Report Information - Report Name: Pulp Daily Report [1] - Date: March 24, 2026 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp market has a pattern of strong supply and weak demand, and it is mainly in a low-level shock adjustment. The pulp price has rebounded after falling to the cost support line, and the port inventory accelerated destocking last week, but the overall pattern has not changed. The downstream market is wait-and-see, and the paper mills' intention to accept raw materials is poor, with relatively flat demand growth. [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price of 5,132 yuan/ton and a closing price of 5,188 yuan/ton, a overall increase of 1.09%. The intended transaction price range of softwood pulp in the Shandong market was 4,620 - 5,350 yuan/ton, with the high-end price rising 40 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,180 - 5,200 yuan/ton. [7] - Arauco's March pulp FOB prices: Silver Star softwood pulp remained flat at $710/ton, Venus natural pulp remained flat at $620/ton, and Star hardwood pulp rose by $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp-producing countries decreased by 0.9% year-on-year, softwood pulp by 5.5% year-on-year, and hardwood pulp increased by 3.5% year-on-year. In February 2026, the European wood pulp inventory was 703,600 tons, a month-on-month increase of 3.3% and a year-on-year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month-on-month increase of 1.2% and a year-on-year increase of 3.4%. From January to February 2026, the cumulative total import volume of pulp was 6.0439 million tons, a year-on-year decrease of 5.4%. As of March 19, 2026, the weekly pulp inventory in major regions and ports was 2.1888 million tons, a month-on-month decrease of 5.89%. [8] 2. Industry News - On March 23, Beihai City is planning high-end paper industry with a full-industry chain mindset, focusing on leading "chain-master" enterprises such as Sun Paper and Nine Dragons Paper, continuously promoting industrial expansion, quality improvement, and chain perfection. So far, the city has built 26 pulp and paper production lines with an annual production capacity exceeding 10.19 million tons. [9] - On March 18, Shandong Bohui Paper and the Rudong base of Gold Hongye Paper were awarded the title of "National Green Factory" by the Ministry of Industry and Information Technology for their outstanding performance in green manufacturing, energy conservation, carbon reduction, and environmental management. [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot-futures price difference in Shandong (Silver Star), softwood-hardwood price difference in Shandong, inter - delivery spread SP5 - 9, inter - delivery spread SP9 - 1, 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 to RMB exchange rate. [15][17][24][26][30]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp futures 05 contract closed at 5104 yuan/ton, up 0.79% from the previous settlement price. The high - end price of the coniferous pulp in the Shandong wood pulp market decreased by 50 yuan/ton compared to the previous trading day. The port inventory is accelerating the destocking process, and the pulp price rebounded after breaking through the integer - level support. It is necessary to pay attention to the support strength [7][8] - The demand for household paper and fluff pulp remains strong, and it is expected to account for two - thirds of the global coniferous wood pulp demand by 2030. NBSK has strategic value due to its excellent fiber strength, good adaptability, and ability to improve production efficiency [9] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The pulp futures 05 contract had a previous settlement price of 5064 yuan/ton and a closing price of 5104 yuan/ton, with an overall increase of 0.79%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4500 - 5300 yuan/ton, and the high - end price dropped by 50 yuan/ton compared to the previous trading day. The offer price of Shandong Yinxing was 5030 - 5050 yuan/ton [7] - Arauco's March wood pulp FOB prices: coniferous pulp Yinxing remained at $710/ton; natural pulp Jinxing remained at $620/ton; broad - leaf pulp Mingxing increased by $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, coniferous pulp decreased by 5.5% year - on - year, and broad - leaf pulp increased by 3.5% year - on - year. In February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 19, 2026, the weekly pulp inventory in major regions and ports decreased by 5.89% month - on - month. Some downstream paper mills still face inventory pressure, with slow overall shipments and average market sales [8] 3.2 Industry News - On March 19, the CEO of Stora Enso analyzed the structural changes and impacts in the current pulp market. He pointed out that even under the background of continued macro - economic uncertainty, geopolitical tensions, and the gradual decline in the demand for printing and writing paper, the demand for household paper and fluff pulp remains strongly growing. It is expected that by 2030, household paper and fluff pulp will account for two - thirds of the global coniferous wood pulp demand. NBSK has strategic value as it can help customers optimize production operations, with higher tensile strength, lower beating energy consumption, and improved paper machine operation efficiency [9] 3.3 Data Overview - The report provides multiple data charts, including import bleached 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 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 white board paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30]

Report Information - Report Date: March 19, 2026 [2] - Report Type: Pulp Daily Report [1] Investment Rating - Not provided in the report. Core Viewpoints - The pulp market is showing a weak trend. The pulp futures 05 contract has declined, and the spot price of coniferous pulp in Shandong has also decreased. The fundamentals of the pulp market lack positive drivers, and the game between upstream and downstream is intensifying. [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,148 yuan/ton, and the closing price was 5,040 yuan/ton, a decline of 2.10%. The 09 contract rose by 0.56%, and the 2701 contract fell by 0.99%. [7] - **Spot Market**: The intended transaction price range of coniferous pulp in the Shandong wood pulp market is 4,500 - 5,350 yuan/ton, with the high - end price down 50 - 100 yuan/ton from the previous trading day. The price of Shandong Yinxing is 5,050 - 5,080 yuan/ton. [7] - **Foreign Offers**: Chile's Arauco Company's March wood pulp foreign offers: Coniferous pulp Yinxing remained flat at $710/ton; Natural pulp Jinxing remained flat at $620/ton; Broad - leaf pulp Mingxing rose $20/ton to $620/ton. [8] - **Industry Data**: In January, the chemical pulp shipments of 20 major pulp - producing countries decreased by 0.9% year - on - year, with coniferous pulp down 5.5% and broad - leaf pulp up 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, up 3.3% month - on - month and down 5.8% year - on - year; the consumption was 820,700 tons, up 1.2% month - on - month and 3.4% year - on - year. From January to February 2023, the cumulative pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64%. [8] 2. Industry News - On March 17, Nine Dragons Paper issued its third batch of price increase letters this month, announcing that it will continue to raise prices in April, with a single increase of 50 yuan/ton. Multiple production bases will adjust prices in stages and batches in April. The reason for the price increase is the impact of the Middle East situation on energy prices, which has led to a significant increase in the prices of related chemical products and an increased risk of unstable supply, resulting in a continuous increase in the group's operating costs. [9] 3. Data Overview - The report provides multiple data charts, including import bleached 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 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][19][22][27][30]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market has no positive drivers in terms of fundamentals. It is at a key industry meeting point, with intensified games between upstream and downstream. Capital shifting continues to exert pressure, but there is still cost support at the integer - level price. The market is expected to move in a low - level oscillation [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The previous settlement price of the pulp futures 05 contract was 5,278 yuan/ton, and the closing price was 5,088 yuan/ton, a decline of 3.60%. The intended transaction price range of softwood pulp in the Shandong market was 4,600 - 5,400 yuan/ton, with the high - end price dropping by 100 - 150 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5,130 - 5,150 yuan/ton [7] - Arauco's March pulp export quotes: softwood pulp Yinxing remained at $710/ton; unbleached pulp Jinxing remained at $620/ton; hardwood pulp Mingxing increased by $20/ton to $620/ton. According to the January report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year. According to UTIPULP data, in February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64%. Some downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8] 3.2行业要闻 - On March 17, the second - phase project of Asia - Pacific Senbo's 500,000 - ton annual household paper project was under construction. The second - phase project is expected to add 6 household paper production lines, slitting, post - processing production lines and production systems, and is expected to increase the household paper production capacity by 150,000 tons after completion. The project has completed about 30% of the total progress, and the company aims to complete and put it into production by the end of April next year [9] 3.3数据概览 - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp fundamentals have limited driving forces and continue to undergo low - level shock adjustments. The downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,268 yuan/ton, and the closing price was 5,232 yuan/ton, a decline of 0.68%. The 09 contract decreased by 0.23%, and the 2701 contract decreased by 0.36% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market is 4,700 - 5,550 yuan/ton, with the high - end price down 50 yuan/ton from the previous trading day's closing price. The Shandong Yinxing is quoted at 5,280 - 5,300 yuan/ton [7]. - **External Quotes**: Chile's Arauco Company's March wood pulp export quotes show that the softwood pulp Yinxing remains at 710 US dollars/ton, the natural pulp Jinxing remains at 620 US dollars/ton, and the hardwood pulp Mingxing increases by 20 US dollars/ton to 620 US dollars/ton [8]. - **Industry Data**: In January, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 0.9% year - on - year, with softwood pulp down 5.5% and hardwood pulp up 3.5%. In January 2026, the European wood pulp inventory was 681,500 tons, a month - on - month decrease of 12.7% and a year - on - year decrease of 5.5%; the European wood pulp consumption was 802,400 tons, a month - on - month increase of 12.5% and a year - on - year decrease of 3.0%. 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 March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64% [8]. 3.2 Industry News - ST Chenming announced that as of the disclosure date, its five production bases in Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin have fully resumed production, with the overall production capacity restored to 100%. The company believes that full production can improve its operating cash flow, restore its self - hematopoietic function, and it will strengthen cost - reduction and efficiency - improvement and new product development to enhance profitability and competitiveness and resolve debt risks [9]. 3.3 Data Overview - The report provides multiple data charts, including import bleached 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 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][19][22][27][30].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The pulp futures main contract SP2605 continued its low - level oscillation pattern. The weak downstream demand restricted the upward movement of the market. Although the downstream paper mills' demand for pulp has improved slightly, the pace is slow. The domestic pulp port inventory is still at a relatively high historical level. The external market price continues to rise, providing some support for the cost of pulp prices. If the demand improves, it is recommended to consider buying on dips [7][36]. 3. Summary by Directory 3.1 This Week's Market Review - The pulp futures main contract SP2605 continued its low - level oscillation. Weak downstream demand made it difficult for the market to rise [7]. 3.2 Fundamental Analysis - **Price**: As of March 10, the monthly average prices of imported softwood pulp, imported chemimechanical pulp, and imported hardwood pulp were 5,251.24 yuan/ton, 3,883.33 yuan/ton, and 4,564.70 yuan/ton respectively, with month - on - month changes of - 0.61%, - 0.01%, and +0.20% [12]. - **Import Volume**: From January to February 2026, China's pulp imports were 6.044 billion tons, with an import value of 3.48 billion US dollars and an average unit price of 575.78 US dollars/ton. The cumulative import volume and value decreased by 5.4% and 12.8% respectively compared with the same period last year [16][36]. - **Domestic Port Inventory**: As of March 12, 2026, the weekly total inventory of pulp in major Chinese regions and ports decreased by 5.52% month - on - month, changing from an upward trend to a downward one. The destocking situation of domestic pulp ports needs to be observed [20]. - **European Port Inventory**: In January 2026, the total inventory in European ports decreased by 14.72% month - on - month and 11.34% compared with January 2025. The port inventories in most European countries showed a reduction trend [23]. - **Downstream Capacity and Start - up Rate**: Waste paper pulp accounts for 63% of China's total pulp consumption. In March, there is no new production capacity for white cardboard and coated paper. Double - offset paper has an expected trial run of 300,000 tons of new capacity at the end of the month, and tissue paper has an expected production of 120,000 tons of new capacity. The operating rate of downstream enterprises has increased, but the pace is slow [30]. 3.3 Future Outlook - The import volume and value from January to February 2026 decreased compared with the same period last year. In March, the operating rate of most downstream paper mills has returned to normal, and the demand for pulp has improved slightly but slowly. The domestic pulp port inventory is still at a relatively high level. The external market prices of major producing countries continue to rise, increasing the subsequent import cost and providing some support for pulp prices. If the demand improves, it is recommended to consider buying on dips [36].

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Report Date: March 12, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 05 contract was 5,276 yuan/ton, and the closing price was 5,260 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 5,550 yuan/ton, with the high - end price down 50 yuan/ton from the previous trading day's closing price. The Shandong Yinxing quotation was 5,280 - 5,300 yuan/ton [7] - Foreign Offers: In March, Arauco's foreign offers for softwood pulp Yinxing were flat at $710/ton, for unbleached pulp Jinxing were flat at $620/ton, and for hardwood pulp Mingxing increased by $20/ton to $620/ton [8] - Market Data: In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year. In January 2026, the European wood pulp inventory was 681,500 tons, a decrease of 12.7% month - on - month and 5.5% year - on - year; the European wood pulp consumption was 802,400 tons, an increase of 12.5% month - on - month and a decrease of 3.0% year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a decrease of 4.1% month - on - month and 3.8% year - on - year. As of March 5, 2026, the weekly pulp inventory in major regions and ports was 2.3887 million tons, a 1.43% increase month - on - month [8] - Market Outlook: Some downstream paper enterprises have high inventory, mainly making rigid purchases, and the order scale is average. The supply - demand pressure of pulp needs further improvement, and it will fluctuate and adjust at a low level following the sector [8] Group 3: Industry News - ST Chenming: According to the company's 2025 semi - annual report, the company's inventory assets were 2.522 billion yuan, including raw materials worth 1.231 billion yuan, work - in - progress worth 24 million yuan, finished goods worth 168 million yuan, and consumable biological assets (mainly forestry assets) worth 1.099 billion yuan. The proportion of finished goods is small and in a normal sales state. Pay attention to the company's 2025 annual report for the impact of the off - balance - sheet financing lease on assets and liabilities [9] - Jiulong: On March 11, Jiulong's 10 major bases uniformly issued the fourth price increase letter after the Spring Festival. Some bases even "raised prices three times in one letter". The price adjustment is mainly due to the continuous pressure on the industry's cost side. Affected by the Middle East situation, energy prices soared, leading to a significant increase in the prices of related chemical products and a greater risk of unstable supply, resulting in a continuous rise in operating costs. The price adjustment of upstream base paper has gradually spread to downstream paperboard manufacturers [9] Group 4: Data Overview - The report includes multiple data charts, such as import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures spreads, needle - broadleaf spreads in Shandong, inter - period spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset printing paper prices and spreads, white cardboard and whiteboard paper prices and spreads, and the US dollar - RMB exchange rate [15][17][19][25][28][29]

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]