140 yuan/ton; the difference between coniferous and broad - leaf pulp (Silver Star - Goldfish) increased by 60 yuan/ton, a 3.35% increase [9]. - Finished paper production: White cardboard production dropped by 0.5 tons, a 1.6% decline; tissue paper production decreased by 0.3 tons, a 1% decline; offset paper production increased by 0.27 tons, a 1.4% increase [9]. - Finished paper profits: White cardboard profit rose by 20.7 yuan/ton, a 3.54% increase; tissue paper profit dropped by 57.3 yuan/ton, a 20.38% decline; offset paper profit decreased by 12.5 yuan/ton, a 6.83% decline [9]. - Inventory: Qingdao port inventory increased by 4.6 tons, a 3.51% increase; Changshu port inventory rose by 2.2 tons, a 4.44% increase [9].