行业 纸浆日报 日期 2025 年 7 月 31 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 二、行业要闻 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多 ...

Report Information - Industry: Pulp [1] - Date: July 25, 2025 [2] Core Viewpoint - The fundamentals of pulp have limited changes. In the short term, driven by the commodity market atmosphere and the upcoming shutdown maintenance of UPM Pulp Mill in August, pulp prices have oscillated and risen slightly. The off - season atmosphere persists this week, and the production and sales pressure of downstream base paper manufacturers remains high [7]. Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 09: The previous settlement price was 5,424 yuan/ton, and the closing price was 5,456 yuan/ton, a rise of 0.59% [7]. - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,300 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The quotation of Shandong Yinxing was 5,950 yuan/ton [7]. - Chile Arauco's July quotation: The Yinxing has been sold out with no new offers. The net price of Uruguay hardwood pulp New Star was 500 US dollars/ton [7]. - Production and consumption data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world was 1.69 million tons, a month - on - month increase of 4.4% and a year - on - year decrease of 8.2%. In June, the wood pulp inventory in Europe increased by 2.4% month - on - month and 6.6% year - on - year, while consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's total pulp imports in June were 3.03 million tons, a month - on - month increase of 0.4% and a year - on - year increase of 16.1% [7]. - Inventory data: As of July 24, 2025, the weekly pulp inventory in major regions and ports decreased by 0.39% month - on - month, and the overall shipment speed was stable [7]. 2. Industry News - On July 22, the No. 2 white cardboard machine of Liansheng Pulp and Paper Co., Ltd. was successfully started. It took less than 10 months from the installation of the first dryer on October 18, 2024, to the commissioning and startup, setting a new record for the fastest construction of similar projects [8]. 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood 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 white cardboard, white board paper, coated paper, and offset paper, as well as the US dollar - RMB exchange rate [14][16][18][25][27][29]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: June 20, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,230 yuan/ton, and the closing price was 5,254 yuan/ton, a rise of 0.46%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,220 - 6,750 yuan/ton, with the low - end price unchanged from the previous trading day. The Shandong Yinxing was quoted at 6,100 yuan/ton [7]. - International Quotes: Chile's Arauco announced its June quotes. Yinxing was at $740/ton, and Jinxing was at $620/ton, unchanged from the previous period [7]. - Supply Data: According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. China's pulp imports in May were 3.02 million tons, a month - on - month increase of 4.3% and a year - on - year increase of 6.9%. As of June 19, 2025, the weekly pulp inventory in major regions and ports increased by 0.7% month - on - month, and the inventory in major ports increased compared to the previous week, with a moderate overall shipment speed [7]. - Market Outlook: Downstream paper mills mainly consume their previous raw material inventories, with insufficient short - term pulp - purchasing enthusiasm. The new round of import pulp quotes is stable, the pulp market supply at home and abroad is loose, the port de - stocking speed is still slow, downstream paper mills continue to optimize the raw material cost structure, and the competition between domestic and imported pulp intensifies. Pulp prices fluctuate widely in a low - level range [7]. Group 3: Industry News - New Project in Xinjiang: On June 19, a new project with a total investment of 110 million yuan and an annual output of 1,000 tons of aramid paper new materials, introduced by the Huai'an Working Group of Jiangsu Aid to Yili, was officially signed and settled in the 7th Division of the Xinjiang Production and Construction Corps [8]. - Project Adjustment in Hubei: On June 13, Hubei Xianhe's special pulp and paper project with a total investment of 4.39 billion yuan had a key shift in its "core". The production of traditional cultural paper was significantly reduced, and the proportion of high - value - added special paper production capacity increased significantly. The production capacity of special food cardboard increased by 300,000 tons, the production capacity of release base paper increased from 25,000 tons to 50,000 tons, and the thermal base paper's structure focused more on high - end applications [8] Group 4: Data Overview - Chart 1 - 6 shows various data of pulp, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference in Shandong, and inter - period price differences [14][16][18] - Chart 7 - 12 shows data such as the total amount of warehouse receipts, pulp inventory in domestic main ports, wood pulp inventory in European main ports, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [25][27][29]

Report Summary 1. Report Information - Report Name: Pulp Daily Report [1] - Date: June 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Investment Rating - Not provided in the report. 3. Core View - The pulp market shows limited fundamental changes, with a new round of imported pulp quotes remaining stable, slow port destocking, and mediocre implementation of downstream price increase letters. The market is expected to fluctuate within a wide range [7]. 4. Summary by Section 4.1. Market Review and Operation Suggestions - Pulp futures contract 09 closed at 5,214 yuan/ton, down 0.99% from the previous settlement price of 5,266 yuan/ton. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 6,750 yuan/ton, with the lower - end price down 70 yuan from the previous day's closing price. The Shandong Yinxing was quoted at 6,120 - 6,150 yuan/ton [7]. - Chile's Arauco announced its June quotes: Yinxing at $740/ton and Jinxing at $620/ton, unchanged from the previous period [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's top 20 pulp - producing countries decreased by 7.2% year - on - year in April, while the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in May were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7]. - As of June 12, 2025, the weekly pulp inventory in major regions and ports increased by 2.1% month - on - month. The inventory in major ports was stable or slightly increased, except for Tianjin Port where it decreased. The overall shipment speed was moderate. Downstream paper mills mainly consumed their previous raw material inventories, with insufficient short - term pulp purchasing enthusiasm [7]. 4.2. Industry News - On June 6, relevant personnel from the Fujian Forestry Bureau and the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believed that Qingshan Paper's promotion of the project could ensure raw material supply, achieve green government - enterprise linkage, and explore new opportunities for the development of national reserve forests. Qingshan Paper, as a state - owned leading enterprise, has unique advantages in the integration of primary, secondary, and tertiary industries and adheres to the principle of "scientific planning and industrial collaboration" [8]. 4.3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [14][25][27][29]

Report Information - Report Name: Pulp Daily Report [1] - Date: June 12, 2025 [2] Industry Investment Rating - Not provided in the report Core View - The pulp market has limited fundamental changes, with a new round of imported pulp quotes remaining stable, slow de - stocking at ports, and mediocre implementation of downstream price increase letters, resulting in a wide - range sideways movement [7] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5,280 yuan/ton and a closing price of 5,260 yuan/ton, a 0.38% decline. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 6,750 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 6,150 - 6,170 yuan/ton [7] - Chile's Arauco announced June quotes: Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, unchanged from the previous quote [7] - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4% year - on - year. China's pulp imports in May were 3.02 million tons, a 4.3% increase month - on - month and a 6.9% increase year - on - year [7] - As of June 5, 2025, the weekly pulp inventory in major regions and ports decreased by 2.6% month - on - month. The downstream market has a clear demand for improved profitability, but terminal orders are limited, and the raw material procurement mentality is cautious [7] 2. Industry News - On June 6, relevant personnel from the Fujian Forestry Bureau and the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believe that Qingshan Paper Industry's promotion of the project can ensure raw material supply and achieve green government - enterprise linkage. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries" and adheres to the principle of "scientific planning and industrial collaboration" [8] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, cross - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, copperplate paper and offset paper, and the US dollar - RMB exchange rate [14][16][25]

Report Information - Report Name: Pulp Daily Report [1] - Date: May 30, 2025 [2] Industry Investment Rating - No relevant information provided Core View - The pulp market has macro disturbances as the US International Trade Court blocked the April 2 tariff decision and the Trump administration appealed. New import pulp offers are mostly down, port inventory reduction is slow, and the implementation of price increase notices by downstream paper mills is generally ineffective. After the macro pressure weakens, pulp tries to fill the gap, but lacks fundamental support, so it may maintain low - level range - bound adjustment [8] Summary by Directory 1. Market Review and Operation Suggestions - Market Review: The previous settlement price of the pulp futures 09 contract was 5,194 yuan/ton, and the closing price was 5,356 yuan/ton, a rise of 3.12%. The intended transaction price range of softwood pulp in the Shandong market was 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous day's closing price. The Shandong Yinxing offer was 6,300 yuan/ton [7] - Supply and Demand Situation: The Trump administration's appeal against the court's tariff decision creates macro uncertainties. Chile's Arauco's May offers for Yinxing and Jinxing are down. In April, the world's top 20 pulp - producing countries' softwood pulp shipments decreased by 7.2% year - on - year, but the cumulative figure from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, down 11.1% month - on - month and 10.2% year - on - year. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month. Downstream market demand improvement is limited, and raw material procurement is cautious [8] 2. Industry News - Zhanjiang Zhongzhi Paper Co., Ltd. plans to significantly adjust the scale of its high - end packaging new materials project. The new plan includes a 400,000 - ton/year chemimechanical pulp production line, a 400,000 - ton/year chemical pulp production line, and two special paper production lines with a total annual output of 190,000 tons. The project will also build solid waste comprehensive utilization facilities to improve resource utilization efficiency and achieve green development, marking a shift from traditional white cardboard to high - value - added special paper [9] 3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, warehouse receipt volumes, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate [15][17][25][27][29]