行业 纸浆日报 日期 2025 年 7 月 31 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 二、行业要闻 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多 ...

Report Information - Industry: Pulp [1] - Date: July 25, 2025 [2] Core Viewpoint - The fundamentals of pulp have limited changes. In the short term, driven by the commodity market atmosphere and the upcoming shutdown maintenance of UPM Pulp Mill in August, pulp prices have oscillated and risen slightly. The off - season atmosphere persists this week, and the production and sales pressure of downstream base paper manufacturers remains high [7]. Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 09: The previous settlement price was 5,424 yuan/ton, and the closing price was 5,456 yuan/ton, a rise of 0.59% [7]. - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,300 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The quotation of Shandong Yinxing was 5,950 yuan/ton [7]. - Chile Arauco's July quotation: The Yinxing has been sold out with no new offers. The net price of Uruguay hardwood pulp New Star was 500 US dollars/ton [7]. - Production and consumption data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world was 1.69 million tons, a month - on - month increase of 4.4% and a year - on - year decrease of 8.2%. In June, the wood pulp inventory in Europe increased by 2.4% month - on - month and 6.6% year - on - year, while consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's total pulp imports in June were 3.03 million tons, a month - on - month increase of 0.4% and a year - on - year increase of 16.1% [7]. - Inventory data: As of July 24, 2025, the weekly pulp inventory in major regions and ports decreased by 0.39% month - on - month, and the overall shipment speed was stable [7]. 2. Industry News - On July 22, the No. 2 white cardboard machine of Liansheng Pulp and Paper Co., Ltd. was successfully started. It took less than 10 months from the installation of the first dryer on October 18, 2024, to the commissioning and startup, setting a new record for the fastest construction of similar projects [8]. 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood 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 white cardboard, white board paper, coated paper, and offset paper, as well as the US dollar - RMB exchange rate [14][16][18][25][27][29]

Report Summary 1. Report Information - Report Type: Pulp Daily Report [1] - Date: July 23, 2025 [2] 2. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 09 contract was 5,328 yuan/ton, and the closing price was 5,368 yuan/ton, a rise of 0.75%. [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton. [7] - **International Quotes**: Chile's Arauco announced its July quotes. The Yinxing had no new offers as the previous deals were completed. The net price of Uruguay's hardwood pulp, New Star, was $500/ton. [7] - **Production and Shipment**: In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year. [7] - **Inventory and Consumption**: In June, the European wood pulp inventory increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's pulp imports in June were 3.03 million tons, up 0.4% month - on - month and 16.1% year - on - year. As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, turning from an increase to a decrease. [7] - **Market Trend**: Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, the pulp market fluctuated and rose slightly in the short term, driven by the commodity market atmosphere. [7] 3. Industry News - On July 22, the annual 150,000 - ton special paper project of Sichuan Hefeng Paper of Taisheng Group was successfully put into operation. The project uses bamboo pulp as the main raw material, focusing on producing 40 - 100 - gram low - gram - weight food packaging paper. After the two paper machines in Sichuan reach full production, they are expected to have a significant impact on the special paper market in the southwest region, with some production capacity sold to the central and eastern coastal areas. [8] 4. Data Overview - The report presents multiple data charts, including the total warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory, and prices and spreads of various paper products [25][27][29]

Industry Information - Report Type: Pulp Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Highlights 1. Market Review and Operational Suggestions - The previous settlement price of the pulp futures 09 contract was 5,292 yuan/ton, and the closing price was 5,334 yuan/ton, a rise of 0.79%. The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton [7]. - Chile's Arauco announced its July offer. Yinxing had no new offers as all transactions were completed, and the net price of Uruguay's hardwood pulp, New Star, was $500/ton [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May was 1.69 million tons, a 4.4% increase month - on - month and an 8.2% decrease year - on - year [7]. - According to UTIPULP data, the European wood pulp inventory in June increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7]. - China's total pulp imports in June were 3.03 million tons, a 0.4% increase month - on - month and a 16.1% increase year - on - year [7]. - As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, changing from an increase to a decrease [7]. - Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, pulp fluctuated and rose slightly in the short term, driven by the commodity market atmosphere [7] 2. Industry News - The 18,000 - ton cardboard and 16,000 - ton carton project of Dongsheng Paper Products Co., Ltd. in Guitou Town, Ruyuan County, Shaoguan City, Guangdong Province, successfully completed its trial production. The company is a Hong Kong - funded enterprise and the only corrugated cardboard manufacturer in Shaoguan [8]. - The project won the "Representative Project of Guangdong - Hong Kong Social Investment and Development" at the 2025 Hong Kong - Macau Spring Reception. With a total investment of 150 million yuan, covering 56 mu and a planned construction area of 37,000 square meters, it is expected to be put into production this year, with an annual production capacity of about 30,000 tons of corrugated cardboard, an expected annual output value of about 160 million yuan, and about 100 job opportunities [8] 3. Data Overview The report includes various data charts related to pulp, such as pulp futures prices, import prices, inventory levels in different regions (including Europe and China), and prices of related paper products, with data sources from Wind, PPPC, UTIPULP, and other institutions [7][27][29]

Group 1: Report Overview - Report Name: Pulp Daily Report [1] - Date: July 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5080 yuan/ton, and the closing price was 5074 yuan/ton, with an overall increase of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5220 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 6100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, unchanged from the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6%. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp imports in May were 302 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Data: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only Qingdao Port's inventory decreasing compared to the previous week, and the overall shipment speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. Currently, the port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and it was oscillating in the low - level range [7] Group 3: Industry News - On July 4, Finland's Stora Enso announced that its Kemi pulp mill and the adjacent paper mill would resume production after weeks of maintenance and repair. Production would resume in stages, and the factory startup would take about two days. During the five - week annual maintenance shutdown, its subsidiary changed the digester damaged in the explosion in March 2024. The new Kemi pulp mill, put into use in Q4 2023, had the world's largest softwood pulp production line, with an annual production capacity of about 1.5 million tons, including about 1.1 million tons of market pulp [8] Group 4: Data Overview - The report presented various data charts, including pulp spot and futures prices, price spreads, warehouse receipts, and inventory in different regions [14][16][18][25][27][29]

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: July 4, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,048 yuan/ton, and the closing price was 5,094 yuan/ton, a rise of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,220 - 6,750 yuan/ton, with the low - end price unchanged from the previous trading day. The price of Shandong Yinxing was 6,100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, the same as the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6% year - on - year. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp import volume in May was 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Status: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only the inventory in Qingdao Port decreasing compared to the previous week. The overall shipping speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. The port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and the price was oscillating in the low - end range [7] Group 3: Industry News - On July 3, the 650,000 - ton/year bleached chemical pulp production line of Nine Dragons Paper Co., Ltd. in Jianli Bailuo Industrial Park, Jingzhou was successfully put into operation, marking a key breakthrough in the 20.5 - billion - yuan forest - pulp - paper integration project. The supporting 1.2 - million - ton/year white cardboard production line plans to be installed and debugged in the fourth quarter of 2025. After the project is fully completed, a complete industrial chain from pulping to packaging and printing will be formed in Jingzhou [8]

Report Information - Report Title: Pulp Daily Report [1] - Date: June 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - No information provided Core Viewpoints - The pulp market is facing a situation where the supply is relatively loose, and the improvement of the pulp fundamentals is limited. Although the suspension of the warehousing of Russian spruce pulp has begun this week, the current port inventory reduction speed is slow. The paper mills' raw material procurement mentality remains cautious, mainly replenishing stocks with low - level rigid demand [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the 09 - contract of pulp futures was 5080 yuan/ton, and the closing price was 5066 yuan/ton, a decline of 0.28%. The intended transaction price range of softwood pulp in the Shandong market was 5220 - 6750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 6100 yuan/ton [7] - **Supply - related Data**: Chile's Arauco announced its June prices, with Silver Star at $740/ton and Venus at $620/ton, the same as the previous quotation. According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. According to UTIPULP data, the European wood pulp inventory in May decreased by 2.4% month - on - month and increased by 2.5% year - on - year; the consumption increased by 7.9% month - on - month and 0.3% year - on - year. In May, China's total pulp imports were 3.02 million tons, an increase of 4.3% month - on - month and 6.9% year - on - year. As of June 19, 2025, the weekly pulp inventory in major regions and ports increased by 0.7% month - on - month, and the inventory in major ports increased compared to the previous week, with the overall shipment speed being gentle [8] 2. Industry News - On June 24, Rizhao Asia Symbol was investigated for the progress of its enterprise project construction. The enterprise is required to accelerate technological transformation and industrial chain extension, focus on the "pulp - paper - fiber integration", and continue to deepen the entire industrial chain from raw materials to finished products to better drive local economic development [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood 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 white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: June 20, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,230 yuan/ton, and the closing price was 5,254 yuan/ton, a rise of 0.46%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,220 - 6,750 yuan/ton, with the low - end price unchanged from the previous trading day. The Shandong Yinxing was quoted at 6,100 yuan/ton [7]. - International Quotes: Chile's Arauco announced its June quotes. Yinxing was at $740/ton, and Jinxing was at $620/ton, unchanged from the previous period [7]. - Supply Data: According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. China's pulp imports in May were 3.02 million tons, a month - on - month increase of 4.3% and a year - on - year increase of 6.9%. As of June 19, 2025, the weekly pulp inventory in major regions and ports increased by 0.7% month - on - month, and the inventory in major ports increased compared to the previous week, with a moderate overall shipment speed [7]. - Market Outlook: Downstream paper mills mainly consume their previous raw material inventories, with insufficient short - term pulp - purchasing enthusiasm. The new round of import pulp quotes is stable, the pulp market supply at home and abroad is loose, the port de - stocking speed is still slow, downstream paper mills continue to optimize the raw material cost structure, and the competition between domestic and imported pulp intensifies. Pulp prices fluctuate widely in a low - level range [7]. Group 3: Industry News - New Project in Xinjiang: On June 19, a new project with a total investment of 110 million yuan and an annual output of 1,000 tons of aramid paper new materials, introduced by the Huai'an Working Group of Jiangsu Aid to Yili, was officially signed and settled in the 7th Division of the Xinjiang Production and Construction Corps [8]. - Project Adjustment in Hubei: On June 13, Hubei Xianhe's special pulp and paper project with a total investment of 4.39 billion yuan had a key shift in its "core". The production of traditional cultural paper was significantly reduced, and the proportion of high - value - added special paper production capacity increased significantly. The production capacity of special food cardboard increased by 300,000 tons, the production capacity of release base paper increased from 25,000 tons to 50,000 tons, and the thermal base paper's structure focused more on high - end applications [8] Group 4: Data Overview - Chart 1 - 6 shows various data of pulp, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference in Shandong, and inter - period price differences [14][16][18] - Chart 7 - 12 shows data such as the total amount of warehouse receipts, pulp inventory in domestic main ports, wood pulp inventory in European main ports, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [25][27][29]

1. Report Information - Report Title: Pulp Daily Report [1] - Date: June 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,210 yuan/ton, and the closing price was 5,228 yuan/ton, a 0.35% increase [7]. - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,280 - 6,750 yuan/ton, with the low - end price down 70 yuan from the previous trading day. The quotation of Shandong Yinxing was 6,120 - 6,150 yuan/ton [7]. - Arauco's June Quotes: Silver Star was quoted at 740 US dollars/ton, and Venus at 620 US dollars/ton, unchanged from the previous period [7]. - Supply: In April, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries decreased by 7.2% year - on - year, and the cumulative volume from January to April increased by 1.4% year - on - year. In May, China's pulp imports were 3.02 million tons, a 4.3% increase from the previous month and a 6.9% increase year - on - year [7]. - Inventory: As of June 12, 2025, the weekly pulp inventory in major regions and ports increased by 2.1% month - on - month. The inventory in major ports was stable with a slight increase, except for Tianjin Port. The overall shipment speed was moderate [7]. - Market Outlook: The new round of imported pulp quotes remained stable. The domestic and international pulp markets had a loose supply, the port de - stocking speed was still slow, downstream paper mills continued to optimize the raw material cost structure, and the competition between domestic and imported pulp intensified. Pulp prices fluctuated widely in a low - level range [7]. 3. Industry News - On June 6, relevant personnel from the Fujian Forestry Bureau and the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believed that Qingshan Paper Industry's promotion of the project could ensure raw material supply and achieve green government - enterprise linkage. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries" and adheres to the principle of "scientific planning and industrial collaboration" [8].

Report Summary 1. Report Information - Report Name: Pulp Daily Report [1] - Date: June 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Investment Rating - Not provided in the report. 3. Core View - The pulp market shows limited fundamental changes, with a new round of imported pulp quotes remaining stable, slow port destocking, and mediocre implementation of downstream price increase letters. The market is expected to fluctuate within a wide range [7]. 4. Summary by Section 4.1. Market Review and Operation Suggestions - Pulp futures contract 09 closed at 5,214 yuan/ton, down 0.99% from the previous settlement price of 5,266 yuan/ton. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 6,750 yuan/ton, with the lower - end price down 70 yuan from the previous day's closing price. The Shandong Yinxing was quoted at 6,120 - 6,150 yuan/ton [7]. - Chile's Arauco announced its June quotes: Yinxing at $740/ton and Jinxing at $620/ton, unchanged from the previous period [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's top 20 pulp - producing countries decreased by 7.2% year - on - year in April, while the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in May were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7]. - As of June 12, 2025, the weekly pulp inventory in major regions and ports increased by 2.1% month - on - month. The inventory in major ports was stable or slightly increased, except for Tianjin Port where it decreased. The overall shipment speed was moderate. Downstream paper mills mainly consumed their previous raw material inventories, with insufficient short - term pulp purchasing enthusiasm [7]. 4.2. Industry News - On June 6, relevant personnel from the Fujian Forestry Bureau and the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believed that Qingshan Paper's promotion of the project could ensure raw material supply, achieve green government - enterprise linkage, and explore new opportunities for the development of national reserve forests. Qingshan Paper, as a state - owned leading enterprise, has unique advantages in the integration of primary, secondary, and tertiary industries and adheres to the principle of "scientific planning and industrial collaboration" [8]. 4.3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [14][25][27][29]