| | 2025年12月10日 | | 日环比 | 周环比 | | | 2025年12月10日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5360 | -0. 48% | -1.80% | 现货价格 | 针叶浆银星 | 5500 | -0. 90% | -0. 90% | | (元/吨) | SP2512 | 4716 | 0. 26% | 0. 04% | (元/吨) | 针叶浆俄针 | 5250 | 0.00% | 0. 00% | | | SP2605 | 5436 | -0.51% | -1.27% | | 阔叶浆金鱼 | 4500 | 0.00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 680 | 680 | 0. 00% | 进口成本 | 智利银星 | 5559 | 5559 | 0. 00% | | (美元/吨) | 日芭ぎ鱼 | 540 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Canadian pulp mills have reduced production, leading to positive factors on the pulp supply side. There is no new warehouse receipt registration, resulting in a tight supply of delivery resources for near - month contracts. However, new warehouse receipt registration occurs when the price on the market rises to 5,500 yuan/ton, limiting further upward potential [7] 3. Summary by Relevant Catalog 3.1 Pulp Price Data - **Futures Prices (yuan/ton)**: On December 9, 2025, SP2601 was 5386 with a daily decline of 0.11% and a weekly increase of 1.09%; SP2512 was 4704 with a daily increase of 0.47% and a weekly increase of 0.60%; SP2605 was 5464 with a daily increase of 0.52% and a weekly increase of 1.83% [6] - **Spot Prices (yuan/ton)**: On December 9, 2025, the price of coniferous pulp Silver Star was 5600 with a daily and weekly increase of 0.90%; Russian coniferous pulp was 5250 with no daily or weekly change; broad - leaf pulp Goldfish was 4500 with no daily or weekly change [6] - **Outer - disk Quotes (dollars/ton)**: In December 2025, the price of Chilean Silver Star was 680 with no monthly change; Brazilian Goldfish was 540 with a monthly increase of 1.89%; Chilean Venus was 590 with no monthly change [6] - **Import Costs (yuan/ton)**: In December 2025, the import cost of Chilean Silver Star was 5559 with no monthly change; Brazilian Goldfish was 4425 with a monthly increase of 1.87%; Chilean Venus was 4830 with no monthly change [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports (10,000 tons)**: In October 2025, coniferous pulp imports were 69.1, unchanged from September; broad - leaf pulp imports were 131.8, a 2.80% decrease from September [6] - **Shipments to China (1000 tons)**: In October 2025, the shipments were 173, a 7.49% decrease from the previous period [6] - **Domestic Production (10,000 tons)**: As of December 4, 2025, broad - leaf pulp production was 23.9; chemimechanical pulp production was 23.8 [6] - **Inventory** - **Pulp Port Inventory (10,000 tons)**: As of December 4, 2025, it was 210.7 [6] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of December 4, 2025, it was 21.0 [6] - **Demand** - **Finished Paper Production (10,000 tons)**: As of December 4, 2025, double - offset paper production was 20.70; coated paper production was 8.60; tissue paper production was 28.52; white cardboard production was 37.70 [6] 3.3 Market Situation - **Supply - side**: Recently, the supply of wood chips in the international market has been continuously tight, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - dollar/ton price increase for bleached hardwood kraft pulp (BHK) orders received in December in Asia [6] - **Demand - side**: Recently, water - pulp paper manufacturers have issued price - increase letters. Only the implementation of price increases for white cardboard has been good, and double - offset paper manufacturers have issued price - increase letters again, with the implementation situation to be monitored [6] - **Inventory - side**: As of December 4, 2025, the inventory of mainstream pulp ports in China was 210.1 tons, a decrease of 7.1 tons from the previous period, a 3.3% decline. Inventory has continued to show a slight downward trend, and the inventory of sample ports has decreased for two consecutive weeks [6]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply side of pulp has positive factors as Canadian pulp mills have reduced production, and there is no new warehouse receipt registration, so the delivery resources for near - month contracts are tight. However, new warehouse receipt registration appears when the price rises to 5,500 yuan/ton on the market, limiting further upward space [7] 3. Summary According to the Directory 3.1 Pulp Price Data - **Futures Prices**: On December 6, 2025, SP2601 was 5,392 yuan/ton, down 1.06% day - on - day and up 3.89% week - on - week; SP2512 was 4,682 yuan/ton, down 1.84% day - on - day and down 0.47% week - on - week; SP2605 was 5,436 yuan/ton, down 0.98% day - on - day and up 3.42% week - on - week [6] - **Spot Prices**: On December 6, 2025, the price of coniferous pulp Silver Star was 5,600 yuan/ton, unchanged day - on - day and up 0.90% week - on - week; Russian coniferous pulp was 5,250 yuan/ton, unchanged both day - on - day and week - on - week; broadleaf pulp Fish was 4,500 yuan/ton, unchanged both day - on - day and week - on - week [6] - **Foreign Quotes**: The quote of Chilean Silver Star was 680 US dollars/ton, unchanged month - on - month; Japanese West Fish was 540 US dollars/ton, up 1.89% month - on - month; Chilean Venus was 590 US dollars/ton, unchanged month - on - month [6] - **Import Costs**: The import cost of Chilean Silver Star was 5,559 yuan/ton, unchanged month - on - month; Japanese Fish was 4,425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 4,830 yuan/ton, unchanged month - on - month [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports**: In October 2025, coniferous pulp imports were 69.1 tons, unchanged month - on - month; broadleaf pulp imports were 131.8 tons, down 2.80% month - on - month [6] - **Shipments**: The pulp shipments to China in October 2025 were 173 thousand tons, down 7.49% month - on - month [6] - **Domestic Production**: The production of broadleaf pulp and chemimechanical pulp fluctuates over different weeks in 2025 [6] - **Inventory** - **Port Inventory**: As of December 4, 2025, the pulp port inventory was 210.7 tons, showing a decreasing trend compared with previous periods [6] - **Futures Delivery Warehouse Inventory**: As of December 4, 2025, the futures delivery warehouse inventory was 21.0 tons, also showing a certain change trend compared with previous periods [6] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuates over different weeks in 2025 [6] - **Supply - Demand - Inventory Analysis**: Recently, the international wood chip supply has been tight and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - US - dollar/ton price increase for bleached hardwood kraft pulp (BHK) in Asia in December. On the demand side, wood - pulp paper has issued price increase letters recently, with only white cardboard having good implementation. As of December 4, 2025, the inventory in China's mainstream pulp ports decreased by 7.1 tons compared with the previous period, a 3.3% decline, and has continued to decline slightly for two consecutive weeks [6]

ITGE贸期货 ,数据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 投资咨询业务资格:证监许可【2012】31号 策略:加拿大浆厂出现减产情况,纸浆供给端出现利多因素,同时暂无新仓单注册,近月合约交割资源偏紧，但盘面上 涨到5500元/吨后出现新仓单注册,进一步上涨空间受限。 本报告中的冒息的报干公开可获得的资料，回贸邮货力求准确可复、但不对上述信息的推销性及完整性做任何保证。本报告不构成个人投资融议。也未分对个别投资者帮班的投资目标。 兜 责 路状况或需要，没资需需行判断本报告中的任何意见或建议是否符合其特定状况，据此投资、责任自负。本报告仅向标定客户推进，未经国贸期货股权许可，任何引用、转载以及同第2 IDE 方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。期市有风险，入市需谨慎。 ll C 国贸期货 上升500 - R-2 - 17 国贸期货有限公司 流的衍生品综合服务商 入 期 市 市 线 官 方 网 站 需 有 服 热 M 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/12/8 纸浆价格数据 | ...