1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - In the short term, the imported pulp spot market is expected to continue the stalemate, with pulp prices in a dilemma. On one hand, high foreign offers and traders' holding costs limit the downside space; on the other hand, weak downstream demand and pressured margins limit the upside. It is recommended to pay attention to changes in foreign offers, port destocking rhythm, and downstream base paper price transmission [97]. 3. Summary According to the Table of Contents 3.1 Industry News - As of March 26, 2026, the pulp inventory at Changshu Port was 623,000 tons, a week - on - week increase of 122,000 tons or 24.4%. Qingdao Port's inventory was 1,576,000 tons, a week - on - week decrease of 17,000 tons or 1.1%. Gaolan Port's inventory was 70,000 tons, a week - on - week increase of 3,000 tons or 4.5%. The total inventory of mainstream ports was 2,395,000 tons, a week - on - week increase of 98,000 tons or 4.3% [5][6]. - Suzano will increase the offer of eucalyptus pulp in the Asian market by $20/ton and in the European and American markets by $50/ton in April 2026, effective April 1st [6]. - Arauco adjusted its March pulp offers, with softwood pulp at $680/ton, hardwood pulp Star at $620/ton (75% supply), and natural pulp Venus at $620/ton [7]. - The environmental impact assessment of the 5.57 - million - ton expansion project of Liansheng Pulp and Paper (Zhangzhou) Co., Ltd. was publicly announced. The project has a construction period of 6 years and an investment of 17.6 billion yuan [7]. 3.2 Market Data 3.2.1 Market Trends - On March 27, 2026, the basis of Silver Star was - 2 yuan/ton, a week - on - week increase of 85.71%; the basis of Russian Needle was - 152 yuan/ton, a week - on - week increase of 7.32%; the Silver Star - Russian Needle spread was 150 yuan/ton, with no week - on - week change [14]. - On March 27, 2026, the 05 - 07 month spread was not provided, and the 07 - 09 month spread was - 42 yuan/ton, a week - on - week increase of 27.59%; the 09 - 11 month spread was - 36 yuan/ton, a week - on - week increase of 28.00% [19]. 3.3 Fundamental Data 3.3.1 Price - The spread between Silver Star and Goldfish and between Russian Needle and Goldfish remained stable. On March 27, 2026, the Silver Star - Goldfish spread was 600 yuan/ton, and the Russian Needle - Goldfish spread was 450 yuan/ton, with no week - on - week change [23][25]. - The import profits of softwood and hardwood pulp improved week - on - week. On March 27, 2026, the import profit of softwood pulp (Silver Star) was - 427 yuan/ton, a week - on - week increase of 6.66%; the import profit of hardwood pulp (Star) was - 324 yuan/ton, a week - on - week increase of 9.24% [28]. - The price of the main pulp contract rose from a low level. The spot price of imported softwood pulp increased with the market, but downstream acceptance of high prices was low. The spot price of imported hardwood pulp rose slightly, but downstream replenishment was cautious [30][35]. - On March 27, 2026, the prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood were 5,200 yuan/ton, 5,450 yuan/ton, and 5,450 yuan/ton respectively, with week - on - week increases of 0.97%, 0.93%, and 0.93% [33]. - On March 27, 2026, the prices of hardwood pulp such as Goldfish, Star, and Bird were 4,600 yuan/ton, 4,600 yuan/ton, and 4,550 yuan/ton respectively, with week - on - week increases of 1.10%, 1.10%, and 1.11% [37]. - On March 27, 2026, the prices of natural pulp (Venus) and chemimechanical pulp (Kunhe) were 4,800 yuan/ton and 3,800 yuan/ton respectively, with no week - on - week change [40]. 3.3.2 Supply - The wood chip purchase prices of some paper enterprises in East China increased this week. On March 27, 2026, the purchase prices of eucalyptus chips by Liansheng Pulp and Paper and poplar chips by Wuzhou Special Paper were 1,260 yuan/ton and 1,340 yuan/ton respectively [42][44]. - The supply of domestic pulp decreased this period. On March 26, 2026, the daily average price of Chinese chemimechanical pulp was 3,816.67 yuan/ton, and the daily ex - factory price of Asia - Pacific Senbo's hardwood pulp was 4,850 yuan/ton [46][48]. - In February 2026, the pulp port inventory in Europe increased year - on - year and month - on - month. In January 2026, the global pulp outbound volume decreased year - on - year and month - on - month [50][52]. - In January 2026, the shipment volume of W20 softwood pulp was low and the inventory was high; the inventory of hardwood pulp decreased, the shipment volume increased, and the inventory days dropped to a year - on - year low [54][56]. - In January 2026, the export volume of softwood pulp from five countries (Canada, Chile, Finland, Sweden, and the United States) to China continued to increase month - on - month. In February 2026, the export volume of Chilean softwood pulp to China decreased seasonally [58][60]. - In January 2026, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased month - on - month. In February 2026, the export volume of Brazilian and Uruguayan hardwood pulp to China increased month - on - month, while that of Chile decreased [64][63]. - From January to February 2026, the cumulative import volume of Chinese softwood pulp decreased by 6.96% year - on - year, and that of hardwood pulp decreased by 5.04% year - on - year [66]. 3.3.3 Demand - The domestic offset paper market declined this period. Supply increased, but demand was weak, and the market was dull [70]. - The domestic coated paper price declined slightly this period. Supply increased, but demand was weak, and the market was dull [74]. - The white cardboard price declined this period. Supply increased, but the cost pressure from imported wood pulp made large manufacturers maintain a price - increasing attitude [78]. - The tissue paper price declined this period. Demand was weak, and the cost support from pulp was not strong [82]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products increased month - on - month, while the retail sales of cosmetics decreased month - on - month. The retail sales of cultural and office supplies and cosmetics were at a high level year - on - year [88]. 3.3.4 Inventory - On March 27, 2026, the warehouse receipt quantity of pulp in warehouses was 170,600 tons, a week - on - week increase of 3.32%; the warehouse receipt quantity in factories was 15,000 tons, a week - on - week decrease of 11.76% [89]. - As of March 27, 2026, the inventory at Qingdao Port was 1,576,000 tons, a week - on - week decrease of 1.07%; the inventory at Changshu Port was 623,000 tons, a week - on - week increase of 24.35%; the inventory at Gaolan, Tianjin, and Rizhao Ports was 196,000 tons, a week - on - week decrease of 3.45%. The total inventory of the five ports was 2,395,000 tons, a week - on - week increase of 4.27% [94].

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - In the stage of supply - demand game, pulp prices are expected to follow the overall market atmosphere, showing a short - term volatile trend. Supply contraction expectations are strengthening. If international pulp mills implement their production cut plans and domestic small and medium - sized pulp enterprises cut production passively due to losses, the marginal tightening of the supply side may support price recovery. The demand side has structural improvements. During the peak season of downstream base paper, it is expected to drive the recovery of base paper demand. If macro - consumption stimulus policies are implemented, it may catalyze the start of the restocking cycle [80]. 3. Summary According to Related Catalogs 3.1 Industry News - As of August 7, 2025, the pulp inventories in Changshu Port, Qingdao Port, and Gaolan Port in China showed a destocking trend, with a combined reduction of 57,000 tons in the mainstream port samples, a 2.7% month - on - month decrease, and the inventory was at a low level for the year [6]. - Brazil's Suzano announced that from August 6, 2025, its commercial pulp production in the next 12 months would decrease by about 3.5% compared to its annual nominal capacity, equivalent to a reduction of about 400,000 - 500,000 tons, about 1% of the global demand for 40 million tons of hardwood pulp. It also announced a $20/ton price increase in the Asian market in August 2025 [6]. 3.2 Market Data 3.2.1 Basis and Spread - On August 8, 2025, the basis of Silver Star was 688 yuan/ton, with a month - on - month increase of 3.61% and a year - on - year increase of 28.36%. The basis of Russian Needle was 58 yuan/ton, with a month - on - month decrease of 49.12% and a year - on - year decrease of 57.35%. The Silver Star - Russian Needle spread was 630 yuan/ton, with a month - on - month increase of 14.55% and a year - on - year increase of 57.50% [14]. - The 09 - 11 spread on August 8, 2025, decreased by 400.00% month - on - month, and the 11 - 01 spread decreased by 8.93% month - on - month [19]. 3.3 Fundamental Data 3.3.1 Price - The spread between Silver Star and Goldfish widened, while the spread between Russian Needle and Goldfish narrowed. On August 8, 2025, the Silver Star - Goldfish spread was 1,770 yuan/ton, a 2.31% month - on - month increase and a 73.53% year - on - year increase; the Russian Needle - Goldfish spread was 1,140 yuan/ton, a 3.39% month - on - month decrease and an 83.87% year - on - year increase [24][25]. - The import profits of both softwood and hardwood pulp decreased. On August 8, 2025, the import profit of softwood pulp (Silver Star) was - 37.64 yuan/ton, a 19.77% month - on - month increase and a 72.60% year - on - year increase; the import profit of hardwood pulp (Star) was - 13.08 yuan/ton, a 2848.53% month - on - month decrease and a 95.31% year - on - year increase [30][31]. - The price of imported softwood pulp declined, with the price of Russian Needle dropping. The price of imported hardwood pulp also decreased due to weak market demand. The prices of natural and chemimechanical pulp showed different trends [36][38][43]. 3.3.2 Supply - In June 2025, European port inventories increased month - on - month and year - on - year, and the global pulp out - bound volume increased month - on - month [46][47]. - In June 2025, the pulp import volume showed a differentiated trend. The import volume of softwood pulp decreased by 6.07% month - on - month, while that of hardwood pulp increased by 10.96% month - on - month [50][51]. 3.3.3 Demand - The capacity utilization rates of different types of finished paper varied. The capacity utilization rate of white cardboard decreased, that of double - offset paper increased, that of copperplate paper decreased, and that of household tissue paper was relatively stable [53][54][55]. - The prices of finished paper showed different trends. The price of white cardboard decreased slightly, the price of household tissue paper was range - bound, the prices of double - offset paper and copperplate paper were stable [56][60][61]. - The profits of finished paper were recovering. On August 8, 2025, the profits of white cardboard, household tissue paper, double - offset paper, and copperplate paper were 242 yuan/ton, 182.8 yuan/ton, - 14.74 yuan/ton, and 613.5 yuan/ton respectively, with varying month - on - month and year - on - year changes [66]. 3.3.4 Inventory - As of August 8, 2025, the total inventory of the five major ports (Qingdao, Changshu, Gaolan, Tianjin, and Rizhao) was 2.048 million tons, a 2.71% month - on - month decrease and a 15.84% year - on - year increase. All ports showed a destocking trend [76][77].