1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Pulp futures are experiencing a short - term correction due to sector influence and weakening downstream procurement. The overall trend is a wide - range oscillation with both upward pressure and downward support [8] 3. Summary by Directory 3.1 Market Review and Operational Suggestions - The previous settlement price of the Pulp Futures 05 contract was 5400 yuan/ton, and the closing price was 5374 yuan/ton, a decline of 0.48%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4750 - 5650 yuan/ton, with the price remaining stable compared to the previous trading day's closing price, and the Shandong Yinxing quotation was 5400 yuan/ton [7] - In January, Arauco's foreign pulp offers: coniferous pulp Yinxing increased by 10 US dollars/ton to 710 US dollars/ton; natural pulp Jinxing remained flat at 620 US dollars/ton; broad - leaf pulp Mingxing increased by 20 US dollars/ton to 590 US dollars/ton [8] - According to PPPC, in November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, coniferous pulp decreased by 7.6% year - on - year, and broad - leaf pulp decreased by 7.3% year - on - year, with a significant decline in shipments to the Chinese market [8] - According to UTIPULP data, in December 2025, the European wood pulp inventory was 759,600 tons, a month - on - month increase of 7.6% and a year - on - year increase of 2.4%; the European wood pulp consumption was 722,400 tons, a month - on - month decrease of 10.9% and a year - on - year increase of 0.6% [8] - In December 2025, the total pulp import volume was 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 22, 2026, the weekly pulp inventory in major regions and ports was 2.0198 million tons, a month - on - month increase of 3.37% [8] - On the demand side, the market purchase and sales rhythm has slowed down, the raw material stocking intention of downstream paper enterprises has decreased, the pre - holiday replenishment is gradually ending, and the support from the demand side of the pulp market has weakened [8] 3.2 Industry News - On January 22, Guangxi proposed the development goal for the pulp and paper industry in 2030: the output of paper and paperboard will reach 27 million tons. The "Implementation Opinions on Accelerating the High - quality Development of Forest Product Processing and the Paper Industry" put forward the goal of "strengthening the pulp and paper industry", including giving priority to the development of high - yield pulp types such as chemical wood pulp and mechanical wood pulp, vigorously developing products such as packaging paper, tissue paper, cultural paper, specialty paper, and pulp molding, and building a number of key projects such as forest - pulp - paper integration and high - value - added specialty paper. By 2030, the output value of the paper industry in the region will reach 180 billion yuan, the output of machine - made paper and paperboard will reach 27 million tons, and 4 enterprises with an output value of over 20 billion yuan and 5 enterprises with an output value of over 10 billion yuan will be cultivated [9] 3.3 Data Overview - The report provides multiple data charts, including import bleached coniferous pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][26][27][31]

Report Information - Report Title: Pulp Daily Report [1] - Date: January 22, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term pulp is restricted by the sector and weak downstream procurement, showing a wide - range oscillatory trend with both upward pressure and downward support [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price and closing price of 5376 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong market was 4900 - 5700 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 5400 - 5420 yuan/ton [7] - Arauco's January pulp export prices: softwood pulp Yinxing increased by 10 dollars/ton to 710 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing increased by 20 dollars/ton to 590 dollars/ton [8] - In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, softwood pulp by 7.6%, and hardwood pulp by 7.3%. Shipments to the Chinese market decreased significantly [8] - In December 2025, the European pulp inventory was 759,600 tons, up 7.6% month - on - month and 2.4% year - on - year; the European pulp consumption was 722,400 tons, down 10.9% month - on - month and up 0.6% year - on - year [8] - In December 2025, the total pulp imports were 3.113 million tons, down 4.1% month - on - month and 3.8% year - on - year [8] - As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - In the cultural paper market, some idle production lines in South China plan to resume production. Some publishing orders have been picked up, weakening the rigid demand support for offset paper, and the mainstream quotes remained stable [8] 2. Industry News - On January 21, the 6600 paper machine of Yunnan Dongsheng Paper was successfully put into operation. It is the first 6600 paper machine of Sichuan Chengfa Papermaking Machinery Co., Ltd., with a high - speed output of packaging paper and stable product quality [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, copperplate paper and offset paper prices and differences, white cardboard and whiteboard paper prices and differences, and the US dollar to RMB exchange rate [15][26][31]

1. Report Information - Report Name: Pulp Daily Report - Date: January 20, 2025 - Industry: Pulp [1][2] 2. Core Viewpoint - Short - term pulp prices are restricted by the sector and weak downstream procurement, showing a wide - range oscillating trend with both upward pressure and downward support [8] 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,374 yuan/ton, and the closing price was 5,362 yuan/ton, a decline of 0.22% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,900 - 5,700 yuan/ton, remaining stable compared to the previous trading day's closing price. The price of Shandong Yinxing was quoted at 5,400 - 5,420 yuan/ton [7] - **Foreign Offers**: In January, Chile's Arauco Company's foreign offers for wood pulp showed that softwood pulp Yinxing rose by 10 US dollars/ton to 710 US dollars/ton, natural pulp Jinxing remained flat at 620 US dollars/ton, and hardwood pulp Mingxing rose by 20 US dollars/ton to 590 US dollars/ton [8] - **Production and Sales Data**: In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly [8] - **Inventory and Consumption Data**: In December 2025, the European wood pulp inventory was 759,600 tons, a month - on - month increase of 7.6% and a year - on - year increase of 2.4%; the European wood pulp consumption was 722,400 tons, a month - on - month decrease of 10.9% and a year - on - year increase of 0.6%. In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% month - on - month [8] - **Demand Side**: In the cultural paper market, some idle production lines in South China plan to resume production. Some publishing orders have been picked up, weakening the rigid demand support for offset paper, and the mainstream quotes remain stable [8] 3.2. Industry News - Inner Mongolia Linle Bio - Energy Co., Ltd. plans to construct a pulp and paper integration industry upgrade project, increasing the production capacity from 100,000 tons/year to 200,000 tons/year. The project is divided into three phases: the first - phase project, starting in 2026 with an investment of 30 million yuan, will introduce a reel pulp board production line; the second - phase project, starting in 2027 with an investment of 50 million yuan, will build supporting power facilities; the third - phase project, starting in 2029 with an investment of 200 million yuan, will build a new production workshop and supporting facilities [9][10] 3.3. Data Overview - The report includes multiple data charts, such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences in Shandong Yinxing, softwood - hardwood price differences in Shandong, inter - delivery price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [16][27][31]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoint of the Report - The report suggests short - term bearish sentiment on double - offset paper futures, with the core being the downward correction of high valuations and a lack of fundamental positive factors. Short - term short positions can continue to be held and should be closed at around 4050. In the long - term, the market is likely to decline during the upstream de - stocking cycle, and it is advisable to short on rallies. The recommended strategy is to close short positions opportunistically and conduct a 3 - 5 spread reverse arbitrage [53][54]. 3. Summary by Directory Industry News - The double - offset paper market remained stable this week. The average market price of 70g wood - pulp high - white double - offset paper was 4725 yuan/ton, and that of 70g wood - pulp natural - white double - offset paper was 4454 yuan/ton, both unchanged from the previous week. Factors affecting the price include paper mills' price adjustments, production resumptions, downstream demand, and rising pulp prices. Chile's Arauco company raised the January pulp export prices, with coniferous pulp Silver Star up 10 dollars/ton to 710 dollars/ton and broad - leaf pulp Star up 20 dollars/ton to 590 dollars/ton [6]. Market Trends - The price of double - offset paper remained stable. The 70g high - white double - offset paper had no week - on - week or year - on - week change. Futures prices declined, with OP2602 down 148 and OP2603 down 144. The basis in different markets increased [9][10]. Supply and Demand Data Industry Capacity - The industry capacity is in a state of continuous release, and the current industry is overall in an over - supply situation. In 2024, the domestic double - offset paper industry capacity was about 16.52 million tons, a year - on - year increase of 7%, and the annual output was about 9.478 million tons, with a capacity utilization rate of 57% [16][20]. Weekly Production and Capacity Utilization - This week, the domestic double - offset paper industry output was 205.2 thousand tons, and the capacity utilization rate was 57.4% [26]. Sales and Inventory - This week, the domestic double - offset paper industry sales volume was 213.2 thousand tons, and the weekly enterprise inventory was 355.0 thousand tons [32]. Import and Export - In November 2025, the domestic double - offset paper import volume was about 10 thousand tons, and the export volume was about 79 thousand tons [38]. Inventory - In December 2025, both social inventory and enterprise inventory decreased [44]. Terminal Consumption - In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [50]. Market Judgment - Short - term view: Short positions should be closed opportunistically, and a 3 - 5 spread reverse arbitrage should be entered. The short - term bearish view is due to the continuous increase in the number of warehouse receipts and the over - valuation of the previous futures market. The price may find support at around 4050. In the long - term, the market is likely to decline during the upstream de - stocking cycle, and it is advisable to short on rallies [53][54].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp futures market has experienced significant declines, and the market is currently in a state of multi - empty power struggle. With the support from the cost side due to firm overseas quotes, but the downstream paper price increase is weak, suppressing the purchasing willingness of downstream paper enterprises. It is recommended to wait for the market to stabilize and temporarily adopt a wait - and - see approach [32]. 3. Summary by Directory 3.1 This Week's Market Review - The main pulp futures contract SP2605 dropped significantly, with a weekly decline of 3.39% [7]. 3.2 Fundamental Analysis - **Pulp Market Price**: As of January 15, the weekly average price of imported softwood pulp was 5552 yuan/ton, down 0.52% from last week, turning from an increase to a decrease; the weekly average price of imported hardwood pulp was 4683 yuan/ton, up 0.60% from last week, with the growth rate narrowing by 0.14 percentage points [11]. - **Accumulated Pulp Imports from January to December**: In December 2025, China imported 311.3 million tons of pulp, with an import value of 1799.4 million US dollars and an average unit price of 578.03 US dollars/ton. The accumulated import volume and value from January to December increased by 4.9% and - 2.4% respectively compared to last year [15]. - **Port Inventory Situation**: As of January 15, 2026, the weekly pulp inventory in major Chinese regions and ports was 195.39 million tons, down 0.56% from last week, with the decline rate narrowing by 0.63 percentage points [19]. - **Pulp Inventory in Major European Ports in November**: In November 2025, the total European port inventory decreased by 1.07% month - on - month and 2.75% compared to November 2024, indicating that the off - season of European demand may have passed and demand is gradually recovering [22]. - **Shanghai Futures Exchange Pulp Inventory**: No detailed data was provided. - **Differentiated Trends in the Operating Rates of Downstream Pulp Types**: Waste paper pulp consumption accounts for 63% of the total pulp consumption in China. As of January 15, the weekly operating load rate of double - copper paper remained flat; that of double - offset paper increased by 0.07 percentage points; that of white cardboard remained flat; and that of household paper decreased by 2.44 percentage points [28]. 3.3 Future Outlook - The offshore price of Brazilian eucalyptus hardwood pulp "Little Bird" in January was raised by 20 US dollars/ton. Chile's Arauco Company's January pulp offshore quotes showed that the coniferous pulp "Silver Star" increased by 10 US dollars/ton to 710 US dollars/ton; the natural pulp "Venus" remained flat at 620 US dollars/ton; and the hardwood pulp "Star" increased by 20 US dollars/ton to 590 US dollars/ton [32]. - With the decline in European wood pulp port inventory, it indicates that the off - season of European demand may have passed and demand is gradually recovering. The firm offshore quotes provide some support to the cost side. However, the downstream paper price increase is weak, squeezing corporate profits and suppressing the purchasing willingness of enterprises for high - priced raw materials. The market is in a state of multi - empty power struggle, and it is recommended to wait for the market to stabilize and adopt a wait - and - see approach [32].

Report Information - Report Name: Pulp Daily Report [1] - Date: January 16, 2025 [2] Investment Rating - No investment rating information provided Core Viewpoint - The fundamentals of the pulp market have limited changes and are expected to fluctuate and adjust [8] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures contract 05 was 5,508 yuan/ton, and the closing price was 5,436 yuan/ton, a decline of 1.31% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,900 - 6,300 yuan/ton, a decrease of 20 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - **Foreign Offers**: Arauco's January foreign offers for pulp: Silver Star (softwood pulp) increased by $10/ton to $710/ton; Venus (natural pulp) remained unchanged at $620/ton; Star (hardwood pulp) increased by $20/ton to $590/ton [8] - **Supply - Related Data**: In November, the chemical pulp shipments of 20 major pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% decrease month - on - month and a 6.3% increase year - on - year; the consumption was 805,600 tons, a 6.2% decrease month - on - month and a 4.6% decrease year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a 4.1% decrease month - on - month and a 3.8% decrease year - on - year. As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - **Demand Situation**: Large - scale cultural paper enterprises are operating normally, while some small and medium - sized production lines in the north are shut down. Downstream publishing orders for pick - up are almost finished, and social orders have limited changes. Dealers are mainly selling at stable prices with little intention to adjust prices [8] 2. Industry News - On January 15, it was reported that the 2025 China Paper Industry Top Ten News Selection Conference was held in Beijing. Gold East Paper under APP (China) was listed on the "2025 Excellent - level Smart Factory Project List" for its "Full - process Digital and Intelligent High - end Cultural Paper Smart Factory" and ranked first in the 2025 China Paper Industry Top Ten News, setting a benchmark for the industry [9] 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][23][25][27]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Recent pulp futures warehouse receipts are concentrated for registration, with limited further upside potential. However, the firmness of broadleaf pulp and the stabilization of finished paper prices provide bottom support for pulp futures and spot prices. Pulp futures are expected to trade in the range of 5,400 - 5,700 [7]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On January 13, 2026, SP2601 was 5,422 yuan/ton with a daily increase of 0.07% and a weekly decrease of 1.92%; SP2609 was 5,540 yuan/ton with a daily increase of 0.07% and a weekly decrease of 1.91%; SP2605 was 5,492 yuan/ton with a daily increase of 0.04% and a weekly decrease of 2.14% [6]. - **Spot Prices**: Coniferous pulp Silver Star was 5,600 yuan/ton with no daily change and a weekly increase of 0.90%; Coniferous pulp Russian Needle was 5,350 yuan/ton with no daily change and a weekly decrease of 0.93%; Broadleaf pulp Goldfish was 4,750 yuan/ton with no daily change and a weekly increase of 0.64% [6]. - **External Quotes and Import Costs**: Chilean Silver Star's external quote was 710 dollars/ton, up 1.43% from the previous period, and its import cost was 5,802 yuan/ton, up 1.42%; Brazilian Goldfish's external quote was 560 dollars/ton, up 3.70% from the previous period, and its import cost was 4,587 yuan/ton, up 3.66%; Chilean Venus's external quote was 620 dollars/ton with no change, and its import cost was 5,073 yuan/ton with no change [6]. Pulp Fundamental Data - **Supply**: In November 2025, coniferous pulp imports were 72.5 tons, a month - on - month increase of 4.92%; broadleaf pulp imports were 176.5 tons, a month - on - month increase of 33.92%. The shipment volume of pulp to China in November 2025 was 178 thousand tons, a month - on - month increase of 3%. From December 25, 2025, to January 8, 2026, the domestic production of broadleaf pulp was around 25 tons, and that of chemimechanical pulp was around 23.9 tons [6]. - **Inventory**: As of January 4, 2026, the sample inventory of China's mainstream pulp ports was 199.7 tons, a week - on - week increase of 4.8%. The inventory of futures delivery warehouses increased from 9.9 tons on December 18, 2025, to 13.5 tons on January 8, 2026 [6]. - **Demand**: The production of finished paper products was relatively stable. Double - offset paper production was around 20.4 tons, coated paper production was around 8.4 tons, tissue paper production was around 29.33 tons, and white cardboard production was around 38.3 tons [6].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The pulp market showed a strong trend due to limited fundamental changes and sectoral boosts. The pulp futures 05 contract rose by 2.37%, and the price of Shandong wood pulp market increased. The cultural paper market had mainly rigid - demand transactions, with some paper mills' inventories decreasing and prices changing little [7][8]. 3. Summary According to Relevant Catalogs 3.1行情回顾与操作建议 - The previous settlement price of the pulp futures 05 contract was 5492 yuan/ton, and the closing price was 5622 yuan/ton, a rise of 2.37%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4920 - 6300 yuan/ton, up 120 yuan/ton from the previous trading day's closing price, with the Shandong Yinxing quoted at 5600 - 5610 yuan/ton [7]. - Arauco's December wood pulp FOB quotes: softwood pulp Yinxing rose 20 dollars/ton to 700 dollars/ton; natural pulp Jinxing remained flat at 620 dollars/ton; hardwood pulp Mingxing rose 20 dollars/ton to 570 dollars/ton. In October, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 3.5% year - on - year, softwood pulp by 7.1%, and hardwood pulp by 1.9%, with a significant decline in shipments to the Chinese market. In November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6%. In November 2025, the total pulp imports were 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 18, 2025, the weekly pulp inventory in major regions and ports decreased by 1.73% month - on - month [8]. 3.2行业要闻 - At the end of the year and the beginning of the new year, the Chinese paper industry presented a differentiated situation. Packaging paper enterprises such as Jiulong, Shanying, Liwen, and Rongcheng carried out large - scale shutdown and maintenance, actively reducing production capacity, while white cardboard and cultural paper manufacturers such as Bohui, APP, International Paper, and Asia Pulp & Paper collectively announced price increases, highlighting significant differences in cost structure, supply - demand relationship, and market expectations among different paper types [9]. 3.3数据概览 - Multiple figures are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - period price difference, warehouse receipt volume, domestic main port area pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar - RMB exchange rate, with data sources mainly from Wind and Zhuochuang Information [15][17][19][24][25][29].

Report Information - Report Title: Pulp Daily Report - Report Date: December 19, 2025 [2] 1. Industry Investment Rating - No relevant information provided 2. Core观点 - The pulp market has limited fundamental changes. After the December delivery, the market focuses on the new warehouse receipt pricing and is mainly in a state of shock adjustment [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures contract 05 was 5,478 yuan/ton, and the closing price was 5,500 yuan/ton, with an overall increase of 0.40%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,800 - 6,300 yuan/ton, and the price remained stable compared with the closing price of the previous working day. Among them, the offer price of Arauco's Silver Star in Shandong was 5,550 yuan/ton [7] - Arauco's December pulp export quotes: Silver Star softwood pulp increased by $20/ton to $700/ton; Venus natural pulp remained flat at $620/ton; Star hardwood pulp increased by $20/ton to $570/ton [8] - According to PPPC, in October, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 3.5% year - on - year, softwood pulp by 7.1% year - on - year, and hardwood pulp by 1.9% year - on - year. Shipments to the Chinese market decreased significantly [8] - According to UTIPULP data, in November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6%. In November 2025, the total pulp import volume was 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 18, 2025, the weekly pulp inventory in major regions and ports decreased by 1.73% month - on - month [8] - The cultural paper market is mainly driven by rigid demand. Publishing orders continue to be picked up. The inventory of some paper mills has decreased compared with the previous period, and the price has not changed much [8] 3.2 Industry News - On December 17, it was reported that the household tissue consumption characteristic park in Linyi County, Shanxi Province, has achieved a leap - forward improvement from spontaneous agglomeration to cluster development in recent years. The park currently has an annual production capacity of 400,000 tons of high - grade household tissue and 50,000 tons of flushable and degradable non - woven fabrics. The degradable non - woven fabric project fills the technological gap in the province, achieving a virtuous cycle of guaranteed upstream raw material supply and supported downstream market expansion [9] 3.3 Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference (Shandong Silver Star), softwood - hardwood price difference in Shandong, inter - delivery spread (SP1 - 5, SP5 - 9), warehouse receipt total, domestic main port area pulp inventory, European main port wood pulp inventory, coated paper and offset paper price and price difference, white cardboard and white board paper price and price difference, and US dollar to RMB exchange rate. The data sources are mainly Wind and Zhuochuang Information [15][17][19][24][25][29]

1. Report Information - Report title: Pulp Daily Report [1] - Date: December 18, 2025 [2] - Research team: Energy and Chemical Research Team [4] 2. Investment Rating - No investment rating information provided in the report 3. Core View - The fundamentals of the pulp industry have limited changes. After the December delivery, the market focuses on the pricing of new warehouse receipts, and the market is mainly in shock adjustment [8] 4. Summary by Section 4.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,506 yuan/ton, and the closing price was 5,506 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,800 - 6,300 yuan/ton, up 100 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - Arauco's December pulp export quotes: Silver Star (softwood pulp) increased by $20/ton to $700/ton; Venus (natural pulp) remained flat at $620/ton; Star (hardwood pulp) increased by $20/ton to $570/ton [8] - According to PPPC, in October, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 3.5% year - on - year, softwood pulp decreased by 7.1% year - on - year, and hardwood pulp decreased by 1.9% year - on - year, with a significant decline in shipments to the Chinese market [8] - According to UTIPULP data, in November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6% [8] - In November 2025, the total pulp imports were 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 11, 2025, the weekly pulp inventory in major regions and ports was 1.9817 million tons, a decrease of 3.00% from the previous week [8] - The cultural paper market is mainly driven by rigid demand. Publishing orders continue to pick up goods, and the inventory of some paper mills has decreased compared with the previous period, with little price change [8] 4.2 Industry News - On December 17, it was reported that the household paper consumption characteristic park in Linyi County, Shanxi Province, had achieved a leap - forward improvement from spontaneous agglomeration to cluster development in recent years. The park currently has an annual production capacity of 400,000 tons of high - grade household paper and 50,000 tons of flushable and degradable non - woven fabrics. The degradable non - woven fabric project fills the technical gap in the province, achieving a good cycle of guaranteed upstream raw material supply and supported downstream market expansion [9] 4.3 Data Overview - The report includes multiple data charts, such as the spot price of imported softwood pulp in Shandong, pulp futures price, pulp spot - futures price difference in Shandong, softwood - hardwood pulp price difference in Shandong, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar - RMB exchange rate [15][17][19][24][25][29]