1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The pulp market lacks clear guidance, and pulp prices are expected to fluctuate within a range. Due to the ongoing deadlock in the supply - demand fundamentals, high port inventories, abundant spot market supplies, no substantial improvement in downstream demand, and low operating rates, the price of the pulp 2511 contract is predicted to fluctuate between 5110 - 5320 this week [5]. 3. Summary According to the Table of Contents 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: Coniferous pulp prices remained relatively stable, while broad - leaf pulp prices declined. Among them, broad - leaf pulp such as Jin Yu, Xiao Niao, and A Er Pai decreased by 0.97%, 1.22%, and 1.22% respectively. Chemical mechanical pulp remained stable, natural pulp declined, and sugarcane pulp increased. The chemical mechanical pulp Kun He in Shandong was quoted at 3700 yuan/ton, unchanged from the previous week; the natural pulp Jin Xing was quoted at 4900 yuan/ton, down 2.0%; the sugarcane pulp in South China was quoted at 4000 yuan/ton, up 2.56% [11][13]. - **Pulp Futures Review**: The pulp futures contract SP2511 oscillated horizontally within a 100 - point range last week, closing at 5192 yuan/ton on the weekly line, with no change from the previous week. The weighted trading volume was 122.0 million lots, a decrease of 49.9 million lots, and the weighted open interest was 29.3 million lots, a decrease of 1.2 million lots [14]. - **Pulp Futures - Spot Basis Comparison**: The contango of the futures - spot basis widened slightly. The basis contango between coniferous wood pulp and the closing price of the futures main contract was 688 yuan/ton, 24 yuan/ton wider than the previous week [18]. - **Log Futures Review**: The main log futures contract 2509 showed a trend of rising first and then falling last week, closing at 830.5 yuan/cubic meter on the weekly line, up 1.1% from the previous week. The weighted trading volume was 12.2 million lots, a decrease of 0.879 million lots, and the weighted open interest was 3.15 million lots, an increase of 0.43 million lots [19]. 3.2 Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week's pulp production was 47.9 tons, a slight increase of 0.1 tons (0.21%) compared to the previous week. It is expected that the domestic production of broad - leaf pulp will be about 20.7 tons and chemical mechanical pulp will be about 20.5 tons [21]. - **Weekly Capacity Utilization of Broad - leaf and Chemical Mechanical Pulp**: The capacity utilization rate of domestic broad - leaf pulp was 76.3%, a decrease of 0.8% compared to the previous week; the capacity utilization rate of domestic chemical mechanical pulp was 86.7%, a decrease of 1.2% [26]. - **Monthly Pulp Production**: In July 2025, domestic pulp production was 212.4 tons, a 2.51% increase compared to the previous month [27]. - **Monthly Capacity Utilization of Chemical Mechanical and Broad - leaf Pulp**: In July 2025, the production of domestic chemical mechanical pulp was 89.6 tons, a 4.8% increase compared to the previous month, with a capacity utilization rate of 84.2%, a decrease of 0.8%. The production of broad - leaf pulp was 91.7 tons, a 2.92% increase compared to the previous month, with a capacity utilization rate of 83.0%, an increase of 2.4% [31]. - **Monthly Production Margin of Broad - leaf and Chemical Mechanical Pulp**: In July 2025, the production margin of broad - leaf pulp was 512.7 yuan/ton, a 3.87% increase compared to the previous month. The production margin of chemical mechanical pulp was - 307.9 yuan/ton, with a loss reduction of 69 yuan/ton [35]. - **Pulp Import Volume**: In June 2025, the pulp import volume was 3.0306 million tons, a 0.48% increase compared to the previous month and a 16.12% increase compared to the same period last year. From January to June 2025, the cumulative import volume was 18.5777 million tons, a 4.2% increase compared to the same period last year [37]. 3.3 Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 27.86 tons, a decrease of 0.04 tons (0.14%) compared to the previous week. The capacity utilization rate was 63.1%, a decrease of 0.1% [41]. - **Downstream Cultural Paper Market**: Last week, copperplate paper production was 7.8 tons, a decrease of 0.1 tons (1.28%) compared to the previous week, with a capacity utilization rate of 56.6%, a decrease of 1.3%. Offset paper production was 21 tons, an increase of 1.2 tons (6.06%) compared to the previous week, with a capacity utilization rate of 57.0%, an increase of 1.6% [44]. - **Downstream Packaging Paper Market**: Last week, white cardboard production was 30.7 tons, an increase of 0.9 tons (3.02%) compared to the previous week, with a capacity utilization rate of 70.74%, a decrease of 1.94%. Corrugated paper production was 46.17 tons, a decrease of 0.91 tons (1.93%) compared to the previous week, with a capacity utilization rate of 61.9%, a decrease of 1.22%. Boxboard paper production was 61.91 tons, an increase of 0.92 tons (1.51%) compared to the previous week, with a capacity utilization rate of 68.68%, an increase of 1.32% [47][50]. - **Downstream Base Paper Spot Price Analysis**: Tissue paper prices remained stable, while cultural paper prices declined. Whiteboard paper and white cardboard prices were basically stable. Corrugated paper prices increased slightly, and boxboard paper prices remained stable [51][53][56]. - **Downstream Base Paper Capacity Utilization**: In July 2025, the capacity utilization rate of domestic tissue paper was 65.33%, an increase of 2.33% compared to the previous month. The capacity utilization rate of white cardboard was 74.59%, an increase of 1.29% compared to the previous month. The capacity utilization rate of offset paper was 55.96%, a decrease of 0.41% compared to the previous month. The capacity utilization rate of copperplate paper was 57.6%, an increase of 1.25% compared to the previous month [58][60]. - **Domestic Pulp Actual Consumption**: In July 2025, the predicted domestic demand was 3.23 million tons, the predicted consumption was 3.215 million tons, and the actual pulp consumption was 3.321 million tons, an increase of 3.94% compared to the previous month and 3.3% compared to the same period last year [64]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall port inventory is in a destocking trend. The inventory of mainstream port samples is 2.048 million tons, a decrease of 57,000 tons (2.71%) compared to the previous week. Among them, Qingdao Port's inventory is 1.385 million tons, a decrease of 20,000 tons (1.42%); Changshu Port's inventory is 485,000 tons, a decrease of 29,000 tons (5.64%); Tianjin Port's inventory is 60,000 tons, a decrease of 2,000 tons (3.23%) [67][70]. - **Futures Pulp Warehouse Receipts**: Currently, pulp futures warehouse receipts are 244,200 tons, an increase of 1,679 tons (0.69%) compared to the previous week. The total warehouse receipts in Shandong are 225,000 tons, an increase of 1,679 tons (0.75%) [71].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - High inventory pressure on pulp ports persists, with limited improvement in downstream demand. Paper mills mainly purchase raw materials based on rigid demand, and the operating rate remains low. It is expected that the price of the pulp 2509 contract will fluctuate in the range of 4960 - 5220 this week [4]. 3. Summary According to the Table of Contents 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the market prices of spot pulp decreased slightly. In Shandong, the prices of coniferous pulp such as Silver Star, Cariboo, and Northern Wood dropped by 50 yuan/ton, with declines of -0.84%, -0.83%, and -0.80% respectively. The prices of broadleaf pulp like Goldfish, Birdie, and Alpine decreased by 20 - 30 yuan/ton, with declines of -0.49% - -0.74%. The prices of chemimechanical pulp, natural pulp, and non-wood pulp remained stable [9][13]. - **Pulp Futures Market Review**: Last week, the pulp futures contract SP2509 oscillated within a 120-point range, closing at 5068 yuan/ton, down 28 yuan/ton (-0.55%) for the week. The weighted trading volume was 1.525 million lots, a decrease of 912,000 lots from the previous week, and the weighted open interest was 325,000 lots, an increase of 27,500 lots [14]. - **Pulp Futures-Spot Basis Comparison**: Due to the larger decline in the spot price of coniferous wood pulp than that of pulp futures, the basis discount continued to shrink. The basis discount between coniferous wood pulp and the closing price of the futures main contract was 832 yuan/ton, a reduction of 22 yuan/ton from the previous week [18]. - **Log Futures Market Review**: Last week, the main log futures contract 2509 oscillated in a range, closing at 795.0 yuan/cubic meter, up 4.0 yuan/cubic meter (+0.51%) from the previous week. The weighted trading volume was 102,000 lots, a decrease of 34,600 lots, and the weighted open interest was 27,600 lots, a decrease of 8,700 lots [20]. 3.2 Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, pulp production was 474,000 tons, a decrease of 8,800 tons (-1.82%) from the previous week. Among them, broadleaf pulp production was 205,000 tons, and chemimechanical pulp production was 201,000 tons. It is expected that this week's domestic broadleaf pulp production will be about 206,000 tons, and chemimechanical pulp production will be about 200,000 tons [4][22]. - **Capacity Utilization of Broadleaf Pulp and Chemimechanical Pulp**: Last week, the capacity utilization rate of domestic broadleaf pulp was 76.6%, a decrease of 0.5% from the previous week, and that of domestic chemimechanical pulp was 84.3%, a decrease of 0.8% [27]. - **Monthly Pulp Production**: In June 2025, domestic pulp production was 2.072 million tons, a decrease of 72,000 tons (-3.36%) from the previous month. Among them, wood pulp production was 1.746 million tons, a decrease of 63,000 tons (-7.69%), and non - wood pulp production was 326,000 tons, a decrease of 9,000 tons (-2.69%) [28]. - **Monthly Capacity Utilization of Chemimechanical Pulp and Broadleaf Pulp**: In June 2025, domestic chemimechanical pulp production was 855,000 tons, a decrease of 21,000 tons (-2.4%), with a capacity utilization rate of 85.0%, an increase of 0.8%. Broadleaf pulp production was 891,000 tons, a decrease of 42,000 tons (-4.5%), and the capacity utilization rate was 80.6%, a decrease of 1.1% [32]. - **Monthly Production Profit of Broadleaf Pulp and Chemimechanical Pulp**: In June 2025, the production profit of broadleaf pulp was 493.6 yuan/ton, a decrease of 167.3 yuan/ton (-25.31%) from the previous month and a decrease of 1,503.03 yuan/ton (-75.28%) from the same period last year. The production profit of chemimechanical pulp was -376.9 yuan/ton, a reduction of losses by 41.1 yuan/ton [36]. - **Pulp Imports**: In May 2025, pulp imports were 3.016 million tons, an increase of 123,200 tons (4.26%) from the previous month and an increase of 196,000 tons (6.95%) from the same period last year. From January to May 2025, the cumulative imports were 15.55 million tons, an increase of 320,000 tons (2.1%) from the same period last year [38]. 3.3 Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 281,000 tons, an increase of 1,000 tons (0.36%) from the previous week, and the capacity utilization rate was 63.5%, an increase of 0.1% [40]. - **Downstream Cultural Paper Market**: Last week, copperplate paper production was 77,000 tons, an increase of 1,000 tons (1.32%), and the capacity utilization rate was 56.9%, an increase of 0.6%. Offset paper production was 203,000 tons, a decrease of 1,000 tons (-0.49%), and the capacity utilization rate was 57.0%, a decrease of 0.2% [44]. - **Downstream Packaging Paper Market**: In the packaging paper market last week, the production of white cardboard was 313,000 tons, an increase of 10,000 tons (3.3%), and the capacity utilization rate was 76.34%, an increase of 2.44%. The production of white board paper was 194,000 tons, a decrease of 1,000 tons (-0.51%), and the capacity utilization rate was 68.79%, a decrease of 0.36%. The production of corrugated paper was 472,600 tons, a decrease of 6,200 tons (-1.29%), and the capacity utilization rate was 63.36%, an increase of 0.01%. The production of boxboard paper was 613,500 tons, an increase of 8,200 tons (1.29%), and the capacity utilization rate was 67.75%, an increase of 1.49% [47][50]. - **Downstream Base Paper Spot Price Analysis**: Last week, in the tissue paper market, the price of Shandong wood pulp large - roll base paper decreased by 50 yuan/ton (-0.84%), while the prices of Sichuan bamboo pulp and Guangxi sugarcane pulp large - roll base paper remained stable. In the cultural paper market, the price of Shandong 70g offset paper decreased by 50 yuan/ton (-0.99%), and the price of double - copper paper remained stable. The prices of white board paper and white cardboard remained stable, while the price of corrugated paper decreased slightly, and the price of boxboard paper remained stable [51][55][57]. - **Downstream Base Paper Capacity Utilization**: In June 2025, tissue paper production was 1.193 million tons, a decrease of 29,000 tons (-2.37%) from the previous month and an increase of 101,000 tons (9.25%) from the same period last year. The capacity utilization rate was 63.0%, a decrease of 1.5% from the previous month and a decrease of 1.5% from the same period last year. White cardboard production was 1.29 million tons, an increase of 10,000 tons (0.78%) from the previous month and a decrease of 42,000 tons (-3.15%) from the same period last year. The capacity utilization rate was 73.3%, an increase of 2.58% from the previous month and a decrease of 4.8% from the same period last year. Offset paper production was 862,000 tons, a decrease of 27,000 tons (-3.04%) from the previous month and a decrease of 38,000 tons (-4.22%) from the same period last year. The capacity utilization rate was 56.37%, an increase of 0.1% from the previous month and a decrease of 7.23% from the same period last year. Copperplate paper production was 327,000 tons, a decrease of 10,000 tons (-2.97%) from the previous month and a decrease of 50,000 tons (-13.26%) from the same period last year. The capacity utilization rate was 56.35%, an increase of 0.15% from the previous month and a decrease of 6.85% from the same period last year. The actual domestic pulp consumption in June 2025 was 3.195 million tons, a decrease of 52,000 tons (-1.6%) from the previous month and an increase of 4,000 tons (0.13%) from the same period last year [59][64][67]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall port inventory of pulp in China shows a trend of inventory accumulation. The inventory of mainstream port samples is 2.213 million tons, an increase of 50,000 tons (2.31%) from the previous week. Among them, the inventory of Qingdao Port is 1.378 million tons, an increase of 26,000 tons (1.92%), the inventory of Changshu Port is 598,000 tons, an increase of 52,000 tons (9.52%), and the inventory of Tianjin Port is 62,000 tons, a decrease of 3,000 tons (-3.39%) [68][70]. - **Futures Pulp Warehouse Receipts**: Last week, pulp futures warehouse receipts were 242,800 tons, a decrease of 5,996 tons (-2.41%) from the previous week. The total warehouse receipts in Shandong were 221,900 tons, a decrease of 5,699 tons (-2.5%) [72].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The port inventory of pulp shows a cumulative trend, the supply pressure continues to intensify, the downstream demand improvement is not obvious, the pulp consumption in the base paper market fails to effectively recover, paper mills mainly digest raw material inventories, and the operating rate remains at a low level. It is expected that the price of the pulp 2509 contract will mainly fluctuate in the range of 5110 - 5290 this week [4]. Summary by Relevant Catalogs 1. Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the market price of pulp spot was narrowly sorted. The prices of coniferous pulp and broad - leaf pulp in Shandong area generally declined, with coniferous pulp silver star, kelip, and beimu down 0.81%, 0.80%, and 0.78% respectively; broad - leaf pulp goldfish, alpine down 0.49% and 1.20% respectively. The prices of natural color pulp and bamboo pulp also decreased slightly, with natural color pulp Venus down 2.91% and southwest bamboo pulp down 3.19% [8][11]. - **Pulp Futures Price Review**: The pulp futures contract SP2509 first rose and then fell last week, closing at 5198 yuan/ton, down 0.50% for the week, with weighted trading volume and open interest increasing [14]. - **Pulp Futures - Spot Basis Comparison**: Due to the larger decline in the spot price of coniferous wood pulp than the futures price, the basis discount continued to narrow slightly, with a discount of 858 yuan/ton, 12 yuan/ton narrower than last week [18]. - **Log Futures Price Review**: The main log futures contract 2507 showed a wide - range shock last week, closing at 767.5 yuan/cubic meter, up 0.13% week - on - week, with trading volume increasing and open interest decreasing [20]. 2. Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, the pulp production was 48.2 tons, a week - on - week increase of 1.73%. It is expected that the domestic broad - leaf pulp production will be about 21.2 tons and the chemimechanical pulp production will be about 19.8 tons this week [4][22]. - **Capacity Utilization Rate**: Last week, the domestic broad - leaf pulp capacity utilization rate was 77.5%, a week - on - week increase of 3.6%; the domestic chemimechanical pulp capacity utilization rate was 82.4%, a week - on - week decrease of 0.8% [27]. - **Monthly Pulp Production**: In May 2025, the domestic pulp production was 199.0 tons, a month - on - month decrease of 0.49%; the wood pulp production was 165.5 tons, a month - on - month increase of 0.67% [29]. - **Monthly Capacity Utilization Rate**: In May 2025, the domestic broad - leaf pulp capacity utilization rate was 77.9%, a month - on - month increase of 8.68%; the chemimechanical pulp capacity utilization rate was 84.2%, a month - on - month increase of 0.58% [31]. - **Monthly Production Profit**: In May 2025, the production profit of broad - leaf pulp was 660.9 yuan/ton, a month - on - month decrease of 35.32% and a year - on - year decrease of 69.77%; the production profit of chemimechanical pulp was - 418 yuan/ton, a month - on - month decrease of 192.55 yuan/ton [35]. - **Pulp Imports**: In May 2025, the pulp import volume was 301.6 tons, a month - on - month increase of 4.26% and a year - on - year increase of 6.95%; the cumulative import volume from January to May 2025 was 1555 tons, a year - on - year increase of 2.1% [37]. 3. Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, the domestic tissue paper production was 28.0 tons, a week - on - week increase of 1.08%, and the capacity utilization rate was 63.4%, a week - on - week increase of 0.6% [39]. - **Downstream Cultural Paper Market**: Last week, the copperplate paper production was 7.61 tons, a week - on - week decrease of 0.39%, and the capacity utilization rate was 56.2%, a week - on - week decrease of 0.2%; the offset paper production was 20.1 tons, a week - on - week decrease of 1.47%, and the capacity utilization rate was 56.4%, a week - on - week decrease of 0.8% [43]. - **Downstream Packaging Paper Market**: Last week, the whiteboard paper production capacity utilization rate continued to rise, the white cardboard remained flat, the corrugated paper production capacity utilization rate continued to rise, and the boxboard paper decreased [46][49]. - **Downstream Base Paper Spot Price Analysis**: Last week, the tissue paper price remained stable, the cultural paper decreased slightly, the whiteboard paper decreased slightly, the white cardboard remained stable, the boxboard paper remained stable, and the corrugated paper decreased slightly [50][53][56]. - **Downstream Base Paper Capacity Utilization Rate**: In May 2025, the tissue paper and white cardboard capacity utilization rates decreased month - on - month, the offset paper slightly increased, the copperplate paper decreased, and the domestic pulp actual consumption slightly decreased [60][63][66]. 4. Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Last week, the domestic port inventory showed a cumulative trend. The inventory of mainstream port samples was 218.5 tons, a week - on - week increase of 1.3%. Among them, Qingdao Port, Changshu Port continued to accumulate inventory, and Tianjin Port reduced inventory [67][69]. - **Futures Pulp Warehouse Receipts**: Last week, the pulp futures warehouse receipts were 24.51 tons, a week - on - week increase of 0.81%, and the warehouse receipts in Shandong area increased slightly [71].

Group 1: Report Summary - The report is a weekly paper pulp report from Guoxin Futures, covering the week up to June 15, 2025 [2] Group 2: Market Performance - The main contract of pulp futures shifted positions. The SP2509 contract showed a weak performance, with a weekly decline of 0.72% [6] Group 3: Fundamental Analysis Pulp Market Prices - As of June 12, the weekly average price of imported softwood pulp was 5,989 yuan/ton, remaining flat compared to the previous week and changing from a decline to stability; the weekly average price of imported hardwood pulp was 4,161 yuan/ton, rising 0.07% from the previous week and changing from a decline to an increase; the weekly average price of imported natural pulp was 5,272 yuan/ton, falling 0.75% from the previous week, with the decline rate widening by 0.17 percentage points; the weekly average price of imported chemimechanical pulp was 3,818 yuan/ton, falling 0.52% from the previous week, with the decline rate widening by 0.42 percentage points [11] April Pulp Imports - In April 2025, China imported 2.893 million tons of pulp, with an import value of 1.8252 billion US dollars and an average unit price of 630.90 US dollars/ton. The cumulative import volume and value from January to April increased by 1% and 0.5% respectively compared to the same period last year. In April, the import volume of softwood pulp was 757,500 tons, a month-on-month decrease of 5.03% and a year-on-year decrease of 7.57%; the import volume of hardwood pulp was 1.1993 million tons, a month-on-month decrease of 18.41% and a year-on-year decrease of 11.70% [15] Port Inventory - As of June 12, 2025, the weekly pulp inventory in major Chinese regions and ports such as Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.1771 million tons, a month-on-month increase of 2.07% and changing from a decline to an increase [18][34] European Inventory in April - In April 2025, the total inventory in European ports decreased by 12.81% month-on-month but increased by 13.61% compared to April 2024. In April, the inventory in the ports of the UK and Germany increased by 38.60% and 15.72% month-on-month respectively, while the inventory in the ports of the Netherlands/Belgium/France/Switzerland, Italy, and Spain decreased by 18.88%, 20.57%, and 2.67% month-on-month respectively. Overall, the inventory in most European ports decreased month-on-month, leading to a month-on-month decline in the total European port inventory in April [21] Consumption - Waste pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption; non-wood pulp consumption accounts for 6% of the total pulp consumption. In terms of wood pulp, the regular maintenance of domestic hardwood pulp industry sample enterprises ended this week, driving the industry's operating load rate to rebound by 2 percentage points compared to the previous week; the production schedule of chemimechanical pulp industry sample enterprises was stable, and the overall industry's operating load rate remained the same as the previous week. In terms of non-wood pulp, a few sample bamboo pulp enterprises stopped for maintenance, and the operating load rate decreased by 3 percentage points compared to the previous week; the previously maintained equipment of sugarcane pulp resumed production, and some enterprises flexibly switched to bagasse pulp production, with the operating load rate increasing by 7 percentage points compared to the previous week [27] Group 4: Future Outlook - As of June 12, 2025, the weekly pulp inventory in major Chinese regions and ports increased by 2.07% month-on-month and changed from a decline to an increase. Regarding the external quotation, after Chile's Arauco Company announced the external quotation for wood pulp in June, the June quotation of CMPC's hardwood pulp "Little Bird" remained unchanged; other pulp mills have not yet announced a new round of external prices. Imported wood pulp traders lowered the spot prices of some grades in some regions, and downstream paper mills showed insufficient enthusiasm for purchasing raw materials, with a strong wait-and-see attitude. The sales rhythm of the pulp market was slow, and the dynamic game continued. The operation suggestion is to wait and see for now [34]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The fundamentals of the pulp market have slightly improved, with port inventories being depleted. However, pressure still remains. Some traders have tentatively raised their quotes, and the macro - sentiment has improved over the weekend. This week, the main pulp futures price is expected to rebound within a certain range, but the upside space is limited [4]. 3. Summary by Related Catalogs 3.1 Pulp Price Analysis - **Spot Pulp Price Review** - **Needle - stable and Broad - weak**: Last week, the spot market price of pulp showed a trend of stable needle pulp and weak broad - leaf pulp. In Shandong, the quotes of coniferous pulp such as Silver Star, Cariboo, and Northern Wood remained unchanged, while the quotes of broad - leaf pulp such as Goldfish, Bird, and Alpa decreased. The Goldfish was quoted at 4,100 yuan/ton, down 50 yuan/ton (or - 1.2%); the Bird and Alpa were quoted at 4,050 yuan/ton, down 100 yuan/ton (or - 2.41%) [10]. - **Stable Prices of Special Pulps**: The prices of chemical mechanical pulp, natural color pulp, and non - wood pulp in Shandong remained stable. For example, the chemical mechanical pulp Kunhe was quoted at 3,900 yuan/ton, and the natural color pulp Venus was quoted at 5,350 yuan/ton, both unchanged from the previous week [13]. - **Pulp Futures Review**: The main pulp futures contract SP2507 first declined, then rebounded, and fluctuated within a 90 - point range last week. It finally closed at 5,164 yuan/ton, up 44 yuan/ton (or + 0.86%) for the week. The trading volume was 791,000 lots, an increase of 102,000 lots, and the open interest was 115,000 lots, a decrease of 2,200 lots [15]. - **Pulp Futures - Spot Basis Comparison**: Due to the stable increase in the spot price of wood pulp being slightly less than the increase in the pulp futures price, the basis discount of futures - spot narrowed slightly. The basis discount between coniferous wood pulp and the closing price of the main futures contract was 1,036 yuan/ton, a reduction of 44 yuan/ton compared with last week [19]. - **Log Futures Review**: The main log futures contract 2507 showed a trend of first rising, then falling, and fluctuating last week. It finally closed at 784.5 yuan/cubic meter, down 4.0 yuan/cubic meter (or - 0.51%) from the previous week. The trading volume was 61,000 lots, an increase of 30,500 lots, and the open interest was 30,700 lots, an increase of 2,000 lots [21]. 3.2 Pulp Supply - side Analysis - **Weekly Pulp Production**: Last week, the weekly pulp production was 465,700 tons, an increase of 2,800 tons (or 0.56%) compared with the previous week. The production of broad - leaf pulp was 215,400 tons, and the production of chemical mechanical pulp was 200,700 tons. It is expected that the production of domestic broad - leaf pulp this week will be about 205,000 tons, and the production of chemical mechanical pulp will be about 200,000 tons [23]. - **Capacity Utilization**: The capacity utilization rate of domestic broad - leaf pulp last week was 79.59%, up 2.06% from the previous week, while that of chemical mechanical pulp was 84.11%, down 0.98% [26]. - **Monthly Pulp Production**: In April 2025, the domestic pulp production was 1.9997 million tons, a decrease of 213,300 tons (or 9.64%) compared with the previous month. The production of wood pulp, broad - leaf pulp, and chemical mechanical pulp all decreased [28]. - **Monthly Capacity Utilization**: In April 2025, the capacity utilization rate of domestic broad - leaf pulp was 69.22%, down 12.37% from the previous month, and that of chemical mechanical pulp was 83.62%, down 0.74%. The production of bamboo pulp and sugarcane pulp also decreased slightly [33]. - **Production Gross Margin**: In April 2025, the production gross margin of broad - leaf pulp was 1,021.81 yuan/ton, a decrease of 278.25 yuan/ton (or 21.4%) compared with the previous month and a significant year - on - year decrease. The production gross margin of chemical mechanical pulp was - 225.45 yuan/ton, a decrease of 11.84 yuan/ton compared with the previous month [34]. - **Pulp Imports**: In March 2025, the pulp import volume was 3.2491 million tons, an increase of 29,000 tons (or 0.9%) compared with the previous month and an increase of 79,000 tons (or 2.50%) year - on - year. The cumulative import volume from January to March was 9.64 million tons, an increase of 450,000 tons (or 5%) year - on - year [37]. 3.3 Pulp Demand - side Analysis - **Downstream Tissue Paper Market**: Last week, the domestic tissue paper production was 278,000 tons, an increase of 1,000 tons (or 0.36%) compared with the previous week, and the capacity utilization rate was 62.9%, up 0.2% [40]. - **Downstream Cultural Paper Market**: In the cultural paper market last week, the copperplate paper production was 74,000 tons, a decrease of 3,000 tons (or 3.9%), and the capacity utilization rate was 54.6%, down 2.5%. The offset paper production was 201,000 tons, an increase of 1,000 tons (or 0.5%), and the capacity utilization rate was 56.3%, up 0.2% [44]. - **Downstream Packaging Paper Market**: In the packaging paper market last week, the production of white cardboard, whiteboard paper, corrugated paper, and boxboard paper all decreased, and their capacity utilization rates also declined to varying degrees [47][50]. - **Downstream Base Paper Spot Price Analysis**: In the tissue paper market, most prices remained stable, while some decreased slightly. In the cultural paper market, the prices of double - offset paper and double - copper paper decreased. In the whiteboard paper and white cardboard markets, prices were weak, and in the boxboard paper and corrugated paper markets, prices remained stable [51][54][56]. - **Downstream Base Paper Capacity Utilization**: In April 2025, the capacity utilization rates of domestic tissue paper, white cardboard, and double - offset paper decreased, while that of copperplate paper increased slightly. The actual domestic pulp consumption also decreased [59][62][65]. 3.4 Pulp Inventory - side Analysis - **Pulp Port Inventory**: Last week, the overall port inventory showed a downward trend. The inventory of mainstream ports was 2.035 million tons, a decrease of 64,000 tons (or 3.05%) compared with the previous week. The inventory of Qingdao Port, Changshu Port, and Tianjin Port all decreased [69][72]. - **Futures Pulp Warehouse Receipts**: Last week, the pulp futures warehouse receipts were 320,600 tons, an increase of 9,338 tons (or 3.0%) compared with the previous week. The warehouse receipts in Shandong increased, with significant changes in some warehouses [73].