1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market has supply - demand contradictions and will operate in a short - term low - level range - bound manner due to insufficient terminal orders and resistance to downstream paper price increases [8] 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,174 yuan/ton, and the closing price was 5,182 yuan/ton, with an overall increase of 0.15%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,620 - 5,350 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The Shandong Yinxing offer was 5,180 - 5,200 yuan/ton [7] - Suzano announced a price increase of 20 US dollars/ton for eucalyptus hardwood pulp in the Asian market and 50 US dollars/ton in the European and American markets in April 2026, effective April 1. The FOB price of hardwood pulp remained firm. According to the February report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 1.4% year - on - year, softwood pulp decreased by 4.8% year - on - year, and hardwood pulp increased by 1.5% year - on - year. According to Europulp data, the total wood pulp inventory in European ports in February 2026 increased by 15.3% month - on - month and 3.0% year - on - year. From January to February 2026, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 26, 2026, the weekly pulp inventory in major regions and ports was 2.3512 million tons, a month - on - month increase of 7.42%, turning from a decline to an increase [8] 3.2. Industry News - On March 27, the National Bureau of Statistics released the profit situation of national large - scale industrial enterprises from January to February 2026. From January to February, the total profit of national large - scale industrial enterprises reached 1.02456 trillion yuan, a year - on - year increase of 15.2% (calculated on a comparable basis). Among large - scale industrial enterprises, state - owned holding enterprises achieved a total profit of 366.56 billion yuan, a year - on - year increase of 5.3%; joint - stock enterprises achieved a total profit of 803.29 billion yuan, an increase of 22.1%; foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises achieved a total profit of 216.75 billion yuan, a decrease of 3.8%; private enterprises achieved a total profit of 284.45 billion yuan, an increase of 37.2%. The paper and paper products industry achieved a total profit of 5.04 billion yuan, a year - on - year increase of 6.1%; the printing and recording media reproduction industry achieved a total profit of 3.59 billion yuan, a year - on - year decrease of 1.1% [9] 3.3. Data Overview - The report provides multiple data charts, including import 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 coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][28][30]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - Pulp companies are announcing maintenance shutdowns or production cuts, leading to a tightening global wood pulp supply, which supports price increases for pulp [4][18] - Many paper companies are issuing price increase notices due to rising raw material costs, with whiteboard paper prices increasing by 50 CNY/ton and special paper prices rising by 500 CNY/ton [5][22] - The average price of white card paper has slightly declined, but the underlying support for prices remains strong due to rising raw material costs and a firm market stance from paper manufacturers [6][29] Summary by Sections Weekly Topic - Pulp companies are implementing maintenance shutdowns, with significant production cuts announced by major players like Suzano and Ahlstrom-Munksjö, contributing to a global tightening of wood pulp supply [4][18] - The average prices for needle and broadleaf pulp have increased, with current prices at 5185.58 CNY/ton and 4572.89 CNY/ton respectively [4][18] Price Tracking - Paper companies are raising prices across various products, including a 50 CNY/ton increase for whiteboard paper and a 200 CNY/ton increase for white card paper [5][22] - The average price of white card paper has decreased from 4269 CNY/ton to 4188 CNY/ton due to increased supply and lower-than-expected demand recovery [6][29] Key Data Tracking - Real estate data shows a 14.4% increase in the transaction area of commercial housing in major cities, indicating potential growth in home-related consumption [39] - Furniture sales in February reached 27.6 billion CNY, reflecting an 8.8% year-on-year increase, while exports of furniture and parts surged by 67.9% [51]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - In the short term, the imported pulp spot market is expected to continue the stalemate, with pulp prices in a dilemma. On one hand, high foreign offers and traders' holding costs limit the downside space; on the other hand, weak downstream demand and pressured margins limit the upside. It is recommended to pay attention to changes in foreign offers, port destocking rhythm, and downstream base paper price transmission [97]. 3. Summary According to the Table of Contents 3.1 Industry News - As of March 26, 2026, the pulp inventory at Changshu Port was 623,000 tons, a week - on - week increase of 122,000 tons or 24.4%. Qingdao Port's inventory was 1,576,000 tons, a week - on - week decrease of 17,000 tons or 1.1%. Gaolan Port's inventory was 70,000 tons, a week - on - week increase of 3,000 tons or 4.5%. The total inventory of mainstream ports was 2,395,000 tons, a week - on - week increase of 98,000 tons or 4.3% [5][6]. - Suzano will increase the offer of eucalyptus pulp in the Asian market by $20/ton and in the European and American markets by $50/ton in April 2026, effective April 1st [6]. - Arauco adjusted its March pulp offers, with softwood pulp at $680/ton, hardwood pulp Star at $620/ton (75% supply), and natural pulp Venus at $620/ton [7]. - The environmental impact assessment of the 5.57 - million - ton expansion project of Liansheng Pulp and Paper (Zhangzhou) Co., Ltd. was publicly announced. The project has a construction period of 6 years and an investment of 17.6 billion yuan [7]. 3.2 Market Data 3.2.1 Market Trends - On March 27, 2026, the basis of Silver Star was - 2 yuan/ton, a week - on - week increase of 85.71%; the basis of Russian Needle was - 152 yuan/ton, a week - on - week increase of 7.32%; the Silver Star - Russian Needle spread was 150 yuan/ton, with no week - on - week change [14]. - On March 27, 2026, the 05 - 07 month spread was not provided, and the 07 - 09 month spread was - 42 yuan/ton, a week - on - week increase of 27.59%; the 09 - 11 month spread was - 36 yuan/ton, a week - on - week increase of 28.00% [19]. 3.3 Fundamental Data 3.3.1 Price - The spread between Silver Star and Goldfish and between Russian Needle and Goldfish remained stable. On March 27, 2026, the Silver Star - Goldfish spread was 600 yuan/ton, and the Russian Needle - Goldfish spread was 450 yuan/ton, with no week - on - week change [23][25]. - The import profits of softwood and hardwood pulp improved week - on - week. On March 27, 2026, the import profit of softwood pulp (Silver Star) was - 427 yuan/ton, a week - on - week increase of 6.66%; the import profit of hardwood pulp (Star) was - 324 yuan/ton, a week - on - week increase of 9.24% [28]. - The price of the main pulp contract rose from a low level. The spot price of imported softwood pulp increased with the market, but downstream acceptance of high prices was low. The spot price of imported hardwood pulp rose slightly, but downstream replenishment was cautious [30][35]. - On March 27, 2026, the prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood were 5,200 yuan/ton, 5,450 yuan/ton, and 5,450 yuan/ton respectively, with week - on - week increases of 0.97%, 0.93%, and 0.93% [33]. - On March 27, 2026, the prices of hardwood pulp such as Goldfish, Star, and Bird were 4,600 yuan/ton, 4,600 yuan/ton, and 4,550 yuan/ton respectively, with week - on - week increases of 1.10%, 1.10%, and 1.11% [37]. - On March 27, 2026, the prices of natural pulp (Venus) and chemimechanical pulp (Kunhe) were 4,800 yuan/ton and 3,800 yuan/ton respectively, with no week - on - week change [40]. 3.3.2 Supply - The wood chip purchase prices of some paper enterprises in East China increased this week. On March 27, 2026, the purchase prices of eucalyptus chips by Liansheng Pulp and Paper and poplar chips by Wuzhou Special Paper were 1,260 yuan/ton and 1,340 yuan/ton respectively [42][44]. - The supply of domestic pulp decreased this period. On March 26, 2026, the daily average price of Chinese chemimechanical pulp was 3,816.67 yuan/ton, and the daily ex - factory price of Asia - Pacific Senbo's hardwood pulp was 4,850 yuan/ton [46][48]. - In February 2026, the pulp port inventory in Europe increased year - on - year and month - on - month. In January 2026, the global pulp outbound volume decreased year - on - year and month - on - month [50][52]. - In January 2026, the shipment volume of W20 softwood pulp was low and the inventory was high; the inventory of hardwood pulp decreased, the shipment volume increased, and the inventory days dropped to a year - on - year low [54][56]. - In January 2026, the export volume of softwood pulp from five countries (Canada, Chile, Finland, Sweden, and the United States) to China continued to increase month - on - month. In February 2026, the export volume of Chilean softwood pulp to China decreased seasonally [58][60]. - In January 2026, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased month - on - month. In February 2026, the export volume of Brazilian and Uruguayan hardwood pulp to China increased month - on - month, while that of Chile decreased [64][63]. - From January to February 2026, the cumulative import volume of Chinese softwood pulp decreased by 6.96% year - on - year, and that of hardwood pulp decreased by 5.04% year - on - year [66]. 3.3.3 Demand - The domestic offset paper market declined this period. Supply increased, but demand was weak, and the market was dull [70]. - The domestic coated paper price declined slightly this period. Supply increased, but demand was weak, and the market was dull [74]. - The white cardboard price declined this period. Supply increased, but the cost pressure from imported wood pulp made large manufacturers maintain a price - increasing attitude [78]. - The tissue paper price declined this period. Demand was weak, and the cost support from pulp was not strong [82]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products increased month - on - month, while the retail sales of cosmetics decreased month - on - month. The retail sales of cultural and office supplies and cosmetics were at a high level year - on - year [88]. 3.3.4 Inventory - On March 27, 2026, the warehouse receipt quantity of pulp in warehouses was 170,600 tons, a week - on - week increase of 3.32%; the warehouse receipt quantity in factories was 15,000 tons, a week - on - week decrease of 11.76% [89]. - As of March 27, 2026, the inventory at Qingdao Port was 1,576,000 tons, a week - on - week decrease of 1.07%; the inventory at Changshu Port was 623,000 tons, a week - on - week increase of 24.35%; the inventory at Gaolan, Tianjin, and Rizhao Ports was 196,000 tons, a week - on - week decrease of 3.45%. The total inventory of the five ports was 2,395,000 tons, a week - on - week increase of 4.27% [94].

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: March 26, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the pulp futures 05 contract was 5,222 yuan/ton, and the closing price was 5,224 yuan/ton, a 0.04% increase. The SP2609 contract rose 0.23%, and the SP2701 contract rose 0.14% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,640 - 5,350 yuan/ton, with the low - end price down 10 yuan/ton from the previous trading day. The price of Shandong Yinxing was 5,220 - 5,240 yuan/ton [7]. - **Supply and Demand**: Suzano announced price increases for eucalyptus hardwood pulp in April 2026. According to PPPC, the chemical pulp shipments of 20 major pulp - producing countries in January decreased by 0.9% year - on - year, softwood pulp by 5.5%, and hardwood pulp increased by 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, a 3.3% month - on - month increase and a 5.8% year - on - year decrease; consumption was 820,700 tons, a 1.2% month - on - month increase and a 3.4% year - on - year increase. The cumulative pulp imports from January to February 2026 were 6.0439 million tons, a 5.4% year - on - year decrease. As of March 19, 2026, the weekly pulp inventory in major regions and ports was 2.1888 million tons, a 5.89% month - on - month decrease. The supply - demand contradiction in the pulp market still exists, and it will run in a short - term low - level range [8]. Group 3: Industry News - **Arauco's Price Adjustment**: In March, Arauco adjusted the price of softwood pulp Yinxing to 680 US dollars/ton, maintained the price of hardwood pulp Mingxing at 620 US dollars/ton with 75% supply, and maintained the price of natural pulp Jinxing at 620 US dollars/ton [9]. - **Jiulong Paper's Project**: Jiulong Paper (Hubei) Co., Ltd. plans a total investment of 20.5 billion yuan, with a total area of 3,994 mu. After full operation, the total output value will reach 23 billion yuan, with taxes and profits of 1.8 billion yuan and 3,500 new jobs. The project started in October 2020, the first - phase project was put into operation at the end of 2022, the second and third - phase projects were fully put into operation in September 2025, and the fourth - phase project is under planning. In 2025, its industrial output value was 5.606 billion yuan, a 34.35% year - on - year increase [9]. Group 4: Data Overview - **Graphs**: The report includes graphs such as import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery spread, European major port wood pulp inventory, copperplate paper and offset paper price and spread, white cardboard and whiteboard paper price and spread, and US dollar to RMB exchange rate [15][17][19][24][30]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pulp market is expected to fluctuate. The demand in the market remains weak and the supply - demand fundamentals have not changed significantly. The high - level pressure of port inventory persists. The pulp price will mainly be in a narrow - range consolidation. Attention should be paid to the changes in the purchasing willingness of downstream paper mills and the dynamics of foreign offers [4][5] Summary by Relevant Catalogs 1. Fundamental Data - **Futures Market**: The daily closing price of the pulp main contract was 5,224 yuan/ton, up 14 yuan from the previous day; the night - closing price was 5,196 yuan/ton, up 20 yuan. The trading volume was 259,553 lots, a decrease of 119,071 lots; the position of the 05 contract was 186,345 lots, a decrease of 10,462 lots; the warehouse receipt quantity was 186,562 tons, an increase of 3,000 tons; the net position of the top 20 members was - 32,280 lots, an increase of 764 lots [3] - **Spread Data**: The basis of Silver Star - futures main contract was - 24, a decrease of 64; the basis of Goldfish - futures main contract (non - standard) was - 624, a decrease of 14; the month - spread of SP05 - SP07 was - 46, an increase of 4 [3] - **Spot Market**: The domestic prices of coniferous pulp such as Beimu and Kalip were 5,450 yuan/ton, Moon was 5,150 yuan/ton, and Silver Star was 5,200 yuan/ton. The domestic prices of broad - leaf pulp such as Golden and Star were 4,600 yuan/ton. The domestic price of chemimechanical pulp (Yinghe) was 3,800 yuan/ton, and the domestic price of natural pulp (Venus) was 4,800 yuan/ton [3] 2. Industry News - The pulp futures market rose slightly yesterday, driving the spot price of coniferous pulp to rise slightly. However, the actual market trading was rather light. Downstream paper mills had low purchasing enthusiasm due to average profits, and some enterprises adopted a price - pressing strategy, with limited acceptance of high - priced raw materials. The trend of broad - leaf pulp was relatively stable [4][5]

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating [1][3][4] Group 2: Core View of the Report - The pulp market is expected to fluctuate and strengthen. The market demand acceptance is average, the actual trading is still light, and the overall trading volume has not increased significantly. The supply - demand fundamentals have not changed significantly, with high port inventories and weak demand. Attention should be paid to the implementation of foreign market price increase news and changes in downstream procurement willingness. The price of the household paper market is stable, with poor trading enthusiasm and a cautious market sentiment. The cost support is not strong, and the terminal demand is difficult to improve significantly. Focus on the changes in raw material pulp prices and the rhythm of demand - side order release [1][4][5] Group 3: Summary According to the Relevant Directory 1. Fundamental Data - **Futures Market**: The daily - session closing price of the pulp main contract was 5,188 yuan/ton, up 24 yuan from the previous day; the night - session closing price was 5,234 yuan/ton, up 50 yuan. The trading volume was 326,941 lots, a decrease of 79,912 lots; the open interest of the 05 contract was 241,662 lots, a decrease of 30,443 lots; the number of warehouse receipts remained unchanged at 182,075 tons; the net position of the top 20 members was - 32,656 lots, an increase of 4,170 lots [3] - **Spread Data**: The basis of Silver Star - futures main contract was 12, an increase of 26; the basis of Goldfish - futures main contract (non - standard) was - 288, an increase of 26; the month - spread of SP05 - SP07 was - 52, an increase of 6 [3] - **Spot Market**: The domestic prices of coniferous pulp brands such as Beimu and Kalip 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. The prices of broad - leaf pulp brands such as Golden and Star were 4,600 yuan/ton. The price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the price of natural pulp (Venus) was 4,800 yuan/ton [3] 2. Industry News - The futures price of pulp continued to rise, with the main contract closing at 5,188 yuan/ton, a 1.1% increase. The spot price of coniferous pulp followed the upward trend, and the broad - leaf pulp market also recovered. The price of Goldfish increased slightly by 50 yuan/ton. However, the demand side's acceptance was average, and the actual trading was light. The supply - demand fundamentals of the market did not change significantly, with high port inventories and weak demand [4] - The price of the household paper market was stable, with poor trading enthusiasm and a cautious market sentiment. The cost support from the raw material pulp market was not strong, and the terminal demand was difficult to improve significantly. The inventory reduction process of some paper enterprises slowed down [5] 3. Trend Intensity - The pulp trend intensity is 1, indicating a relatively strong trend. The range of trend intensity is an integer in the [- 2,2] interval, where - 2 means the most bearish and 2 means the most bullish [3]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - This week, pulp futures fluctuated sharply, with significant position - building and price drops from Monday to Wednesday, breaking through 5000 yuan/ton, and then rebounding to around 5200 yuan/ton after position - reduction. The main reason is that the Shanghai Pulp Conference led the market to reach a consensus on the "weak reality" logic [3]. - During the pulp conference, pulp mills and pulp traders negotiated prices. The price of softwood pulp is expected to decline, while hardwood pulp remains relatively strong. The pattern of "weak softwood, strong hardwood" that has persisted since the beginning of the year continues [3]. - The impact of the US - Iran war on pulp's external quotations is currently limited, only supporting the price - holding requirements of Nordic pulp mills [3]. - In terms of inventory, both softwood and hardwood pulp saw a slight reduction this week, mainly in southern ports, while Qingdao Port still accumulated inventory [3]. - There was some improvement in demand this week. After the sharp decline in pulp futures, both traders and cash - futures traders were active in selling, reflecting the paper mills' bottom - fishing psychology. Hardwood pulp was particularly easy to sell below 4500 yuan/ton. However, the prices of the four major wood - pulp papers remained relatively stable (white cardboard prices declined), and this bottom - fishing behavior is considered short - term procurement rather than a long - term bottom signal [3]. - In terms of basis and calendar spreads, the pulp basis strengthened in the second half of this week. Silver Star's basis was restored to a premium, and the price difference between the second - type pulp widened by 10 - 20 yuan/ton. The basis of Russian softwood pulp was stable, which may indicate that the market is gradually pricing based on Russian softwood pulp. In terms of calendar spreads, the 5 - 7/5 - 9 spreads weakened significantly, reaching the risk - free positive arbitrage level, indicating that this decline is dominated by "weak demand" [3]. - For single - side trading, consider shorting at high prices. The "weak reality" logic of pulp futures has been gradually confirmed, and the overall upside space is limited. When domestic prices lead external prices and the futures market is still priced based on the second - type pulp, shorting at around the import cost of the second - type pulp can be considered [4]. - For calendar spread arbitrage, conduct 5 - 7/5 - 9 reverse arbitrage. Reverse arbitrage is considered a relatively safe strategy. Currently, a considerable number of participants are willing to bet on the expectation of "capacity clearance of softwood pulp". The confirmation of "weak reality" and the pressure of "high warehouse receipts" can drive long - position holders to shift their positions to the far - month contracts, creating reverse arbitrage opportunities [5]. - For cash - futures arbitrage, conduct long arbitrage on hardwood pulp. The performance of hardwood pulp in the first quarter has proven that its supply - demand relationship is significantly better than that of softwood pulp, and this trend is expected to continue [6]. 3. Summary According to the Table of Contents 3.1 Part One: Main Views and Strategy Overview - **Market Review**: Pulp futures fluctuated sharply this week, with significant position - building and price drops from Monday to Wednesday, breaking through 5000 yuan/ton, and then rebounding to around 5200 yuan/ton after position - reduction. The main reason is the Shanghai Pulp Conference [3]. - **Pulp Fundamentals**: Price negotiations between pulp mills and traders during the conference led to an expected price decline in softwood pulp and relatively stable hardwood pulp. The "weak softwood, strong hardwood" pattern continued. The impact of the US - Iran war on external quotations was limited. Inventory decreased slightly in southern ports but increased in Qingdao Port. Demand improved slightly, with short - term bottom - fishing behavior [3]. - **Basis and Calendar Spreads**: The basis strengthened in the second half of the week, and the 5 - 7/5 - 9 spreads weakened significantly, indicating "weak demand" [3]. - **Trading Strategies** - **Single - side**: Short at high prices around the import cost of the second - type pulp [4]. - **Calendar Spread Arbitrage**: 5 - 7/5 - 9 reverse arbitrage [5]. - **Cash - Futures Arbitrage**: Long arbitrage on hardwood pulp [6] 3.2 Part Two: Pulp and Paper Industry Chain Price Data - **Futures Prices**: Futures prices first fell and then rose, with overall increases in positions and trading volumes [10]. - **Spot Market**: Spot prices of softwood and hardwood pulp declined, and the basis of softwood pulp strengthened [19]. - **External Quotations**: There is an expected decline in the external quotations of softwood pulp, while hardwood pulp remains relatively strong [32]. - **Chip Prices**: The prices of wood chips in Shandong, Guangxi, and other regions showed certain trends, and the monthly average import price of Chinese wood chips also had corresponding changes [42][44][47]. - **Finished Paper**: The price of white cardboard declined [50]. 3.3 Part Three: Pulp Supply and Demand Fundamental Data - **Import Volume** - **Softwood Pulp**: In February 2025, the import volume of softwood pulp decreased year - on - year [61]. - **Hardwood Pulp**: In February 2026, the import volume of hardwood pulp decreased both year - on - year and month - on - month [71]. - **South American Three - Country Pulp Exports**: In February 2026, the export volume to China decreased slightly month - on - month [80]. - **W20 Chemical Pulp Shipment**: In January 2026, the shipment of W20 chemical pulp to China decreased [89]. - **Domestic Production** - **Pulp Production**: In February 2026, the domestic production of pulp decreased [101]. - **Chip Import and Domestic Procurement**: In February 2026, the import volume of hardwood chips decreased both year - on - year and month - on - month, and the domestic procurement volume of wood chips also decreased [109][122]. - **Inventory** - **Overseas Pulp Mills**: In January 2026, softwood pulp mills had serious inventory accumulation [130]. - **Chinese Pulp Ports**: Softwood pulp had a slight inventory reduction, and hardwood pulp had a significant inventory reduction [137]. - **Pulp Futures Warehouse Receipts**: The newly added warehouse receipts of pulp decreased slightly this week [151]. - **European Pulp Ports**: Pulp inventory decreased month - on - month [161]. - **Chinese Wood - Pulp Paper Production and Inventory** - **Production**: In February 2026, the production of Chinese wood - pulp paper decreased [175]. - **Industry Inventory**: In December 2025, the inventory of finished paper in the Chinese paper - making industry increased [186]. - **Factory Inventory**: Except for tissue paper, other wood - pulp paper products had inventory accumulation [199]. - **Social Inventory**: Tissue paper had inventory reduction, and white cardboard had inventory accumulation [207]. - **Chinese Finished Paper Import and Export** - **Import**: The import volume of Chinese finished paper showed certain trends [214]. - **Export**: The export volume of Chinese finished paper also had corresponding changes [223]. - **Chinese Chemical Pulp Supply - Demand Balance Sheet**: It shows the supply, demand, inventory, and supply - demand differences of chemical pulp from 2020 to February 2026 [232]. 3.4 Part Four: Pulp Price Difference Data - **Spot Price Difference**: The price differences between Silver Star, Russian softwood pulp, and hardwood pulp showed certain trends [237]. - **Calendar Spread**: The 5 - 9 spread weakened [247]. - **Basis**: The basis of softwood pulp weakened [258]. - **Profit Situation** - **Global Major Pulp Mills**: The profit of softwood pulp mills declined significantly [268]. - **Chinese Pulp Import**: The import profit of softwood pulp decreased [280]. - **Chinese Finished Paper Production**: The production profit of finished paper showed corresponding changes [288]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Key Points from the Report SP Main Contract Information - The closing price of the SP main contract on March 20, 2026, was 5164.00 [3] - The closing prices and related data from March 16 - 20, 2026, are presented, showing price fluctuations and percentage changes [3] Import Profit and Price Information - Import profit calculations for different pulp brands (Canadian Golden Lion, Canadian Lion, Chilean Silver Star) are provided, with values of 165.97, -605.31, and -419.82 respectively [4] - The exchange rate on the previous day was 6.88, and prices are calculated with a 13% VAT [4] Pulp Price Averages - National and Shandong regional average prices for different types of pulp (coniferous, broad - leaf, natural color, chemical mechanical) from March 16 - 20, 2026, are presented, with no changes during this period [4] Paper Index and Profit Margin Information - Index values for cultural paper (double - offset, double - copper), packaging paper (white card), and living paper from March 17 - 20, 2026, are presented, with no changes in most cases [4] - Profit margin estimates for different types of paper from March 17 - 20, 2026, are provided, with a -0.5210 change in the living paper profit margin [4] Pulp Price Spreads - Price spreads between different types of pulp (coniferous - broadleaf, coniferous - natural color, coniferous - chemical mechanical, coniferous - waste paper) from March 16 - 20, 2026, are presented [4]

Summary of Pulp Industry Conference Call Industry Overview - The global pulp market is influenced by several factors, including supply and demand dynamics, pricing strategies, and production capacity uncertainties [3][4][6]. Key Points Supply and Demand Situation - Major hardwood pulp suppliers, such as Brazil's Suzano and Chile's Arauco, implemented a price increase of $20 per month for three consecutive months in Q1, despite limited acceptance from customers in March [3][4]. - Domestic customers in China have ample inventory, leading to a cautious approach towards new orders, especially with spot prices dropping from 5,000 RMB to 4,600 RMB, which pressures paper mill profits [4][6]. - The softwood pulp market shows a mixed performance, with Canada facing high costs and U.S. tariff threats, while Finland maintains stable pricing, and Chile sees a $10 increase due to quality stability [4][5]. Pricing Dynamics - There is a significant price disparity between domestic and international pulp markets, with international hardwood pulp prices around $610, while domestic prices are lower due to recent declines [6][8]. - The U.S. has seen a price increase for softwood pulp due to a 25% tariff on Canadian imports, which has not been mirrored in the Chinese market where customers are less willing to accept price hikes [11]. Future Market Changes - The pulp market is expected to experience changes in the coming months, particularly in hardwood pulp where supply pressure is anticipated to remain low due to production adjustments [7][8]. - The domestic pulp market is not operating smoothly, with limited release of self-produced pulp capacity and a forecasted increase in hardwood pulp production capacity by 2025 [8][9]. Investment and Cost Control Trends - Despite declining investment returns in the Zhejiang region, the industry continues to expand, with new projects focusing on integrating pulp and paper production capabilities [12]. - The cost of integrated production in China remains higher than in Brazil, impacting international competitiveness [10]. Inventory Levels - Current inventory levels among traders are moderate, with a strong willingness to sell due to falling spot prices, leading to a lack of upward momentum in the market [13]. Price Stability and Market Sentiment - The willingness of companies to maintain pricing may be tested within 1 to 3 months, depending on market conditions and customer demand [14]. - Tyson Foods' announcement of a price increase may reflect a strategy to stimulate transactions rather than a definitive market trend [15]. Additional Insights - The global demand for pulp is primarily driven by China, which has seen a decrease in import volumes from 35 million tons in 2020 to below 30 million tons by 2024 [8]. - The overall economic growth in China is expected to stabilize, which may lead to reduced consumption of paper and pulp, mirroring trends observed in developed markets [8].

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 17, 2026, was 5088.00 [3] - The corresponding US dollar price was 644.73, with a daily decline of 2.75229% [3] - The basis of Shandong Yinxing was 52, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 87 [3] Group 2: Import Profit Information - The import profit of Canadian Golden Lion was 157.15, while that of Canadian Lion was -463.56 [4] - The import profit of Chilean Yinxing was -457.85 [4] Group 3: Pulp Price Information - From March 11 to March 17, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [5] - The average prices in Shandong area also remained unchanged during the same period [5] Group 4: Paper Index and Profit Margin Information - From March 12 to March 17, 2026, the cultural paper, packaging paper, and living paper indices remained unchanged [5] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed on March 17 compared to previous days, with increases of 0.8920, 0.8250, 0.6969, and 0.9702 respectively [5] Group 5: Pulp Price Difference Information - On March 17, 2026, the price difference between softwood and hardwood pulp was 615.00, the difference between softwood and natural pulp was -260, the difference between softwood and chemimechanical pulp was 1330, and the difference between softwood pulp and waste paper was 3564 [5]