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]