Core Insights - The 2024 China Paper Association Annual Conference emphasized the importance of supply and demand analysis for stable industry growth and high-quality development [1][2] - The Shanghai Futures Exchange (SHFE) has played a significant role in the paper industry since the launch of pulp futures in 2018, contributing to price discovery, risk management, and resource allocation [1] Market Performance - In 2023, pulp futures trading volume reached 130 million contracts, a year-on-year increase of 55.0%, with a total transaction value of 7.2 trillion yuan, up 29.8% [1] - Daily average open interest for pulp futures was 441,000 contracts, reflecting a 32.6% year-on-year increase [1] - The total delivery volume for pulp futures in 2023 was 1.075 million tons, marking a 73.2% increase and the highest since the launch of the futures [1] Delivery Services - The SHFE expanded its delivery resources by adding two new deliverable brands in 2023, increasing the total to 14 brands across 7 countries on 4 continents [1] - The total delivery capacity reached 870,000 tons, more than quadrupling since the initial launch, facilitating greater participation from industry enterprises in risk management [1] Industry Perspectives - Experts acknowledged the stable operation and functionality of pulp futures, noting that China now accounts for over half of global pulp trade, with pricing gradually shifting from Western markets to domestic [2] - The pulp futures market is seen as maturing, providing new development opportunities and business models for the entire pulp and paper industry chain [2] Future Developments - The SHFE plans to expand the range of quality deliverable resources and optimize delivery warehouse layouts while monitoring market trends to stabilize expectations [2] - Future initiatives include the launch of futures and options for printing paper and corrugated paper, as well as advancing the internationalization of pulp futures to provide more precise risk management tools for the industry [2]