Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - The previous settlement price of the pulp futures 05 contract was 5,196 yuan/ton, and the closing price was 5,124 yuan/ton, a total decline of 1.39%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,580 - 5,350 yuan/ton, with the low - end price down 40 yuan/ton from the previous trading day's closing price. The quotation of Shandong Yinxing was 5,150 - 5,160 yuan/ton [7] Core Viewpoint - Suzano announced price increases for eucalyptus hardwood pulp in the Asian and European - American markets in April 2026. The world's chemical pulp shipments in 20 major pulp - producing countries showed different trends in February. European port wood pulp inventory increased in February 2026, and the cumulative pulp imports from January - February 2026 decreased year - on - year. As of March 26, 2026, the weekly pulp inventory in major regions and ports increased. Due to insufficient end - user orders, there was resistance to price increases for downstream base paper. The pulp market still had supply - demand contradictions and would fluctuate in a low - level range in the short term [8] Group 3: Industry News - From January - February 2026, the total profit of large - scale industrial enterprises in China was 1,024.56 billion yuan, a year - on - year increase of 15.2%. Different types of enterprises had different profit growth rates. The paper and paper products industry achieved a total profit of 5.04 billion yuan, a year - on - year increase of 6.1%, while the printing and recording media reproduction industry achieved a total profit of 3.59 billion yuan, a year - on - year decrease of 1.1% [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 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][24][28][30]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market has supply - demand contradictions and will operate in a short - term low - level range - bound manner due to insufficient terminal orders and resistance to downstream paper price increases [8] 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,174 yuan/ton, and the closing price was 5,182 yuan/ton, with an overall increase of 0.15%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,620 - 5,350 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The Shandong Yinxing offer was 5,180 - 5,200 yuan/ton [7] - Suzano announced a price increase of 20 US dollars/ton for eucalyptus hardwood pulp in the Asian market and 50 US dollars/ton in the European and American markets in April 2026, effective April 1. The FOB price of hardwood pulp remained firm. According to the February report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 1.4% year - on - year, softwood pulp decreased by 4.8% year - on - year, and hardwood pulp increased by 1.5% year - on - year. According to Europulp data, the total wood pulp inventory in European ports in February 2026 increased by 15.3% month - on - month and 3.0% year - on - year. From January to February 2026, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 26, 2026, the weekly pulp inventory in major regions and ports was 2.3512 million tons, a month - on - month increase of 7.42%, turning from a decline to an increase [8] 3.2. Industry News - On March 27, the National Bureau of Statistics released the profit situation of national large - scale industrial enterprises from January to February 2026. From January to February, the total profit of national large - scale industrial enterprises reached 1.02456 trillion yuan, a year - on - year increase of 15.2% (calculated on a comparable basis). Among large - scale industrial enterprises, state - owned holding enterprises achieved a total profit of 366.56 billion yuan, a year - on - year increase of 5.3%; joint - stock enterprises achieved a total profit of 803.29 billion yuan, an increase of 22.1%; foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises achieved a total profit of 216.75 billion yuan, a decrease of 3.8%; private enterprises achieved a total profit of 284.45 billion yuan, an increase of 37.2%. The paper and paper products industry achieved a total profit of 5.04 billion yuan, a year - on - year increase of 6.1%; the printing and recording media reproduction industry achieved a total profit of 3.59 billion yuan, a year - on - year decrease of 1.1% [9] 3.3. Data Overview - The report provides multiple data charts, including import 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 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][24][28][30]

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: March 26, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the pulp futures 05 contract was 5,222 yuan/ton, and the closing price was 5,224 yuan/ton, a 0.04% increase. The SP2609 contract rose 0.23%, and the SP2701 contract rose 0.14% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,640 - 5,350 yuan/ton, with the low - end price down 10 yuan/ton from the previous trading day. The price of Shandong Yinxing was 5,220 - 5,240 yuan/ton [7]. - **Supply and Demand**: Suzano announced price increases for eucalyptus hardwood pulp in April 2026. According to PPPC, the chemical pulp shipments of 20 major pulp - producing countries in January decreased by 0.9% year - on - year, softwood pulp by 5.5%, and hardwood pulp increased by 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, a 3.3% month - on - month increase and a 5.8% year - on - year decrease; consumption was 820,700 tons, a 1.2% month - on - month increase and a 3.4% year - on - year increase. The cumulative pulp imports from January to February 2026 were 6.0439 million tons, a 5.4% year - on - year decrease. As of March 19, 2026, the weekly pulp inventory in major regions and ports was 2.1888 million tons, a 5.89% month - on - month decrease. The supply - demand contradiction in the pulp market still exists, and it will run in a short - term low - level range [8]. Group 3: Industry News - **Arauco's Price Adjustment**: In March, Arauco adjusted the price of softwood pulp Yinxing to 680 US dollars/ton, maintained the price of hardwood pulp Mingxing at 620 US dollars/ton with 75% supply, and maintained the price of natural pulp Jinxing at 620 US dollars/ton [9]. - **Jiulong Paper's Project**: Jiulong Paper (Hubei) Co., Ltd. plans a total investment of 20.5 billion yuan, with a total area of 3,994 mu. After full operation, the total output value will reach 23 billion yuan, with taxes and profits of 1.8 billion yuan and 3,500 new jobs. The project started in October 2020, the first - phase project was put into operation at the end of 2022, the second and third - phase projects were fully put into operation in September 2025, and the fourth - phase project is under planning. In 2025, its industrial output value was 5.606 billion yuan, a 34.35% year - on - year increase [9]. Group 4: Data Overview - **Graphs**: The report includes graphs such as import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery spread, European major port wood pulp inventory, copperplate paper and offset paper price and spread, white cardboard and whiteboard paper price and spread, and US dollar to RMB exchange rate [15][17][19][24][30]