1. Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to experience high-level volatile consolidation in the short term. The high prices are mainly due to the overall commodity market sentiment and capital operation rather than real demand. The de-stocking trend in the supply side provides support for the market, while the demand from the downstream paper market remains weak. [98] 3. Summary by Directory Industry News - As of December 25, 2025, the pulp inventories at Changshu Port, Qingdao Port, and Gaolan Port in China decreased, with a 8.9% decline at Changshu Port, 2.0% at Qingdao Port, and 26.7% at Gaolan Port. The total inventory of major sample ports in China decreased by 4.4% to 1.906 million tons, showing a continuous de-stocking trend for five weeks. [5][6] - In November 2025, the import of bleached softwood pulp in China was 725,000 tons, a month-on-month increase of 4.9% and a year-on-year increase of 10.1%. The import of bleached hardwood pulp was 1.765 million tons, a month-on-month increase of 33.8% and a year-on-year increase of 29.7%. The import of chemimechanical pulp was 104,000 tons, a month-on-month increase of 9.0% and a year-on-year increase of 50.5%. [6][7] Market Data - On December 26, 2025, the basis of silver star pulp was -30 yuan/ton, a month-on-month decrease of 131.91% and a year-on-year decrease of 107.01%. The basis of Russian needle pulp was -230 yuan/ton, a month-on-month decrease of 116.98% and a year-on-year decrease of 945.45%. The price difference between silver star and Russian needle pulp was 200 yuan/ton, with no month-on-month change and a year-on-year decrease of 55.56%. [16] - On December 26, 2025, the 01 - 03 month spread was -32 yuan/ton, a month-on-month increase of 20.00%, and the 03 - 05 month spread was -34 yuan/ton, a month-on-month increase of 5.56%. [21] Fundamental Data Price - The price difference between softwood and hardwood pulp narrowed this week. On December 26, 2025, the price difference between silver star and goldfish pulp was 930 yuan/ton, a month-on-month decrease of 2.11% and a year-on-year decrease of 45.29%. The price difference between Russian needle and goldfish pulp was 730 yuan/ton, a month-on-month decrease of 2.67% and a year-on-year decrease of 41.60%. [25][27] - The import profit of pulp rebounded. In January 2026, the export prices of some Brazilian hardwood pulp and bleached hardwood kraft pulp (BHK) from April of the Golden Eagle Group increased by $20/ton. [31] - The price of imported softwood pulp rose first and then fell slightly this week, with limited decline. The demand from downstream paper mills was difficult to expand, and the market was in a wait-and-see mood. [33] - The price of imported hardwood pulp remained high and stable. The import cost is expected to increase, but the demand from downstream paper mills was weak, and the trading volume slowed down. [36] - The prices of natural color pulp and chemimechanical pulp were stable this week. [41] Supply - The purchase prices of wood chips by paper enterprises in East China mostly decreased this week. [43] - The price and supply of domestic pulp were stable this period. [47] - In October 2025, the pulp port inventory in Europe decreased month-on-month, and the global pulp outbound volume decreased seasonally month-on-month. [52] - In October 2025, the shipment volume of W20 softwood pulp was low, and the inventory was high; the inventory of hardwood pulp was at a high level, but the shipment volume decreased, and the inventory days returned to a year-on-year high. [54] - In November 2025, the export volume of Chilean softwood pulp to China decreased significantly month-on-month and was at a low level year-on-year. In September, the export volume of softwood pulp from Canada, Chile, Finland, and the United States to China increased both month-on-month and year-on-year. In October, the export volume of Finnish softwood pulp to China continued to rise month-on-month. [57][60] - In October 2025, the export volume of hardwood pulp from Brazil, Indonesia, Uruguay, and Chile to China decreased both month-on-month and year-on-year. In November, the export volume of Brazilian hardwood pulp to China decreased significantly month-on-month, and the export volumes of Uruguay and Chile decreased both month-on-month and year-on-year. [63][64] - In November 2025, China's pulp imports increased, with a 4.93% increase in softwood pulp and a significant 33.85% increase in hardwood pulp month-on-month. [66] Demand - The price of domestic offset paper was stable. The core contradiction was the double squeeze of high costs and weak demand. Although paper enterprises intended to raise prices, the social demand was weak, and the market was in a wait-and-see mood. [70] - The domestic coated paper market was mainly adjusted slightly in different regions. Paper mills maintained stable production, but the demand was differentiated. The market was cautious, and some regions had price inversion. [74] - The price of white cardboard decreased slightly this period. The cost had little impact on the market. The production increased, the downstream demand improved slightly, and the market price was mainly stable, with some discounts in local markets. [78] - The price of tissue paper increased slightly, but the trading atmosphere was dull, and the terminal demand improved little. The cost was supported by the stable price of raw pulp and the firm price of hardwood pulp. [82] - In November 2025, the retail sales of books, newspapers, magazines, catering, and Chinese and Western medicines increased significantly month-on-month, while the retail sales of cosmetics decreased significantly month-on-month. [86] Inventory - On December 26, 2025, the total warehouse receipt quantity of pulp was 101,000 tons, with 95,000 tons in warehouses and 6,000 tons in factories. The warehouse receipt quantity in warehouses increased by 2.13% month-on-month and decreased by 69.45% year-on-year. [89] - The overall port inventory was at a relatively low level in the year, and the inventory of major sample ports in China continued to decline this period. The inventory at Qingdao Port and Changshu Port continued to decrease, and the daily shipment speed at Qingdao Port increased. [95]

Group 1 - The core viewpoint indicates that the domestic futures market for printing paper is experiencing a mixed trend, with the main contract for coated paper futures showing a decline of 2.51% during the trading session [1] - The current market for coated printing paper is characterized by a weak downward trend, with institutions providing various analyses on future market performance [2] - The supply side shows a slight increase in imports of bleached softwood pulp, with a total import volume of 712.2 million tons for the year, reflecting a year-on-year increase of 2.7% [2] Group 2 - The demand side indicates that paper mills are operating at low profit margins, leading to a focus on purchasing pulp as needed, with overall operating rates for downstream demand showing weakness [2] - Inventory levels for pulp at major ports in China have decreased by 3.3% to 2.101 million tons, continuing a trend of slight inventory reduction over the past two weeks [2] - The market sentiment remains weak, with expectations of stable pricing from paper mills and potential price increases in early January, although short-term price movements are likely to remain volatile [3]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The pulp market is expected to remain in a volatile and weak pattern in the short - term. The supply - demand fundamentals have not improved substantially, with port inventories continuing to accumulate at a high level and downstream demand remaining weak, resulting in limited support for pulp prices [99]. 3. Summary According to Relevant Catalogs 3.1 Industry News - As of November 20, 2025, the pulp inventory in Changshu Port was 555,000 tons, a decrease of 14,000 tons from the previous period, a 2.5% month - on - month decrease; the inventory in Qingdao Port was 1.463 million tons, an increase of 58,000 tons from the previous week, a 4.1% month - on - month increase; the inventory in Gaolan Port was 51,000 tons, an increase of 10,000 tons from the previous week, a 24.4% month - on - month increase. The sample inventory of China's major pulp ports was 2.173 million tons, an increase of 63,000 tons from the previous period, a 3.0% month - on - month increase [5][6]. - In October 2025, the import volume of bleached softwood pulp was 691,000 tons, a 0.1% month - on - month increase and a 6.0% year - on - year increase. The cumulative import volume for the year was 7.122 million tons, a 2.7% cumulative year - on - year increase. The import volume of bleached hardwood pulp was 1.318 million tons, a 2.8% month - on - month decrease and an 8.2% year - on - year increase. The cumulative import volume for the year was 13.826 million tons, a 10.3% cumulative year - on - year increase [6][7]. 3.2 Market Data - **Market Trends**: Included the analysis of the basis of silver star and Russian needle pulp, the spread between silver star and Russian needle pulp, and the monthly spread of 01 - 03 and 03 - 05 [13][14][19]. - **Basis and Monthly Spread**: On November 21, 2025, the basis of silver star pulp was 222 yuan/ton, a 217.14% month - on - month increase; the basis of Russian needle pulp was - 28 yuan/ton, a 65.00% month - on - month increase; the spread between silver star and Russian needle pulp was 250 yuan/ton, a 66.67% month - on - month increase [14]. 3.3 Fundamental Data - **Price**: - The spread between softwood and hardwood pulp decreased. On November 21, 2025, the spread between silver star and goldfish pulp was 1,050 yuan/ton, an 8.70% month - on - month decrease; the spread between Russian needle and goldfish pulp was 800 yuan/ton, a 20.00% month - on - month decrease [23][25]. - The import profit of softwood and hardwood pulp decreased. On November 21, 2025, the import profit of silver star softwood pulp was - 76.03 yuan/ton, a 373.44% month - on - month decrease; the import profit of star hardwood pulp was 45.21 yuan/ton, a 6.32% month - on - month decrease [28][30]. - The price of imported softwood pulp decreased. On November 21, 2025, the price of silver star pulp was 5,450 yuan/ton, a 1.80% month - on - month decrease; the price of Russian needle pulp was 5,200 yuan/ton, a 3.70% month - on - month decrease [32][33]. - The price of hardwood pulp was relatively stable. On November 21, 2025, the price of goldfish pulp was 4,400 yuan/ton, with no month - on - month change [37]. - **Supply**: - The price of wood chips in East China was differentiated. On November 21, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1,200 yuan/ton, a 1.69% month - on - month increase; the purchase price of pine wood chips by Wuzhou Special Paper was 1,060 yuan/ton, a 9.40% month - on - month decrease [42][44]. - The price of domestic pulp was stable, and the supply of hardwood pulp increased. On November 20, 2025, the weekly output of domestic hardwood pulp was 117,000 tons, a 27.17% month - on - month increase [46][48]. - In September 2025, the pulp port inventory in Europe decreased month - on - month; in October, the inventory days of softwood pulp in Europe decreased month - on - month [50][52]. - In August 2025, the shipment volume of W20 softwood pulp was at a low level, and the inventory was high; the shipment volume of hardwood pulp continued to be at a high level, but the inventory days were low [54][56]. - In August 2025, the export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China decreased month - on - month and was at a low level year - on - year; in September, the export volume of Finland to China increased significantly both month - on - month and year - on - year; in October, the export volume of Chilean softwood pulp to China continued to increase month - on - month but decreased year - on - year [60]. - In September 2025, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) increased both month - on - month and year - on - year; in October, the export volume of Brazilian hardwood pulp decreased slightly month - on - month, and the export volume of Uruguay decreased significantly both month - on - month and year - on - year [64]. - In October 2025, China's pulp imports were differentiated. The import volume of softwood pulp increased by 0.06% month - on - month, the import volume of hardwood pulp decreased by 2.77% month - on - month, and the import volume of unbleached pulp and chemimechanical pulp increased significantly [66][68]. - **Demand**: - **Offset Paper**: The average price of offset paper enterprises was stable. Due to industry profitability and production and sales pressure, some factories' production lines were converted or the production load was reduced. The demand was weak, with no concentrated supply of publication orders and dull social orders [70]. - **Coated Paper**: The price of coated paper decreased slightly. Some production lines continued the maintenance state, and the supply decreased slightly. The demand was weak, with no concentrated supply of publication orders and no obvious improvement in social orders [74]. - **White Cardboard**: The market price of white cardboard was stable. The production cost increased and then stabilized. The supply was stable, and the inventory pressure of paper mills was not large. The demand was mainly for rigid needs [78]. - **Household Paper**: The market price of household paper was stable. The terminal demand did not show an obvious recovery, and the inventory pressure of some paper mills was difficult to release in the short term. The cost support of raw material pulp was weak [82]. - **Terminal Demand**: In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly year - on - year [86]. 3.4 This Week's View Summary - **Supply**: In October 2025, the import volume of bleached softwood pulp increased both month - on - month and year - on - year. As of November 20, 2025, the sample inventory of China's major pulp ports increased for two consecutive weeks [98]. - **Demand**: The downstream demand was weak, and the cost transmission was difficult. The downstream paper industry was not performing well, and the demand was weak. The paper mills had poor profitability and limited acceptance of high - priced raw materials [99]. - **View**: The pulp market is expected to remain in a volatile and weak pattern in the short - term, as the supply - demand fundamentals have not improved substantially [99]. - **Strategy**: Adopt a short - selling strategy on rallies for single - side trading; observe for inter - period and inter - variety trading; investors meeting the suitability requirements can consider selling out - of - the - money options in the range of [5000 - 6000] [99].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The pulp market is expected to continue its weak and volatile trend in the short term. Supply - side pressure is difficult to ease quickly, with increasing imports and slow inventory reduction at ports. The demand side has certain rigid support but lacks obvious growth momentum [102]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of September 25, 2025, the pulp inventory at Changshu Port was 452,000 tons, a week - on - week decrease of 56,000 tons (11.0%); at Qingdao Port, it was 1.425 million tons, a decrease of 7,000 tons (0.5%); at Gaolan Port, it was 41,000 tons, a decrease of 8,000 tons (16.3%). The total inventory of mainstream ports was 2.033 million tons, a decrease of 79,000 tons (3.7%) [5][6]. - In August 2025, the import volume of bleached softwood pulp was 614,000 tons, a month - on - month decrease of 5.0% and a year - on - year decrease of 10.1%. The cumulative import volume for the year was 5.74 million tons, a cumulative year - on - year increase of 1.4%. The import volume of bleached hardwood pulp was 1.258 million tons, a month - on - month decrease of 6.9% and a year - on - year decrease of 1.4%. The cumulative import volume for the year was 11.152 million tons, a cumulative year - on - year increase of 10.7% [6][7]. 3.2 Market Data 3.2.1 Market Trends - On September 26, 2025, the basis for Silver Star was 634 yuan/ton, a week - on - week increase of 0.32% and a year - on - year increase of 89.82%; the basis for Russian Needle was 184 yuan/ton, a week - on - week increase of 1.10% and a year - on - year increase of 258.62%; the Silver Star - Russian Needle spread was 450 yuan/ton, with no week - on - week or year - on - year change [16]. - The 11 - 01 month spread was - 256 yuan/ton, a week - on - week increase of 14.09%; the 01 - 05 month spread was - 24 yuan/ton, a week - on - week decrease of 33.33% [21]. 3.3 Fundamental Data 3.3.1 Price - The spread between softwood and hardwood pulp was stable. On September 26, 2025, the spread between Silver Star and Goldfish was 1,430 yuan/ton, with no week - on - week change and a year - on - year increase of 3.62%; the spread between Russian Needle and Goldfish was 980 yuan/ton, with no week - on - week change and a year - on - year increase of 5.38% [28]. - The import profit of softwood and hardwood pulp decreased. On September 26, 2025, the import profit of softwood pulp (Silver Star) was - 58 yuan/ton, a week - on - week decrease of 3.38% and a year - on - year decrease of 394.60%; the import profit of hardwood pulp (Star) was - 171.70 yuan/ton, a week - on - week decrease of 0.86% and a year - on - year decrease of 294.01% [31]. - The prices of different types of pulp showed different trends. On September 26, 2025, the prices of softwood pulp such as Silver Star, Kalip, and Northwood were 5,650 yuan/ton, 5,800 yuan/ton, and 6,050 yuan/ton respectively, with no week - on - week change; the prices of hardwood pulp such as Goldfish, Star, and Bird were 4,220 yuan/ton, 4,250 yuan/ton, and 4,200 yuan/ton respectively, with no week - on - week change [34][38]. 3.3.2 Supply - The wood chip purchase price in East China was generally stable, with a slight decrease in the purchase price of poplar chips by Champion Paper [43]. - The price of domestic chemimechanical pulp decreased slightly this week, the price of hardwood pulp was stable, and the supply increased. On September 25, 2025, the daily average price of domestic chemimechanical pulp was 3,825 yuan/ton, a week - on - week decrease of 0.22%; the weekly output of domestic hardwood pulp was 131,000 tons, a week - on - week increase of 2.34% [47][49]. - In July 2025, the European port inventory decreased slightly month - on - month, and the global pulp out - port volume increased seasonally month - on - month but was relatively low year - on - year [52]. - The W20 softwood pulp shipment volume was at a low level with high inventory, while the hardwood pulp shipment volume remained high, but the inventory days continued to decline [54]. - In July 2025, the export volume of softwood pulp from Canada, Finland, Chile, and the United States to China increased significantly month - on - month, and in August, the export volume of Chilean softwood pulp to China decreased month - on - month [58]. - In July 2025, the export volume of hardwood pulp from Brazil, Indonesia, Uruguay, and Chile increased month - on - month, and in August, the export volume of Brazilian hardwood pulp to China decreased seasonally month - on - month, while the export volume of Uruguayan hardwood pulp to China increased significantly [62]. - In August 2025, China's total pulp import volume decreased, with softwood pulp down 5.01% month - on - month, hardwood pulp down 6.92% month - on - month, and chemimechanical pulp down 27.41% month - on - month [66]. 3.3.3 Demand - The price of offset paper was weakly sorted this week. The supply was sufficient, but the downstream demand was weak, and the market was in a stalemate [70]. - The average price of coated paper was slightly adjusted. The supply increased, but the consumption was still sluggish due to the macro - environment and electronic media impact [74]. - The supply and demand of white cardboard both showed an upward trend. The large manufacturers planned to increase the order - taking price by 100 yuan/ton in October, and the market low - price increased [78]. - The market of tissue paper was flat, the terminal demand was weak, and the industry's overall operating rate remained low [82]. - In August 2025, the retail sales in the pulp terminal demand area recovered slightly seasonally month - on - month, and the year - on - year growth of cultural office supplies, daily necessities, and books and magazines was significant [86]. 3.3.4 Inventory - On September 26, 2025, the warehouse receipt quantity of pulp (warehouse) was 226,100 tons, a week - on - week decrease of 0.15% and a year - on - year decrease of 44.18%; the warehouse receipt quantity of pulp (factory) was 9,200 tons, a week - on - week decrease of 49.34% and a year - on - year decrease of 66.47% [89]. - The port inventory was at a medium - low level within the year, and the inventory of domestic mainstream ports showed a destocking trend this period [98].

Core Viewpoint - The double-sided coated paper industry is facing challenges due to declining demand, high inventory levels, and low production margins, despite an increase in production capacity and some recovery in supply from major producers [3][4][10]. Industry Overview - Double-sided coated paper, also known as "Dawlin paper," is a major type of cultural printing paper, primarily used in book printing [1]. - The upstream products for double-sided coated paper are pulp, with production costs heavily reliant on various types of pulp, which account for 60%-70% of the total cost [2]. - The domestic production capacity of double-sided coated paper has grown significantly from 7.89 million tons in 2010 to an expected 18 million tons by the end of 2025 [2]. Supply and Demand Dynamics - The main downstream application for double-sided coated paper is book printing, which accounts for 88% of its usage [3]. - In 2024, the domestic production of double-sided coated paper is projected to be 10.49 million tons, reflecting a slight increase from the previous year [4]. - However, the production capacity utilization rate is low, averaging 62% in 2024, with a significant drop in production observed in early 2025 due to weak market demand [7][8]. Export and Import Trends - In 2024, the import volume of double-sided coated paper is expected to be 200,000 tons, while exports are projected at 968,000 tons, resulting in a net export of 770,000 tons [3][9]. - The net export volume has decreased in 2025 compared to the previous year, indicating a slowdown in overseas demand [9]. Inventory Levels - As of September 12, 2024, the total inventory of double-sided coated paper reached a record high of 1.744 million tons, with manufacturers and traders actively reducing stock levels [10]. Profitability and Pricing - As of September 12, 2024, domestic producers are facing losses of 135 yuan per ton, with historical price fluctuations showing a maximum profit of 1,562 yuan and a minimum loss of 874 yuan per ton [11][15]. - The price of high-quality double-sided coated paper is currently between 4,500 and 4,800 yuan per ton, with expectations of continued low prices due to high supply and inventory levels [15].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - This week, the pulp market may follow the market trend and undergo a corrective adjustment. The supply side is under pressure with high port inventories and abundant spot supplies. The demand side faces cost - transmission obstacles, and the poor profit of paper mills dampens the procurement sentiment for pulp. The futures market is dominated by macro - sentiment while the spot market is weak, and the divergence between futures and spot prices may improve. It is expected that the pulp market will decline following the overall market atmosphere this week [79]. 3. Summary by Directory 3.1 Industry News - As of July 24, 2025, the pulp inventory at Changshu Port was 57.6 tons, down 3.2 tons from the previous period, a 5% MoM decrease; the inventory at Qingdao Port was 136.2 tons, up 1.3 tons from last week, a 1.0% MoM increase; the inventory at Gaolan Port was 8.1 tons, down 0.8 tons from last week, a 9.0% MoM decrease. The total inventory of China's major pulp ports was 214.3 tons, down 3.8 tons from the previous period, a 1.7% MoM decrease [6]. - In June 2025, the import volume of bleached softwood pulp was 67.8 tons, a 6.1% MoM decrease and a 23.3% YoY increase; the import volume of bleached hardwood pulp was 143.5 tons, a 11.0% MoM increase and an 18.9% YoY increase; the import volume of softwood chips was 7.2 tons, a 234.9% MoM increase and a 125.9% YoY increase; the import volume of hardwood chips was 129.2 tons, a 0.2% MoM increase and a 1.3% YoY decrease [6]. 3.2 Market Data - **Market Trends**: On July 25, 2025, the basis of silver star pulp was 400 yuan/ton, a 36.31% MoM decrease and a 7.41% YoY decrease; the basis of Russian needle pulp was - 20 yuan/ton, a 350.00% MoM decrease and a 162.50% YoY decrease; the price difference between silver star and Russian needle pulp was 420 yuan/ton, a 32.26% MoM decrease and a 5.00% YoY increase [11]. - **Basis and Spread**: On July 25, 2025, the 09 - 11 spread was 94 yuan/ton, a 193.75% MoM increase; the 11 - 01 spread was - 146 yuan/ton, a 19.78% MoM increase [17]. 3.3 Fundamental Data - **Price**: The price difference between silver star and goldfish pulp decreased by 2.75% MoM and increased by 86.32% YoY; the price difference between Russian needle and goldfish pulp increased by 12.50% MoM and 145.45% YoY. The import profit of silver star pulp increased by 2804% MoM and 11502% YoY; the import profit of star pulp increased by 277.35% MoM and 103.50% YoY [24][32]. - **Supply**: In May 2025, the European port inventory increased both MoM and YoY; the global pulp out - port volume increased MoM. In June 2025, the pulp import volume showed a differentiated performance, with the softwood pulp import volume decreasing by 6.07% MoM and the hardwood pulp import volume increasing by 10.96% MoM [47][50]. - **Demand**: The capacity utilization rates of white cardboard, double - offset paper, and copperplate paper decreased slightly, while that of tissue paper increased slightly. The profits of white cardboard, tissue paper, double - offset paper, and copperplate paper decreased to varying degrees [55][65]. - **Inventory**: The futures inventory decreased, and the spot inventory of major ports decreased slightly. As of July 25, 2025, the warehouse receipt quantity of pulp in warehouses was 23.65 tons, a 0.11% MoM decrease and a 50.50% YoY decrease; the warehouse receipt quantity in factories was 1.92 tons, a 0.52% MoM decrease and a 40.25% YoY decrease [69]. 3.4 This Week's View Summary - **Supply**: The supply side pressure is solidified, with high port inventories and abundant spot supplies. The major port inventory decreased slightly this period [79]. - **Demand**: The demand side has cost - transmission obstacles, and the poor profit of paper mills dampens the procurement sentiment for pulp [79]. - **View**: The futures market is dominated by macro - sentiment while the spot market is weak. The divergence between futures and spot prices may improve, and the pulp market may decline following the overall market atmosphere this week [79]. - **Valuation**: The basis of silver star pulp in Shandong decreased by 64 yuan/ton [79]. - **Strategy**: Adopt a bearish approach for a single - sided trade; use a reverse spread strategy for the 9 - 1 and 11 - 1 contracts [79].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The pulp market is expected to operate in a volatile and weak manner. The main contract of pulp futures dropped significantly during the week, hitting a new monthly low, intensifying the panic in the spot market. Demand is deeply weak, and supply pressure is increasing. The high port inventory and the expected arrival of new shipments from Brazil in July continue to put pressure on spot liquidity. The reduction in the quoted price of softwood pulp also weakens cost support [84]. Summary by Directory Industry News - As of June 26, 2025, the inventory of pulp in Changshu Port was 546,000 tons, a decrease of 39,000 tons from the previous period, a month - on - month decrease of 6.7%. The inventory in Qingdao Port was 1.352 million tons, a decrease of 6,000 tons from the previous week, a month - on - month decrease of 0.4%. The inventory in Gaolan Port was 138,000 tons, a decrease of 18,000 tons from the previous week, a month - on - month decrease of 11.5%. The total inventory of mainstream port samples in China was 2.163 million tons, a decrease of 45,000 tons from the previous period, a month - on - month decrease of 2.0% [6]. - In May 2025, the inventory days of bleached softwood pulp of 20 world commodity pulp suppliers increased by 5 days to 46 days, and the inventory days of bleached hardwood pulp increased by 4 days to 51 days. The total shipment volume in May increased by 1.9% month - on - month, with the shipment volume of bleached softwood pulp increasing by 4.4% and that of bleached hardwood pulp increasing by 1.2% [6]. - In May 2025, the import volume of bleached softwood pulp was 722,000 tons, a month - on - month decrease of 4.7% and a year - on - year increase of 2.6%. The cumulative import volume for the year was 3.082 million tons, a cumulative year - on - year decrease of 1.9%. The import volume of bleached hardwood pulp was 1.293 million tons, a month - on - month increase of 7.8% and a year - on - year increase of 3.0%. The cumulative import volume for the year was 7.108 million tons, a cumulative year - on - year increase of 8.0% [6]. Market Data - On June 27, 2025, the basis of Silver Star was 854 yuan/ton, a month - on - month decrease of 8.17% and a year - on - year increase of 151.18%. The basis of Russian Needle was 24 yuan/ton, a month - on - month decrease of 81.54% and a year - on - year increase of 140.00%. The price difference between Silver Star and Russian Needle was 830 yuan/ton, a month - on - month increase of 3.75% and a year - on - year increase of 107.50% [15]. - On June 27, 2025, the 09 - 11 month spread was 20 yuan/ton, a month - on - month decrease of 44.44%. The 11 - 01 month spread was - 220 yuan/ton, a month - on - month decrease of 168.29% [20]. Fundamental Data - **Price**: - On June 27, 2025, the price difference between Silver Star and Goldfish was 1,900 yuan/ton, a month - on - month decrease of 2.56% and a year - on - year increase of 123.53%. The price difference between Russian Needle and Goldfish was 1,070 yuan/ton, a month - on - month decrease of 6.96% and a year - on - year increase of 137.78% [29]. - The import profit of Silver Star was 42 yuan/ton on June 27, 2025, a month - on - month decrease of 69.01% and a year - on - year increase of 107.79%. The star of hardwood pulp had no quotation in June, and the supply is expected to partially resume in July [34][35]. - On June 27, 2025, the prices of Silver Star, Cariboo, Northern Wood, Lion Brand, and Russian Needle were 5,950 yuan/ton, 6,050 yuan/ton, 6,250 yuan/ton, 6,050 yuan/ton, and 5,120 yuan/ton respectively, with month - on - month decreases of 1.65%, 1.63%, 0.79%, 1.63%, and 2.48% respectively, and year - on - year decreases of 5.56%, 4.72%, 1.57%, 4.72%, and 13.22% respectively [36]. - On June 27, 2025, the prices of Goldfish, Star, Bird, and Broadleaf were 4,050 yuan/ton, with a month - on - month decrease of 1.22% and year - on - year decreases of 25.69%, 25.00%, 25.00%, and 22.86% respectively [44]. - On June 27, 2025, the prices of Venus and Kunhe were 5,000 yuan/ton and 3,700 yuan/ton respectively, with month - on - month decreases of 1.96% and 5.13% respectively, and year - on - year decreases of 8.26% and 3.90% respectively [48]. - **Supply**: - In April 2025, the inventory in European ports decreased month - on - month, and the global pulp departure volume decreased both month - on - month and year - on - year. The inventory in European ports was 1.352 million tons, a month - on - month decrease of 12.77% and a year - on - year increase of 16.75%. The global pulp departure volume was 4.077 million tons, a month - on - month decrease of 18.30% and a year - on - year decrease of 10.89% [51][52]. - In May 2025, the import volume of pulp showed differentiated month - on - month performance. The import volume of softwood pulp decreased by 4.75% month - on - month, and that of hardwood pulp increased by 7.84% month - on - month [54]. - **Demand**: - On June 27, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 73.90%, 63.40%, 57.15%, and 56.33% respectively, with month - on - month changes of 2.35%, 2.09%, 4.67%, and - 0.39% respectively, and year - on - year changes of - 3.90%, 0.06%, - 10.30%, and - 11.90% respectively [58]. - The average prices of white cardboard, wood pulp household tissue paper, offset paper, and coated paper on June 27, 2025 were 4,065 yuan/ton, 5,666.67 yuan/ton, 5,125 yuan/ton, and 5,400 yuan/ton respectively, with month - on - month decreases of 0.73%, 1.16%, 0.73%, and 0.00% respectively, and year - on - year decreases of 6.77%, 15.00%, 9.99%, and 4.85% respectively [59]. - The profits of white cardboard, household tissue paper, offset paper, and coated paper on June 26 or 27, 2025 were 600 yuan/ton, 243.10 yuan/ton, 170.57 yuan/ton, and 912 yuan/ton respectively, with month - on - month changes of 2.56%, - 18.67%, 32.67%, and 4.29% respectively, and year - on - year increases of 76.47%, 358.51%, 255.35%, and 90.20% respectively [72]. - **Inventory**: - On June 27, 2025, the warehouse receipt quantity of pulp in warehouses was 228,500 tons, a month - on - month decrease of 2.91% and a year - on - year decrease of 49.06%. The warehouse receipt quantity in factories was 16,300 tons, with no month - on - month change and a year - on - year decrease of 49.25% [73]. - On June 27, 2025, the inventories of Qingdao Port, Changshu Port, and the sum of Gaolan Port, Tianjin Port, and Rizhao Port were 1.352 million tons, 546,000 tons, and 265,000 tons respectively, with month - on - month changes of - 0.44%, - 6.67%, and 0.00% respectively, and year - on - year increases of 33.20%, 4.60%, and 52.30% respectively. The total inventory of the five ports was 2.163 million tons, a month - on - month decrease of 2.04% and a year - on - year increase of 26.42% [80]. Operation Suggestion - Pulp is expected to operate in a volatile and weak manner. It is predicted that pulp will maintain volatile consolidation and operate weakly in the near future. The main factors include weak demand, high port inventory, expected arrival of new shipments from Brazil, and the reduction in the quoted price of softwood pulp [84].