Report Summary 1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Report Core View - There is no clear core view presented in the provided content. 3. Summary According to Relevant Catalogs SP Main Contract Closing Price - On March 31, 2026, the SP main contract closing price was 5124.00, with a 1.11926% decline from the previous day. The exchange - rate - converted US dollar price was 647.44, and the Shandong Yinxing basis was 31, while the Jiangsu - Zhejiang - Shanghai Yinxing basis was 41 [3]. Import Profits - For Canadian pulp, the import profit of Golden Lion was 139.53, while that of Lion was - 580.06. For Chilean pulp, the import profit of Yinxing was - 224.64, calculated with a 13% VAT and an exchange rate of 6.91 on the previous day [4]. Pulp Price Averages - From March 25 to March 31, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong regional average prices also remained stable [4]. Paper Indexes and Profit Margins - From March 26 to March 31, 2026, the cultural paper (double - offset and double - copper) indexes, packaging paper (white card) index, and living paper index remained unchanged. The profit margins of double - offset paper, double - copper paper, white card, and living paper changed by 0.1198, 0.1166, 0.0822, and - 0.0544 respectively [4]. Pulp Price Spreads - On March 31, 2026, the softwood - hardwood price spread was 530.00, the softwood - natural price spread was - 245, the softwood - chemimechanical price spread was 1345, and the softwood - waste paper price spread was 3579 [4].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The pulp futures market showed a narrow - range consolidation, with limited changes in the main contract. The spot market quotes remained stable. There is a lack of clear news guidance, and market participants are mostly on the sidelines. The downstream demand is also weak, with a "buy - as - you - use" pattern continuing. The core contradiction between high - level port inventory and cautious paper mill purchases persists [4]. - The price of the household paper market is mainly stable, with general trading enthusiasm and cautious market sentiment. The cost support of raw material pulp is not strong, and the terminal demand improvement is difficult. The inventory reduction process of some paper enterprises has slowed down. Attention should be paid to changes in raw material pulp prices and the release rhythm of demand - side orders [5]. 3) Summary by Relevant Content a. Fundamental Data - **Futures Market**: The daily - session closing price of the pulp main contract was 5,182 yuan/ton, down 20 yuan from the previous day; the night - session closing price was 5,162 yuan/ton, down 28 yuan. The trading volume was 204,927 lots, a decrease of 79,731 lots; the open interest was 139,000 lots, a decrease of 14,678 lots. The number of warehouse receipts increased by 2,601 tons to 188,163 tons. The net position of the top 20 members increased by 259 lots to - 20,663 lots [3]. - **Spread Data**: The basis of "Silver Star - Futures Main Contract" increased by 20 to 18; the basis of "Goldfish - Futures Main Contract (Non - standard)" increased by 20 to - 582. The monthly spread of SP05 - SP07 increased by 8 to - 34 [3]. - **Spot Market**: Among coniferous pulps, the domestic prices of Northwood and Cariboo were 5,450 yuan/ton, the price of Moon was 5,150 yuan/ton, and the price of Silver Star was 5,200 yuan/ton, with an international price of 710 US dollars/ton. Among broad - leaf pulps, the prices of Golden Island and Star were 4,600 yuan/ton, and the price of Star had an international price of 620 US dollars/ton. The price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the price of natural color pulp (Venus) was 4,800 yuan/ton, with an international price of 620 US dollars/ton [3]. b. Industry News - The pulp futures market had a narrow - range consolidation, with limited changes in the main contract. The spot market quotes remained stable. The lack of clear news led to a wait - and - see attitude among market participants. The downstream demand market was also weak, and the real - order transactions were mainly sporadic and for immediate needs. The key contradiction between high - level port inventory and cautious paper mill purchases continued. Attention should be paid to the settlement of overseas markets and changes in downstream restocking willingness [4]. - The household paper market price was stable, with general trading enthusiasm and cautious market sentiment. The cost support from the raw material pulp market was weak, and the terminal demand was difficult to improve significantly. Some paper enterprises faced inventory pressure, and the inventory reduction process slowed down. Attention should be paid to changes in raw material pulp prices and the release rhythm of demand - side orders [5]. c. Trend Intensity The pulp trend intensity is 0, indicating a neutral trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) on a scale of integer values [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The pulp futures market maintains a weak fundamental pattern, with limited upside potential in the short - term due to recent position - reduction. It is expected to fluctuate weakly in the near future [6]. 3. Summary by Related Catalogs Price Data - **Futures Prices**: On March 30, 2026, SP2701 was 5528 yuan/ton, down 0.14% day - on - day and up 0.25% week - on - week; SP2609 was 5264 yuan/ton, down 0.30% day - on - day and week - on - week; SP2605 was 5182 yuan/ton, down 0.38% day - on - day and 0.12% week - on - week [5]. - **Spot Prices**: On March 30, 2026, the price of coniferous pulp Silver Star was 5200 yuan/ton, unchanged day - on - day and week - on - week; Russian coniferous pulp was 5050 yuan/ton, unchanged; broadleaf pulp was 4600 yuan/ton, unchanged [5]. - **Outer - disk Quotes**: In March 2026, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, down 4.23% month - on - month; Chilean Star was 620 dollars/ton, up 3.33% month - on - month; Chilean Venus was 620 dollars/ton, unchanged [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5559 yuan/ton, down 4.19% month - on - month; Chilean Star was 5073 yuan/ton, up 3.30% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged [5]. Supply - side Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 tons, down 30.86% month - on - month; broadleaf pulp was 147.13 tons, down 2.94% month - on - month [5]. - **Domestic Production**: The domestic production of broadleaf pulp in March 2026 (as of March 26) was 26.2 tons; chemical mechanical pulp was 25.3 tons [5]. - **Supply Information**: In March, Chile's Arauco Company adjusted its wood pulp quotes, with coniferous pulp at 680 dollars/ton, broadleaf pulp Star at 620 dollars/ton (75% supply), and natural pulp Venus at 620 dollars/ton [5]. Demand - side Data - **Finished Paper Production**: In March 2026 (as of March 26), the production of offset paper was 21.60 tons, coated paper was 8.20 tons, tissue paper was 31.21 tons, and white cardboard was 38.50 tons. The demand for pulp has been stable recently, with stable finished paper prices and increased production this week. Price increase letters issued by paper mills are expected to be difficult to implement [5]. Inventory - side Data - **Port Inventory**: As of March 26, 2026, the inventory of China's mainstream pulp ports was 239.5 tons, an increase of 9.8 tons from the previous period, a 4.3% increase. The pulp inventory at the main ports has shown a trend of accumulation, turning from two consecutive weeks of de - stocking to stocking [5]. - **Futures Delivery Warehouse Inventory**: As of March 26, 2026, the inventory in the futures delivery warehouse was 18.6 tons [5].

Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: March 31, 2026 [2] SP Main Contract Closing Price - On March 30, 2026, the closing price of the SP main contract was 5182.00. The closing prices from March 24 - 30, 2026 were 5210.00, 5224.00, 5156.00, 5202.00, and 5182.00 respectively. The corresponding dollar - converted prices were 660.41, 661.24, 651.91, 657.20, and 654.40. The daily price changes were 0.42406%, 0.26871%, - 1.30168%, 0.89216%, and - 0.38447% respectively. The Shandong Yinxing basis was 8, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 18 [3]. Import Profit Calculation - Using a 13% VAT calculation, for Canadian pulp: the import profit of Golden Lion (CFR) was 139.53, with a port dollar price of 780 and a Shandong region RMB price of 6300; the import profit of Lion (CFR) was - 580.06, with a port dollar price of 730 and a Shandong region RMB price of 5190. For Chilean pulp, the import profit of Yinxing (CFR letter of credit 90 days) was - 189.64, with a port dollar price of 680 and a Shandong region RMB price of 5190 [4]. Price Averages and Changes - From March 24 - 30, 2026, the national average prices of softwood pulp, hardwood pulp, unbleached pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively. The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and tissue paper (tissue index) also remained unchanged. However, the profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper changed by - 0.1797, - 0.1500, - 0.1057, and - 0.3443 respectively [5]. Price Spreads - From March 24 - 30, 2026, the softwood - hardwood price spread changed from 645 to 580; the softwood - unbleached price spread remained at - 210; the softwood - chemimechanical price spread remained at 1380; the softwood - waste paper price spread changed from 3659 to 3614 [5].

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 27, 2026, was 5202.00 [3] - The closing prices of the main contract from March 23 - 27, 2026, were 5188.00, 5210.00, 5224.00, 5156.00, and 5202.00 respectively [3] - The corresponding dollar - converted prices were 655.82, 660.41, 661.24, 651.91, and 657.20 respectively [3] - The daily price changes were 0.46476%, 0.42406%, 0.26871%, - 1.30168%, and 0.89216% respectively [3] - The Shandong Yinxing basis on March 27, 2026, was - 12, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was - 2 [3] Group 2: Import Profit Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was 139.53, while that of Canadian Lion pulp was - 580.06, and that of Chilean Silver Star pulp was - 189.64 [4] - The port dollar prices of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star were 780, 730, and 680 respectively [4] - The Shandong region RMB prices of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star were 6300, 5190, and 5190 respectively [4] Group 3: Pulp and Paper Price and Margin Information - From March 23 - 27, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and tissue paper remained unchanged from March 24 - 27, 2026 [4] - The profit margins of double - offset, double - copper, white card, and tissue paper on March 27, 2026, were - 2.3444%, 7.9167%, - 9.1892%, and 7.4503% respectively, with no change from the previous data [4] Group 4: Pulp Price Spread Information - The softwood - hardwood price spread on March 27, 2026, was 600.00 [4] - The softwood - natural pulp price spread on March 27, 2026, was - 210 [4] - The softwood - chemimechanical pulp price spread on March 27, 2026, was 1380 [5] - The softwood - waste paper price spread on March 27, 2026, was 3614 [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In 2026, the pulp futures market is in a low - level oscillation. The cost side has certain support due to the continuous increase in foreign pulp prices, but the traditional papermaking off - season restricts the upward rebound of the market. The current supply - demand sides are in a continuous game, and it is recommended to wait for the market to stabilize and then consider a low - buying strategy [7][32] 3. Summary According to the Directory 3.1 Market Review - In March 2026, the main pulp futures contract SP2605 first declined and then rose. The cost side of pulp prices has support due to the continuous increase in foreign offers, but the traditional papermaking off - season leads to downstream inventory digestion and price pressure, resulting in a low - level oscillation [7] 3.2 Fundamental Analysis 3.2.1 Expected Tightening of Coniferous Pulp Imports - China has a high degree of external dependence on pulp, especially for bleached softwood pulp. In January - February 2026, China imported 6.044 million tons of pulp, with an import amount of $3.48 billion and an average unit price of $575.78/ton. The cumulative import volume and amount decreased by 5.4% and 12.8% respectively compared with the same period last year. Affected by geopolitical factors, the import volume from North America has declined, and imports from Brazil, Chile, Finland, and Uruguay have increased. Large pulp mills may permanently shut down or reduce production, and the supply of coniferous pulp in 2026 is expected to be significantly tightened [13][14] 3.2.2 Decline in European Port Inventories and Gradual Recovery of Overseas Demand - In February 2026, European chemical pulp consumption was 820,700 tons, a year - on - year increase of 3.42%, and the inventory was 703,600 tons, a year - on - year decrease of 5.75%. The inventory days were 26 days, one day less than the same period last year. In January 2026, the total European port inventory decreased by 14.72% month - on - month and 11.34% compared with January 2025. European wood pulp demand may be slowly recovering, and the pulp foreign offers are firm [17] 3.2.3 Continuous Increase in Foreign Offers - The foreign offer of imported hardwood pulp has been rebounding since August 2025 and continued to rise in April 2026. For example, Suzano announced a price increase of $20/ton for eucalyptus hardwood pulp in the Asian market and $50/ton in the European and American markets in April 2026. The foreign offers of hardwood pulp announced in April continued to rise, increasing the subsequent import cost and providing certain support to the pulp price cost side [20][21] 3.2.4 Recovery of Downstream Paper Mill Operating Rates and Increased Import Cost Pressure - The foreign offers of coniferous and hardwood pulp are running strongly, increasing the production cost of downstream paper enterprises. However, the price increase of downstream base paper is weak, squeezing corporate profits and suppressing the procurement willingness for high - priced raw materials. As of March 26, the gross profit margin of Silver Star pulp was - 7.57%, up 0.97 percentage points from last week but down 6.29 percentage points from the same period last year. The operating load rates of downstream paper types vary. Overall, downstream paper mills focus on cost reduction and efficiency improvement, with general procurement enthusiasm, and high - price transactions are difficult to increase, dragging down the actual price increase of hardwood pulp [24][25] 3.2.5 Increase in Domestic Main Port Inventories and Still at a High Level - As of March 26, 2026, the total pulp inventory in Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.3512 million tons, a month - on - month increase of 7.42%, turning from a decline to an increase. The domestic pulp port inventory is still at a relatively high historical level, with great pressure to reduce inventory, waiting for demand recovery [28] 3.3 Market Outlook - In terms of imports, in January - February 2026, China's pulp import volume and amount decreased by 5.4% and 12.8% respectively compared with the same period last year. International pulp mills have production reduction plans, and the growth rate of pulp import volume may slow down. The domestic pulp port inventory increased in March 2026, is still at a high level, and has great pressure to reduce inventory. Foreign pulp mills are releasing maintenance news, and downstream paper mills are consuming raw material inventories. The traditional papermaking off - season in April may restrict the upward rebound of the market. The continuous increase in foreign offers provides support to the cost side. It is recommended to wait for the market to stabilize and then consider a low - buying strategy [30][32]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - The weak pattern of the pulp futures fundamentals continues. The upside space for short - term position reduction is limited, and it is expected to fluctuate weakly in the short term [6]. 3. Summary According to Relevant Catalogs Pulp Futures and Spot Prices - On March 26, 2026, for pulp futures, SP2701 had a price of 5492 yuan/ton, with a daily -环比 of - 1.05% and a weekly -环比 of 0.66%; SP2609 was 5242 yuan/ton, with a daily -环比 of - 1.43% and a weekly -环比 of 0.38%; SP2605 was 5156 yuan/ton, with a daily -环比 of - 1.30% and a weekly -环比 of 1.02% [5]. - For spot prices, the price of coniferous pulp Silver Star was 5200 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 2.97%; coniferous pulp Russian Needle was 5050 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 3.06%; broad - leaf pulp Goldfish was 4600 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 1.10% [5]. Pulp Outer - disk Quotes and Import Costs - The outer - disk quote of Chilean Silver Star was 680 dollars/ton, with a month -环比 of - 4.23%, and its import cost was 5559 yuan/ton, with a month -环比 of - 4.19%. The outer - disk quote of Chilean Star was 620 dollars/ton, with a month -环比 of 3.33%, and its import cost was 5073 yuan/ton, with a month -环比 of 3.30%. The outer - disk quote of Chilean Venus was 620 dollars/ton, with a month -环比 of 0.00%, and its import cost was 5073 yuan/ton, with a month -环比 of 0.00% [5]. Pulp Supply - side Data - In February 2026, the import volume of coniferous pulp was 58.02 tons, a month -环比 decrease of 30.86% compared to January; the import volume of broad - leaf pulp was 147.13 tons, a month -环比 decrease of 2.94% [5]. - The shipment volume of pulp to China in January 2026 was 170 thousand tons, a decrease of 19.80% [5]. - On March 26, 2026, the domestic production of broad - leaf pulp was 26.2 tons, and that of chemimechanical pulp was 25.3 tons [5]. Pulp Inventory - side Data - As of March 26, 2026, the inventory of China's main pulp ports was 239.5 tons, an increase of 9.8 tons from the previous period, a 4.3% increase [5]. - The inventory of futures delivery warehouses was 18.6 tons [5]. Pulp Demand - side Data - On March 26, 2026, the production of double - offset paper was 21.60 tons, copper - plate paper was 8.20 tons, tissue paper was 31.21 tons, and white cardboard was 38.50 tons [5]. - The demand side of pulp has been stable recently. The price of finished paper is stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 26, 2026, was 5156.00 [3] - The closing prices of the main contract from March 20 - 26, 2026, were 5164.00, 5188.00, 5210.00, 5224.00, and 5156.00 respectively [3] - The corresponding US - dollar prices were 655.07, 655.82, 660.41, 661.24, and 651.91 respectively [3] - The daily price changes were 1.17555%, 0.46476%, 0.42406%, 0.26871%, and - 1.30168% respectively [3] - The Shandong Yinxing basis on March 26, 2026, was 34, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 44 [3] Group 2: Import Pulp Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, the RMB price in Shandong was 6300, and the import profit was 148.34; the CFR price of Lion was 730 US dollars, the RMB price in Shandong was 5190, and the import loss was 521.81 [4] - For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 680 US dollars, the RMB price in Shandong was 5190, and the import loss was 181.96 [4] Group 3: Pulp Price Averages - From March 20 - 26, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The average prices in Shandong for the same period also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Index and Profit Margin - From March 23 - 26, 2026, the double - offset paper index, double - copper paper index, and white - card paper index remained at 5725, 5670, and 4350 respectively; the living paper index was 869 on March 23 and 26, and 867 on March 24 and 25 [4] - The profit margins of double - offset paper on March 23 - 26, 2026, were - 1.2614%, - 1.4138%, - 2.4984%, and - 2.3444% respectively; the changes were 0.1540 [4] - The profit margins of double - copper paper were 7.9167%, 7.7667%, 7.7667%, and 7.9167% respectively; the changes were 0.1500 [4] - The profit margins of white - card paper were - 9.1892%, - 9.2949%, - 9.2949%, and - 9.1892% respectively; the changes were 0.1057 [4] - The profit margins of living paper were 8.2166%, 7.3053%, 7.3053%, and 7.4503% respectively; the changes were 0.1450 [4] Group 5: Pulp Price Spreads - The softwood - hardwood price spreads from March 20 - 26, 2026, were 620, 600, 645, 645, and 600 respectively [4] - The softwood - natural pulp price spreads were - 230, - 210, - 165, - 165, and - 210 respectively [4] - The softwood - chemimechanical pulp price spreads were 1360, 1380, 1425, 1425, and 1380 respectively [5] - The softwood - waste paper price spreads were 3594, 3614, 3659, 3659, and 3614 respectively [5]

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 25, 2026, was 5224.00 [2] - The closing prices on March 24, 23, 20, and 19 were 5210.00, 5188.00, 5164.00, and 5104.00 respectively [2] - The corresponding dollar - converted prices were 661.24, 660.41, 655.82, 655.07, and 645.51 [2] - The daily price changes were 0.26871%, 0.42406%, 0.46476%, 1.17555%, and 1.26984% [2] - The Shandong Yinxing basis on March 25 was 11, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 21 [2] Group 2: Import Price and Profit Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, with a Shandong RMB price of 6300 and an import profit of 148.34; the CFR price of Lion was 730 dollars, with a Shandong RMB price of 5240 and an import loss of 521.81 [3] - For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 680 dollars, with a Shandong RMB price of 5235 and an import loss of 136.96 [3] Group 3: Pulp Price Averages - From March 19 to 25, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [3] - The Shandong average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [3] Group 4: Paper Index and Profit Margin Information - The cultural paper (double - offset and double - copper) and packaging paper (white card) indices remained unchanged from March 20 to 25, 2026, while the life paper index also remained stable except for a minor change on March 24 [3] - The double - offset paper profit margin decreased from - 0.6011% on March 20 to - 2.4984% on March 25, the double - copper paper profit margin remained at 7.7667% on March 25, the white card paper profit margin remained at - 9.2949%, and the life paper profit margin remained at 7.3053% [3] Group 5: Pulp Price Difference Information - The softwood - hardwood price difference on March 25 was 645.00, the softwood - natural price difference was - 165, the softwood - chemimechanical price difference was 1425, and the softwood - waste paper price difference was 3659 [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - No clear core view is presented in the report. It mainly provides data on the pulp market, including prices, spreads, and profit margins. 3. Summary According to Related Content SP Main Contract Information - The closing price of the SP main contract on March 24, 2026, was 5210.00. The closing prices on previous days were 5188.00 (March 23), 5164.00 (March 20), 5104.00 (March 19), and 5040.00 (March 18). The corresponding dollar prices were 660.41, 655.82, 655.07, 645.51, and 639.63 respectively. The daily price changes were 0.42406%, 0.46476%, 1.17555%, 1.26984%, and -0.94340% [3]. - The Shandong Yinxing basis was 25 on March 24, 2026, and was 2, 6, 21, and 25 on previous days. The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 35 on March 24, 2026, and was 2, 6, 16, and 35 on previous days [3]. Import Profit Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 dollars, and the RMB price in Shandong was 6300, with an import profit of 157.15. The CFR price of Lion was 730 dollars, and the RMB price in Shandong was 5240, with an import loss of 543.56. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 710 dollars, and the RMB price in Shandong was 5235, with an import loss of 362.85 [4]. Pulp Price and Margin Information - From March 18 to March 24, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong also remained unchanged [5]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and the living paper index showed little change from March 19 to March 24, 2026. The living paper index decreased by 2 [5]. - The profit margins of double - offset paper, double - copper paper, white card, and living paper changed from March 19 to March 24, 2026. The changes were -0.1524, -0.1500, -0.1057, and -0.9113 respectively [5]. Pulp Spread Information - The spread between softwood and hardwood pulp on March 24, 2026, was 645.00, and it was 600, 620, 600, and 540 on previous days. The spread between softwood and natural pulp was -165 on March 24, 2026, and was -210, -230, -275, and -335 on previous days [5]. - The spread between softwood and chemimechanical pulp was 1425 on March 24, 2026, and was 1380, 1360, 1315, and 1255 on previous days. The spread between softwood and waste paper was 3659 on March 24, 2026, and was 3614, 3594, 3549, and 3489 on previous days [6].