Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The overall situation of the pulp futures market is weak, with limited room for short - term upward movement due to reduced positions, and it is expected to fluctuate weakly in the short term [6] Group 3: Summary According to the Directory Futures and Spot Prices - On March 27, 2026, the futures prices of SP2701, SP2609, and SP2605 were 5536 yuan/ton, 5280 yuan/ton, and 5202 yuan/ton respectively, with day - on - day increases of 0.80%, 0.72%, and 0.89% and week - on - week increases of 0.47%, 0.15%, and 0.74% [5] - The spot prices of coniferous pulp Silver Star, Russian Needle, and broad - leaf pulp Goldfish were 5200 yuan/ton, 5050 yuan/ton, and 4600 yuan/ton respectively, with day - on - day increases of 0.00% and week - on - week increases of 0.97%, 1.00%, and 1.10% [5] Outer - disk Quotes and Import Costs - The outer - disk quotes of Chilean Silver Star, Chilean Star, and Chilean Venus were 680 dollars/ton, 620 dollars/ton, and 620 dollars/ton respectively, with monthly decreases of - 4.23%, increases of 3.33%, and no change [5] - The import costs of Chilean Silver Star, Chilean Star, and Chilean Venus were 5559 yuan/ton, 5073 yuan/ton, and 5073 yuan/ton respectively, with monthly decreases of - 4.19%, increases of 3.30%, and no change [5] Supply - side Data - In February 2026, the import volume of coniferous pulp was 58.02 tons, a month - on - month decrease of 30.86%, and the import volume of broad - leaf pulp was 147.13 tons, a month - on - month decrease of 2.94% [5] - The shipment volume of pulp to China in January 2026 was 170 thousand tons, a month - on - month decrease of 19.80% [5] - The domestic production volume of broad - leaf pulp and chemical mechanical pulp fluctuated from February 5 to March 26, 2026 [5] Inventory - side Data - As of March 26, 2026, the pulp port inventory was 239.5 tons, a week - on - week increase of 4.3% after two consecutive weeks of de - stocking [5] - The futures delivery warehouse inventory also changed from February 5 to March 26, 2026 [5] Demand - side Data - The production volume of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated from February 5 to March 26, 2026, and the demand for pulp was stable recently, with the price of finished paper stable and the production volume increasing this week, but the price increase letters issued by paper mills were expected to be difficult to implement [5] Supply - side News - Chile's Arauco Company adjusted its pulp quotes in March, with coniferous pulp at 880 dollars/ton, broad - leaf pulp Star at 620 dollars/ton (supplied at 75% of the quantity), and natural pulp Venus at 620 dollars/ton [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The weak pattern of the pulp futures fundamentals continues, with limited upside potential for short - term position - reduction rallies. It is expected to fluctuate weakly in the short term [6]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On March 23, 2026, SP2701 was 5514 yuan/ton with a daily increase of 0.07% and a weekly increase of 0.29%; SP2609 was 5280 yuan/ton with a daily increase of 0.15% and a weekly decrease of 0.53%; SP2605 was 5188 yuan/ton with a daily increase of 0.46% and a weekly decrease of 0.84% [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5200 yuan/ton with a daily increase of 0.97% and a weekly decrease of 1.89%; Coniferous pulp Russian Needle was 5050 yuan/ton with a daily increase of 1.00% and a weekly decrease of 1.94%; Broad - leaf pulp Goldfish was 4600 yuan/ton with a daily increase of 1.10% and no weekly change [5]. - **External Quotes and Import Costs**: Chilean Silver Star's external quote was 710 dollars/ton with no change, and its import cost was 5802 yuan/ton with no change; Chilean Star's external quote was 600 dollars/ton with no change, and its import cost was 4911 yuan/ton with no change; Chilean Venus's external quote was 620 dollars/ton with no change, and its import cost was 5073 yuan/ton with no change [5]. Pulp Fundamental Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 tons, a month - on - month decrease of 30.86% compared to January; the import volume of broad - leaf pulp was 147.13 tons, a month - on - month decrease of 2.94% [5]. - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170 thousand tons, a decrease of 19.80% [5]. - **Domestic Production**: The domestic production of broad - leaf pulp on March 19, 2026, was 26.3 tons; the domestic production of chemimechanical pulp was 24.5 tons [5]. - **Inventory**: As of March 19, 2026, the pulp port inventory was 229.7 tons, a decrease of 7.6 tons from the previous period, a month - on - month decrease of 3.2%; the futures delivery warehouse inventory was 18.2 tons [5]. - **Finished Paper Production**: On March 19, 2026, the production of double - offset paper was 20.60 tons, coated paper was 7.60 tons, tissue paper was 31.00 tons, and cardboard was 37.50 tons [5]. Supply and Demand - **Supply**: Chile's Arauco Company's March coniferous pulp offer was 710 dollars/ton, unchanged; the broad - leaf pulp Star's offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus's offer was 620 dollars/ton, unchanged [5]. - **Demand**: The demand side of pulp has been stable recently. The prices of finished paper are stable, and the production volume has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The weak pattern of the pulp futures fundamentals continues, with limited upside potential for short - term position - reduction rallies. It is expected to fluctuate weakly in the short term [6]. 3. Directory Summaries 3.1 Pulp Price Data - **Futures Prices**: On March 20, 2026, SP2701 futures price was 5,510 yuan/ton, up 0.99% day - on - day and down 0.29% week - on - week; SP2609 was 5,272 yuan/ton, up 0.96% day - on - day and down 1.09% week - on - week; SP2605 was 5,164 yuan/ton, up 1.18% day - on - day and down 2.05% week - on - week [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5,150 yuan/ton, up 1.98% day - on - day and down 2.83% week - on - week; Coniferous pulp Russian Needle was 5,000 yuan/ton, up 2.04% day - on - day and down 2.91% week - on - week; Broadleaf pulp Goldfish was 4,550 yuan/ton, with no day - on - day change and down 1.09% week - on - week [5]. - **External Offer and Import Cost**: The external offer of Chilean Silver Star was 710 US dollars/ton, unchanged; Chilean Star was 600 US dollars/ton, unchanged; Chilean Venus was 620 US dollars/ton, unchanged. The import costs of these pulps also remained unchanged [5]. 3.2 Pulp Fundamental Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 million tons, down 30.86% month - on - month; the import volume of broadleaf pulp was 147.13 million tons, down 2.94% month - on - month [5]. - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170 thousand tons, down 19.80% month - on - month [5]. - **Domestic Production**: On March 19, 2026, the domestic production of broadleaf pulp was 26.3 million tons, and that of chemimechanical pulp was 24.5 million tons [5]. - **Inventory**: As of March 19, 2026, the pulp port inventory was 229.7 million tons, down 7.6 million tons from the previous period, a 3.2% decline. The futures delivery warehouse inventory was 18.2 million tons [5]. - **Demand (Finished Paper Production)**: On March 19, 2026, the production of offset paper was 20.60 million tons, coated paper was 7.60 million tons, tissue paper was 31.00 million tons, and white cardboard was 37.50 million tons [5]. 3.3 Supply and Demand Analysis - **Supply**: Chile's Arauco Company's March offer for coniferous pulp was 710 US dollars/ton, unchanged; the offer for broadleaf pulp Star was 620 US dollars/ton, up 20 US dollars/ton; the offer for natural pulp Venus was 620 US dollars/ton, unchanged [5]. - **Demand**: The demand for pulp has been stable recently. The prices of finished paper are stable, and the production has increased this week. However, the price increase letters issued by paper mills are expected to be difficult to implement [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market shows a trend of inventory reduction at major ports. The demand side is currently stable, with stable prices of finished paper and an increase in production this week. The price increase notices issued by paper mills are expected to be difficult to implement. For pulp futures, after a sharp decline with increasing positions, there has been a small rebound with decreasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [5][6] 3. Summary According to Relevant Contents Pulp Price Data - **Futures Prices**: On March 19, 2026, SP2701 was 5456 yuan/ton, with a daily increase of 1.19% and a weekly decrease of 0.76%; SP2609 was 5222 yuan/ton, with a daily increase of 1.16% and a weekly decrease of 1.51%; SP2605 was 5104 yuan/ton, with a daily increase of 1.27% and a weekly decrease of 2.82% [5] - **Spot Prices**: Coniferous pulp Silver Star was 5050 yuan/ton, unchanged daily and down 4.72% weekly; Coniferous pulp Russian Needle was 4900 yuan/ton, unchanged daily and down 4.85% weekly; Broadleaf pulp Goldfish was 4550 yuan/ton, unchanged daily and down 1.09% weekly [5] - **Foreign Quotes and Import Costs**: Chilean Silver Star's foreign quote was 710 dollars/ton, unchanged; its import cost was 5802 yuan/ton, unchanged. Chilean Star's foreign quote was 600 dollars/ton, unchanged; its import cost was 4911 yuan/ton, unchanged. Chilean Venus's foreign quote was 620 dollars/ton, unchanged; its import cost was 5073 yuan/ton, unchanged [5] Pulp Fundamental Data - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, a month - on - month increase of 7.31% compared to November 2025; the import volume of broadleaf pulp was 135.2 tons, a month - on - month decrease of 23.40% compared to November 2025 [5] - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170,000 tons, a month - on - month decrease of 19.80% [5] - **Domestic Production Volume**: On March 19, 2026, the domestic production volume of broadleaf pulp was 26.3 tons; the domestic production volume of chemimechanical pulp was 24.5 tons [5] - **Inventory Data**: As of March 19, 2026, the pulp port inventory was 229.7 tons, a decrease of 7.6 tons from the previous period, a month - on - month decrease of 3.2%; the futures delivery warehouse inventory was 18.2 tons [5] - **Finished Paper Production Volume**: On March 19, 2026, the production volume of offset paper was 20.6 tons; the production volume of coated paper was 7.6 tons; the production volume of tissue paper was 31.0 tons; the production volume of white cardboard was 37.5 tons [5] Supply and Demand - **Supply Side**: Chile's Arauco Company's March offer for coniferous pulp was 710 dollars/ton, unchanged; the offer for broadleaf pulp Star was 620 dollars/ton, up 20 dollars/ton; the offer for natural pulp Venus was 620 dollars/ton, unchanged [5] - **Demand Side**: The demand side of pulp has been stable recently. The prices of finished paper are stable, and the production volume has increased this week. The price increase notices issued by paper mills are expected to be difficult to implement [5] Strategy - Pulp futures have seen a small rebound with decreasing positions after a sharp decline with increasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [6]

Report Industry Investment Rating - Not provided Core View of the Report - Pulp futures significantly increased positions and declined. The main reason is that the current weak reality leads to the expectation of a further decline in the external market quotation. The bearish sentiment has not been fully released for the time being, and it is not recommended to buy at the bottom in the short term [5] Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On March 17, 2026, SP2701 was 5420 yuan/ton, down 1.42% day-on-day and 1.17% week-on-week; SP2609 was 5198 yuan/ton, down 2.07% day-on-day and 2.00% week-on-week; SP2605 was 5088 yuan/ton, down 2.75% day-on-day and 2.97% week-on-week [5] - **Spot Prices**: On March 17, 2026, the price of coniferous pulp Silver Star was 5150 yuan/ton, down 2.83% day-on-day and 3.74% week-on-week; the price of coniferous pulp Russian Needle was 5000 yuan/ton, down 2.91% day-on-day and 2.91% week-on-week; the price of broadleaf pulp Goldfish was 4550 yuan/ton, down 1.09% day-on-day and 1.09% week-on-week [5] - **External Market Quotes**: The quotes of Chilean Silver Star, Chilean Star, and Chilean Venus remained unchanged compared to the previous period, at 710, 600, and 620 US dollars/ton respectively [5] - **Import Costs**: The import costs of Chilean Silver Star, Chilean Star, and Chilean Venus were 5802, 4911, and 5073 yuan/ton respectively, remaining unchanged compared to the previous period [5] Pulp Fundamental Data Supply - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, a month-on-month increase of 7.31% compared to November; the import volume of broadleaf pulp was 135.2 tons, a month-on-month decrease of 23.40% compared to November [5] - **Domestic Production**: The domestic production of broadleaf pulp showed fluctuations from January 22 to March 12, 2026, with the highest being 25.2 tons and the lowest being 23.8 tons; the domestic production of chemimechanical pulp also fluctuated, with the highest being 24.5 tons and the lowest being 23.7 tons [5] - **Shipment Volume**: The shipment volume of pulp to China in January 2026 was 170,000 tons, a month-on-month decrease of 19.80% [5] Inventory - **Port Inventory**: As of March 12, 2026, the sample inventory of China's main pulp ports was 237.3 tons, a decrease of 3.5 tons compared to the previous period, a month-on-month decrease of 1.5%. The inventory of pulp ports showed a narrow de - stocking trend, and the port inventory changed from a continuous two - week inventory accumulation trend to a de - stocking trend [5] - **Futures Delivery Warehouse Inventory**: As of March 12, 2026, the inventory of futures delivery warehouses was 18.0 tons, showing an increasing trend compared to previous periods [5] Demand - **Finished Paper Production**: The production of double - offset paper, coated paper, toilet paper, and white cardboard showed fluctuations from January 22 to March 12, 2026. The demand side of pulp has been stable recently, the price of finished paper has been 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: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp futures inventory decreased slightly this week, but the port inventory, especially for softwood pulp, remains at an absolute high. The "Golden March and Silver April" period is unlikely to effectively boost papermaking demand, and the overall market is expected to fluctuate weakly [5] Group 3: Summary of Related Catalogs Pulp Price Data - **Futures Prices**: On March 12, 2026, SP2701 was 5498 yuan/ton with a daily increase of 0.18% and a weekly increase of 0.33%; SP2609 was 5302 yuan/ton with a daily decrease of 0.30% and a weekly decrease of 0.08%; SP2605 was 5252 yuan/ton with a daily decrease of 0.15% and a weekly increase of 0.04% [5] - **Spot Prices**: Coniferous pulp Silver Star was 5300 yuan/ton with a daily decrease of 0.93% and no weekly change; Coniferous pulp Russian Needle was 5150 yuan/ton with no daily change and a weekly increase of 0.98%; Broadleaf pulp Goldfish was 4600 yuan/ton with no daily or weekly change [5] - **Foreign Offers and Import Costs**: Chilean Silver Star's foreign offer was 710 dollars/ton with no change, and its import cost was 5802 yuan/ton with no change; Chilean Star's foreign offer was 600 dollars/ton with no change, and its import cost was 4911 yuan/ton with no change; Chilean Venus's foreign offer was 620 dollars/ton with no change, and its import cost was 5073 yuan/ton with no change [5] Pulp Fundamental Data - **Import Volume and Shipment**: In December 2025, the import volume of softwood pulp was 72.5 tons, a 7.31% increase from November; the import volume of hardwood pulp was 176.5 tons, a 23.40% decrease from November. The pulp shipment to China in January 2026 was 170 thousand tons, a 19.80% decrease [5] - **Domestic Production**: On March 12, 2026, the domestic production of broadleaf pulp was 23.8 tons, and that of chemimechanical pulp was 24.5 tons [5] - **Inventory**: As of March 12, 2026, the pulp port inventory was 237.3 tons, a decrease of 3.5 tons from the previous period, a 1.5% decrease; the futures delivery warehouse inventory was 18.0 tons [5] - **Demand**: The production of offset paper was 19.80 tons, coated paper was 8.30 tons, and the daily production of tissue paper was 28.76 tons [5] Supply and Demand - **Supply**: Chile's Arauco Company's March softwood pulp offer was 710 dollars/ton, unchanged; the hardwood pulp Star's offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus's offer was 620 dollars/ton, unchanged [5] - **Demand**: The pulp demand has been stable recently, the finished paper prices are stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The pulp futures are expected to fluctuate in the range of 5,200 - 5,400 yuan/ton. The lower limit is supported by the shutdown of a Finnish softwood pulp mill, while the upside is restricted by weak domestic demand and high inventory. There was a relatively large amount of warrant registration today [5]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On March 10, 2026, SP2701 was 5,484 yuan/ton with a -1.15% daily change and 0.92% weekly change; SP2609 was 5,304 yuan/ton with -1.04% daily and 0.53% weekly changes; SP2605 was 5,244 yuan/ton with -1.06% daily and 0.46% weekly changes [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5,350 yuan/ton with 0.00% daily and 1.90% weekly changes; Russian Needle was 5,150 yuan/ton with 0.00% daily and 1.98% weekly changes; Broadleaf pulp Goldfish was 4,600 yuan/ton with 0.00% daily and weekly changes [5]. - **External Quotes and Import Costs**: Chilean Silver Star's external quote was 710 dollars/ton with 0.00% monthly change, and its import cost was 5,802 yuan/ton with 0.00% monthly change; Chilean Star was 600 dollars/ton with 0.00% monthly change and 4,911 yuan/ton import cost with 0.00% monthly change; Chilean Venus was 620 dollars/ton with 0.00% monthly change and 5,073 yuan/ton import cost with 0.00% monthly change [5]. Pulp Fundamental Data - **Import Volume**: In December 2025, coniferous pulp import volume was 72.5 tons with a 7.31% monthly increase compared to November 2025; broadleaf pulp import volume was 176.5 tons with a -23.40% monthly decrease [5]. - **Shipment to China**: In January 2026, the shipment of pulp to China was 170 thousand tons with a -19.80% monthly decrease [5]. - **Domestic Production**: On March 5, 2026, broadleaf pulp domestic production was 24.3 tons; chemical mechanical pulp was 23.8 tons [5]. - **Inventory**: As of March 5, 2026, the pulp port inventory was 240.8 tons, a 0.7 - ton increase from the previous period, with a 0.3% monthly increase; the futures delivery warehouse inventory was 15.3 tons [5]. - **Demand**: On March 5, 2026, the production of double - offset paper was 19.80 tons; copperplate paper was 8.30 tons; tissue paper was 28.76 tons; white cardboard was 36.10 tons [5]. Supply, Demand, and Inventory Analysis - **Supply**: Chilean Arauco's March softwood pulp offer was 710 dollars/ton, unchanged; broadleaf pulp Star's offer was 620 dollars/ton, up 20 dollars/ton; natural pulp Venus's offer was 620 dollars/ton, unchanged [5]. - **Demand**: The demand for pulp has been stable recently. The price of finished paper is stable, and the production volume increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5]. - **Inventory**: As of March 5, 2026, the inventory of China's main pulp ports showed a cumulative increase trend. After the Spring Festival, the port inventory has shown a cumulative increase for two consecutive weeks [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Pulp prices are expected to fluctuate in the range of 5,200 - 5,400 yuan/ton. The lower limit is supported by the shutdown of a Finnish softwood pulp mill, while the upper limit is restricted by weak domestic demand and high inventory [5] Group 3: Summary According to the Directory Futures and Spot Prices - On March 5, 2026, the futures prices of SP2701, SP2609, and SP2605 were 5,480 yuan/ton, 5,306 yuan/ton, and 5,250 yuan/ton respectively, with daily changes of 0.15%, 0.04%, and 0.08%, and weekly changes of -0.90%, -1.08%, and -1.17% [5] - The spot prices of softwood pulp Silver Star, Russian Needle, and hardwood pulp Goldfish were 5,300 yuan/ton, 5,100 yuan/ton, and 4,600 yuan/ton respectively, with daily and weekly changes of 0.95%, 0.99%, and 0.00% [5] Outer - Disk Quotes and Import Costs - The outer - disk quotes of Chilean Silver Star, Chilean Star, and Chilean Venus were 710 dollars/ton, 600 dollars/ton, and 620 dollars/ton respectively, with no monthly change. The import costs were 5,802 yuan/ton, 4,911 yuan/ton, and 5,073 yuan/ton respectively, also with no monthly change [5] Supply - side Data - In December 2025, the import volume of softwood pulp was 77.8 million tons, a month - on - month increase of 7.31%, and the import volume of hardwood pulp was 135.2 million tons, a month - on - month decrease of 23.40% [5] - The pulp shipments to China in January 2026 were 170,000 tons, a month - on - month decrease of 19.80% [5] - The domestic production of hardwood pulp on March 5, 2026 was 24.3 million tons, and that of chemimechanical pulp was 23.8 million tons [5] Inventory Data - As of March 5, 2026, the pulp port inventory was 240.8 million tons, a 0.3% increase from the previous period, showing a cumulative inventory trend for two consecutive weeks after the Spring Festival. The futures delivery warehouse inventory was 15.3 million tons [5] Demand - side Data - The production of offset paper, coated paper, tissue paper, and kraft linerboard on March 5, 2026 was 19.80 million tons, 8.30 million tons, 28.76 million tons, and 36.10 million tons respectively. The pulp demand has been stable recently, with the price of finished paper stable and the production increasing this week [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View - The overseas coniferous pulp mills have a serious inventory build - up, the external market quotation is under great pressure, and there is no obvious positive news for domestic demand. It is expected to fluctuate with a downward bias [6] Group 3: Summary by Relevant Catalogs 1. Price Data - **Futures Prices**: On March 3, 2026, SP2601 was 5434 yuan/ton, down 0.62% day - on - day and 2.16% week - on - week; SP2609 was 5276 yuan/ton, down 0.75% day - on - day and 2.22% week - on - week; SP2605 was 5220 yuan/ton, down 0.61% day - on - day and 2.25% week - on - week [5] - **Spot Prices**: On March 3, 2026, the price of coniferous pulp Silver Star was 5250 yuan/ton, unchanged day - on - day and down 1.87% week - on - week; the price of coniferous pulp Russian Needle was 5050 yuan/ton, unchanged day - on - day and down 1.94% week - on - week; the price of broad - leaf pulp Goldfish was 4600 yuan/ton, unchanged both day - on - day and week - on - week [5] - **External Quotes**: The external quote of Chilean Silver Star was 710 dollars/ton, unchanged; the quote of Chilean Star was 600 dollars/ton, up 1.69% month - on - month; the quote of Chilean Venus was 620 dollars/ton, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5802 yuan/ton, unchanged; the import cost of Chilean Star was 4911 yuan/ton, up 1.68% month - on - month; the import cost of Chilean Venus was 5073 yuan/ton, unchanged [5] 2. Fundamental Data - **Pulp Shipment Volume to China**: In January 2026, the pulp shipment volume to China was 170 thousand tons, down 19.80% month - on - month [5] - **Domestic Production**: In February 26, 2026, the domestic production of broad - leaf pulp was 25.2 tons, and the production of chemical mechanical pulp was 23.8 tons [5] - **Inventory**: As of February 26, 2026, the pulp port inventory was 240.1 tons, up 9.4% month - on - month; the futures delivery warehouse inventory was 15.2 tons [5] - **Demand**: In terms of finished paper production, on February 26, 2026, the production of offset paper was 17.5 tons, copperplate paper was 7.4 tons, tissue paper was 23.98 tons, and white cardboard was 36.1 tons [5] 3. Supply, Demand and Inventory Summary - **Supply**: The February offer of coniferous pulp from Chile's Arauco Company was 710 dollars/ton, unchanged; the offer of broad - leaf pulp Star was 600 dollars/ton, up 10 dollars/ton; the offer of natural pulp Venus was 620 dollars/ton, unchanged [5] - **Demand**: The demand side of pulp has been stable recently, the price of finished paper is stable, and the production has decreased this week [5] - **Inventory**: As of February 26, 2026, the inventory of China's main pulp ports has shown a trend of accumulation [5]

1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - The pulp demand side has been stable recently, with stable finished - paper prices and a slight increase in production this week. The inventory at the inventory side continued to accumulate in this cycle, with the port sample inventory showing an accumulation trend for six consecutive weeks. Coniferous pulp lacks positive factors but is supported by mill costs at the bottom, and is expected to fluctuate between 5,200 - 5,400 [5]. 3. Summary According to the Directory Futures and Spot Prices - **Futures Prices**: On February 26, 2026, SP2601 was 5,530 yuan/ton, down 0.18% day - on - day and up 1.88% week - on - week; SP2609 was 5,364 yuan/ton, down 0.67% day - on - day and up 1.59% week - on - week; SP2605 was 5,312 yuan/ton, down 0.67% day - on - day and up 1.45% week - on - week [5]. - **Spot Prices**: On February 26, 2026, the spot price of coniferous pulp Silver Star was 5,350 yuan/ton (0% day - on - day, 1.90% week - on - week), Russian Needle was 5,150 yuan/ton (0% day - on - day, 1.98% week - on - week), and broad - leaf pulp Goldfish was 4,600 yuan/ton (0% day - on - day, 0.44% week - on - week) [5]. Outer - Disk Quotes and Import Costs - **Outer - Disk Quotes**: In February 2026, the outer - disk quote of Chilean Silver Star was 710 US dollars/ton (0% month - on - month), Chilean Star was 600 US dollars/ton (up 1.69% month - on - month), and Chilean Venus was 620 US dollars/ton (0% month - on - month) [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5,802 yuan/ton (0% month - on - month), Chilean Star was 4,911 yuan/ton (up 1.68% month - on - month), and Chilean Venus was 5,073 yuan/ton (0% month - on - month) [5]. Supply - Side Data - **Imports**: In December 2025, coniferous pulp imports were 77.8 million tons, up 7.31% month - on - month compared to November; broad - leaf pulp imports were 135.2 million tons, down 23.40% month - on - month compared to November. The pulp shipment volume to China in December 2025 was 212 thousand tons, up 19.10% month - on - month [5]. - **Domestic Production**: On February 26, 2026, the domestic production of broad - leaf pulp was 25.2 million tons, and that of chemimechanical pulp was 23.8 million tons [5]. Inventory Data - **Pulp Port Inventory**: On February 26, 2026, the pulp port inventory was 240.1 million tons, showing an accumulation trend [5]. - **Futures Delivery Warehouse Inventory**: On February 26, 2026, the futures delivery warehouse inventory was 15.2 million tons [5]. Demand - Side Data - **Finished - Paper Production**: On February 26, 2026, the production of offset paper was 17.50 million tons, copperplate paper was 7.40 million tons, tissue paper was 23.98 million tons, and white cardboard was 36.10 million tons [5]. Supply - Demand - Inventory Summary and Strategy - **Summary**: The supply side: Arauco's February coniferous pulp offer was flat, broad - leaf pulp Star increased, and natural pulp Venus was flat. The demand side was stable, and the inventory side continued to accumulate. - **Strategy**: Coniferous pulp is expected to fluctuate between 5,200 - 5,400 [5].