Report Information - Report Type: Pulp Daily Report [1] - Date: December 31, 2025 [2] Investment Rating - Not provided Core View - The pulp market shows positive supply data but is restricted by weak demand. The market focuses on the pricing of near - month warehouse receipts and is in an oscillating adjustment state [8] Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price of 5,566 yuan/ton and a closing price of 5,568 yuan/ton, rising 0.04% [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,950 - 6,300 yuan/ton, with prices stable compared to the previous trading day's closing price. The Shandong Yinxing offer was 5,580 - 5,600 yuan/ton [7] - April under the Golden Eagle Group announced a 20 - dollar/ton price increase for bleached hardwood pulp (BHK) in Asian orders starting from January [8] - 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] - In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% month - on - month decrease and a 6.3% year - on - year increase; the European wood pulp consumption was 805,600 tons, a 6.2% month - on - month decrease and a 4.6% year - on - year decrease [8] - In November 2025, the total pulp imports were 3.246 million tons, a 24% month - on - month increase and a 15.9% year - on - year increase [8] - As of December 25, 2025, the weekly pulp inventory in major regions and ports was 188,910 tons, a 2.47% week - on - week decrease [8] - On the demand side, some paper mills had price - increase expectations due to cost pressure, but the paper price increase was weak due to insufficient terminal orders, and the mainstream price of offset paper remained stable [8] 2. Industry News - On December 30th, Qingdao Port, as the world's largest pulp import port and a pulp hub port, refreshed the world record for pulp day - and - night unloading for the 5th time with a throughput of 52,698 tons per day and night, which is conducive to building a million - ton - level pulp unloading mother port and an international pulp transfer and distribution center [9] 3. Data Overview - Multiple data charts are presented, including those related to imported 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, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19]

Report Information - Report Name: Pulp Daily Report [1] - Date: December 30, 2025 [2] Investment Rating - Not provided Core View - Supply data for pulp is positive, but the market is constrained by weak demand. It is expected to fluctuate and adjust, with the market focusing on the pricing of near - month warehouse receipts [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the SP2605 pulp futures contract was 5,608 yuan/ton, and the closing price was 5,510 yuan/ton, a decline of 1.75%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,950 - 6,300 yuan/ton, up 50 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5,580 - 5,600 yuan/ton [7] - **Industry Data**: April under the Golden Eagle Group announced a $20/ton price increase for bleached hardwood pulp (BHK) orders in Asia starting from January. In November, the chemical pulp shipments of 20 major pulp - producing countries 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. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% month - on - month decrease and a 6.3% year - on - year increase; consumption was 805,600 tons, a 6.2% month - on - month and 4.6% year - on - year decrease. The total pulp imports in November 2025 were 3.246 million tons, a 24% month - on - month and 15.9% year - on - year increase. As of December 25, 2025, the weekly pulp inventory in major areas and ports was 1.8891 million tons, a 2.47% week - on - week decrease [8] - **Demand Situation**: Some paper mills have expectations of raising prices due to cost pressure, but the price increase is weak due to insufficient terminal orders. The mainstream price of offset paper remains stable [8] 2. Industry News - On December 29, Rugao Customs of Nantong City implemented the "advance declaration + direct pick - up at the ship's side" integrated customs clearance model, reducing the customs clearance time of imported pulp by over 70% and logistics costs by 30%, helping Asia Pulp & Paper Co., Ltd. (APP) operate efficiently. APP, a key foreign - invested project in Rugao, produces 1.2 million tons of high - end food - grade white cardboard annually, with over 90% of raw materials relying on imported pulp and a daily consumption of nearly 2,000 tons. The new model saves over one million yuan in logistics and tax costs and ensures the safety and smoothness of the supply chain [9] 3. Data Overview - The report provides multiple data charts, including those related to the spot price of imported softwood pulp in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][25][29]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The implementation of a new round of price increase letters is going well, domestic inventories are being reduced, and the market is viewed as oscillating upward [2] 3. Summary by Relevant Catalogs Paper Pulp Price Data - On December 23, 2025, the week - on - week change of SP2601 futures price was 0.04%, and the spot price of coniferous pulp Silver Star increased by 2.82%; the week - on - week change of SP2609 futures price was 0.07%, and the spot price of coniferous pulp Russian Needle increased by 3.13%; the week - on - week change of SP2605 futures price was - 0.04%, and the spot price of broad - leaf pulp Goldfish remained unchanged [1] - The month - on - month change of the outer - market quotation of Chilean Silver Star was 2.94%, and the import cost increased by 2.91%; the outer - market quotation of Brazilian Goldfish increased by 1.89%, and the import cost increased by 1.87%; the outer - market quotation and import cost of Chilean Venus remained unchanged [1] Paper Pulp Fundamental Data Supply - In October 2025, the shipment volume of paper pulp to China: The shipment volume of coniferous pulp was 173 thousand tons, a month - on - month decrease of 7.49%; the shipment volume of broad - leaf pulp was 131,800 tons, a month - on - month decrease of 2.80% [1] - The import volume of coniferous pulp in October 2025 was 691,000 tons, with a month - on - month change of 0.00% [1] - From November 6 to December 11, 2025, the domestic production volume of broad - leaf pulp fluctuated between 22.9 - 25 tons, and the domestic production volume of chemimechanical pulp fluctuated between 23.5 - 23.8 tons [2] - It is reported that in December, the offer of Chilean Arauco's coniferous pulp was 700 US dollars per ton, an increase of 20 US dollars per ton; the offer of broad - leaf pulp Star was 570 US dollars per ton, an increase of 20 US dollars per ton; the offer of natural color pulp Venus was 620 US dollars per ton, remaining unchanged [2] - In Asia, APRIL and Bracel under the Golden Eagle Group announced that the price of bleached broad - leaf wood pulp (BHK) for orders received in December would be increased by 20 US dollars per ton [2] Inventory - From October 30 to December 11, 2025, the paper pulp port inventory fluctuated between 200.8 - 217.3 tons, and the futures delivery warehouse inventory fluctuated between 19.9 - 22.4 tons [2] - As of December 18, 2025, the inventory of mainstream paper pulp ports in China was 199.3 tons, a decrease of 4.3 tons from the previous period, a month - on - month decrease of 2.1%, and the inventory has been decreasing for four consecutive weeks [2] Demand - From October 30 to December 11, 2025, the production volume of double - offset paper fluctuated between 20.6 - 20.9 tons, the production volume of coated paper fluctuated between 8.0 - 8.6 tons, the production volume of tissue paper fluctuated between 28.36 - 28.78 tons, and the production volume of white cardboard fluctuated between 35.7 - 38.4 tons [2] - Currently, the demand side remains weak. Among mainstream wood pulp papers, the price of cultural paper continues to decline, while the prices of tissue paper and white cardboard have slightly increased [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The pulp market has shown a strong rebound with improved fundamentals. The decrease in imports in October has raised concerns about supply tightening, international producers' shutdown news and price - increase announcements have boosted the market. With the recovery of downstream paper mills' operating rates, the spot market of imported wood pulp has an upward price expectation, and it is recommended to consider a small - position long trial [2][36]. 3. Summary by Directory 3.1 This Week's Market Review - The main pulp futures contract SP2601 rebounded strongly from the bottom, and slightly declined after a rapid rise [7]. 3.2 Fundamental Analysis - **Pulp Market Price**: As of December 4, the weekly average price of imported softwood pulp was 5488 yuan/ton, up 0.44% from last week, turning from a decline to an increase; the weekly average price of imported hardwood pulp was 4454 yuan/ton, up 1.46% from last week, also turning from a decline to an increase [12]. - **October Pulp Import Volume**: In October 2025, China imported 261.8 tons of pulp with an import value of 1.5317 billion US dollars and an average unit price of 585.06 US dollars/ton. The import volume in October decreased by 11.31% month - on - month, and the cumulative import volume and value from January to October increased by 4.8% and decreased by 2.0% respectively compared with the same period last year [17]. - **Port Inventory Situation**: As of December 4, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0429 million tons, up 0.09% from last week, with the growth rate narrowing by 1.44 percentage points [21]. - **October European Port Wood Pulp Inventory Situation**: In October 2025, the total European port inventory decreased by 10.22% month - on - month and 6.47% compared with October 2024. Except for a 3.98% month - on - month increase in German port inventory, the port inventories in the Netherlands/Belgium/France/Switzerland, the UK, Italy, and Spain decreased by 9.13%, 12.08%, 20.24%, and 2.48% respectively month - on - month [25]. - **Downstream Pulp Operating Rates**: Waste paper pulp consumption accounts for 63% of China's total pulp consumption. As of December 4, the operating load rate of double - copper paper increased by 0.87 percentage points week - on - week; that of double - offset paper increased by 0.79 percentage points; that of white cardboard increased by 0.51 percentage points; and that of household paper remained flat [30]. 3.3 Future Outlook - The decrease in pulp imports in October has led to concerns about supply tightening. International softwood pulp producers' shutdown news has boosted the market, and downstream paper mills' operating rates have recovered. The spot market of imported wood pulp has an upward price expectation, and it is recommended to consider a small - position long trial [36].

Group 1: Gold Market - The World Gold Council (WGC) forecasts that gold prices may rise by 15% to 30% by 2026, driven by declining U.S. Treasury yields, heightened geopolitical risks, and increased demand for safe-haven assets [2] Group 2: Copper Market - Mercuria plans to withdraw a significant amount of copper from LME's Asian warehouses, with a record increase in copper withdrawal applications of 50,575 tons, reaching a total of 56,875 tons, which constitutes 35% of LME's total inventory [4] - The supply tightness in copper is exacerbated by mine disruptions in Indonesia and Chile, leading to historically low copper inventories in LME-certified warehouses, which has contributed to recent price increases [4] - Recent predictions from Mercuria's executives indicate a bullish outlook for copper prices, suggesting that the surge in shipments to the U.S. may deplete global inventories, further driving prices up [4] Group 3: Labor Market - The U.S. Department of Labor reported that initial jobless claims fell by 27,000 to 191,000, the lowest level since September 2022, which is below market expectations of 220,000 [6] - The labor market remains in a "no layoffs, no hiring" state, with the upcoming non-farm payroll report delayed due to a government shutdown [6] Group 4: Pulp Market - Pulp futures prices have rebounded for three consecutive trading days, with a recent increase of 5.73%, driven by supply disruptions from overseas pulp mills [8][9] - Domtar announced the permanent closure of its Crofton mill, reducing annual NBSK pulp production by approximately 380,000 tons, while other mills are also considering temporary shutdowns due to market conditions [8] - Despite the rebound in pulp prices, analysts suggest that the fundamental market conditions have not significantly changed, and high inventory levels may continue to pressure prices [11]