Report Information - Report Name: Pulp Daily Report [1] - Date: May 9, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5064 yuan/ton and a closing price of 5092 yuan/ton, rising 0.55% [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5150 - 6800 yuan/ton, with the low - end price rising 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6200 - 6220 yuan/ton [7] - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was at 770 US dollars/ton, and the hardwood pulp Mingxing was at 560 US dollars/ton, showing a significant decline [7] - European port data showed that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, most other national port inventories increased month - on - month [7] - The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5% [7] - As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month. The shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [7] - The demand side continued to operate weakly. The cost support for pulp decreased significantly, the supply side remained loose, and the demand side was persistently weak. The overall fundamental pattern was weak, and pulp was mainly under pressure [7] Industry News - On May 8, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, would be delivered within the year. The total investment of the project was 600 million yuan, and the total land area was about 30 mu. It mainly customized, processed, and sold various paper products such as pearlescent paper, specialty paper, and cultural paper [8] - After the first - phase was completed and put into production, the expected annual output value would be over 100 million yuan, and about 100 new jobs would be added. Currently, the main structures of the two main buildings were 60% completed, and the structural capping was expected to be achieved in early June [8] - The second - phase project was about to start construction, with a planned land area of about 15 mu. It would build new production workshops and supporting facilities, focusing on the production and export of specialty paper. It was expected to be completed in June 2026, and after all phases were completed and put into production, the annual output value could reach over 300 million yuan [8]

Report Information - Report Title: Pulp Daily Report [1] - Date: May 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is under pressure due to a significant reduction in cost support, a loose supply situation, and weak demand, resulting in an overall weak fundamental pattern [8]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 09 contract was 5,030 yuan/ton, and the closing price was 5,086 yuan/ton, showing an overall decline of 1.90%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,150 - 6,800 yuan/ton, with the low - end price rising by 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6,200 - 6,220 yuan/ton [7]. - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was priced at 770 US dollars/ton, and the hardwood pulp Mingxing was priced at 560 US dollars/ton, showing a significant decrease from the previous period. European port data indicated that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, which decreased month - on - month, most other national port inventories increased month - on - month. The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5%. As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month, and the shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [8]. 3.2. Industry News - On May 7, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, is to be delivered this year. The project has a total investment of 600 million yuan, covers about 30 mu of land, and mainly customizes, processes, and sells various paper products such as pearl paper, specialty paper, and cultural paper. After the first - phase is completed and reaches production capacity, the annual output value is expected to exceed 100 million yuan, and about 100 new jobs will be created. Currently, 60% of the main structures of the two main buildings have been completed, and the structural topping is expected to be achieved in early June. The second - phase project is also about to start construction, with a planned land area of about 15 mu, focusing on the production and export of specialty paper. It is expected to be completed in June 2026, and after full completion and reaching production capacity, the annual output value can reach over 300 million yuan [9]. 3.3. Data Overview - The report presents multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [7][13][18]