投资咨询业务资格:证监许可【2012】31号 ITCE贸期货 必数据 国贸期货研究院 投资咨询号: Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | | 2026年1月9日 | 日环比 | 周环比 | | | 2026年1月9日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5480 | 0.66% | 0. 37% | 现货价格 | 针叶浆银星 | 5600 | 0.00% | 0. 00% | | (元/吨) | SP2609 | 5602 | 0. 68% | 0. 57% | (元/吨) | 针叶浆俄针 | 5400 | 1.89% | 0. 00% | | | SP2605 | 5550 | 0. 84% | 0. 33% | | 阔叶浆金鱼 | 4750 | 0. 64% | 1.06% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp is currently pulled by the trading logic of "strong supply" and "weak demand", lacking a clear short - term direction. The 05 contract is expected to fluctuate in the range of 5400 - 5700 yuan/ton [6] Group 3: Summary by Relevant Content Pulp Price Data - **Futures Prices**: On January 5, 2026, SP2601 futures price was 5472 yuan/ton, up 0.22% day - on - day and down 1.08% week - on - week; SP2609 was 5562 yuan/ton, down 0.14% day - on - day and down 1.56% week - on - week; SP2605 was 5530 yuan/ton, down 0.04% day - on - day and down 1.32% week - on - week [6] - **Spot Prices**: Coniferous pulp Silver Star was 5600 yuan/ton, unchanged day - on - day and week - on - week; Russian Coniferous pulp was 5400 yuan/ton, unchanged; Broadleaf pulp Goldfish was 4700 yuan/ton, up 0.64% day - on - day and week - on - week [6] - **Foreign Quotes**: Chilean Silver Star's foreign quote was 700 dollars/ton, up 2.94% month - on - month; Brazilian Goldfish was 560 dollars/ton, up 3.70% month - on - month; Chilean Venus was 620 dollars/ton, unchanged [6] - **Import Costs**: Chilean Silver Star's import cost was 5721 yuan/ton, up 2.91% month - on - month; Brazilian Goldfish was 4587 yuan/ton, up 3.66% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged [6] Pulp Fundamental Data - **Import Volume**: In November 2025, coniferous pulp import volume was 72.5 tons, up 4.92% month - on - month compared to October; broadleaf pulp import volume was 176.5 tons, up 33.92% month - on - month [6] - **Shipment Volume**: The pulp shipment volume to China in November 2025 was 178 thousand tons, up 3.00% month - on - month [6] - **Domestic Production**: The broadleaf pulp production of 25 countries showed fluctuations from November 2025 to December 2025; the chemi - mechanical pulp production was relatively stable [6] - **Inventory Data**: Pulp port inventory and futures delivery warehouse inventory also fluctuated during the period from November 2025 to December 2025. As of January 4, 2026, the inventory of China's mainstream pulp ports was 199.7 tons, up 9.1 tons from the previous period, a 4.8% increase [6] - **Finished Paper Production**: The production of various finished papers such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated during the same period [6] Supply, Demand and Inventory Analysis - **Supply**: Suzano announced a full - scale price increase for global broadleaf pulp in January 2026. Goldfish broadleaf pulp increased by 20 dollars in Asia and 120 dollars in Europe and North America [6] - **Demand**: The pulp demand has been stable recently. The price of tissue paper has risen slightly, while the prices of other paper products are stable, and the production of major wood - pulp papers is stable [6] - **Inventory**: As of January 4, 2026, the inventory of China's mainstream pulp ports has shifted to a cumulative inventory trend, ending the continuous five - week destocking phenomenon [6]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Pulp has intense competition between the "strong supply" and "weak demand" narratives recently, and is highly volatile due to market macro funds. It is recommended to wait and see [6] Group 3: Summary by Related Catalogs Pulp Price Data - Futures prices of SP2601, SP2609, and SP2605 on December 31, 2025, were 5460 yuan/ton, 5570 yuan/ton, and 5532 yuan/ton respectively, with daily decreases of 0.66%, 0.61%, and 0.65%, and weekly decreases of 1.66%, 1.59%, and 1.57% [6] - Spot prices of coniferous pulp Silver Star, Russian Needle, and broadleaf pulp Golden were 5600 yuan/ton, 5400 yuan/ton, and 4700 yuan/ton respectively on December 31, 2025, with the Golden having a daily and weekly increase of 0.64% [6] - Foreign offers of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700 dollars/ton, 560 dollars/ton, and 620 dollars/ton respectively, with monthly increases of 2.94%, 3.70%, and 0.00% [6] - Import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5721 yuan/ton, 4587 yuan/ton, and 5073 yuan/ton respectively, with monthly increases of 2.91%, 3.66%, and 0.00% [6] Pulp Fundamental Data - In November 2025, imports of coniferous pulp were 72.5 tons, a 4.92% increase from October; imports of broadleaf pulp were 176.5 tons, a 33.92% increase from October [6] - The pulp shipment volume to China in November 2025 was 178 thousand tons, a 3.00% increase [6] - National production of broadleaf pulp and chemimechanical pulp in different weeks from November 13 to December 25, 2025, showed certain fluctuations [6] - As of December 25, 2025, pulp port inventory was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease; futures delivery warehouse inventory was 10.1 tons [6] - Production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard in different weeks from November 13 to December 25, 2025, also showed certain fluctuations [6] Supply, Demand, and Inventory - Suzano announced a full - scale price increase for global broadleaf pulp in January 2026, with a 20 - dollar increase in Asia and a 120 - dollar increase in Europe and North America for Golden broadleaf pulp [6] - The demand side remains weak. Among mainstream wood - pulp papers, the price of cultural paper continues to decline, while tissue paper and white cardboard have a slight increase [6] - As of December 25, 2025, the sample inventory of China's main pulp ports was 190.6 tons, showing a de - stocking trend for five consecutive weeks [6]

国贸期货研究院 投资咨询号: Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | 日环比 | 2025年12月30日 | 2025年12月30日 | 日环比 | 周环比 | 周环比 | SP2601 | 针叶浆银星 | -0.97% | 1.03% | 5496 | 0.00% | 0. 00% | 5600 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | 现货价格 | SP2609 | 针叶浆俄针 | 0. 83% | -1.16% | 5604 | 5400 | 0. 00% | 0. 00% | (元/吨) | (元/吨) | | | | | | | | | SP2605 | -0. 93% | 阔叶浆金鱼 | 5568 | 1.05% | 4670 | 0. 00% | 0.00% | 上期价格 | 上期价格 | 本期价格 | 本期价格 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The implementation of the new round of price increase letters is good, domestic inventory has been reduced, and the market should be viewed with a bullish bias in a volatile manner [5][6] 3. Summary by Relevant Catalog Paper Pulp Price Data - **Futures Prices**: On December 26, 2025, SP2601 was at 5564 yuan/ton with a 0.58% daily and 2.47% weekly increase; SP2609 was at 5662 yuan/ton with a 0.21% daily and 2.54% weekly increase; SP2605 was at 5630 yuan/ton with a 0.46% daily and 2.25% weekly increase [6] - **Spot Prices**: Coniferous pulp silver star was at 5600 yuan/ton, coniferous pulp Russian needle was at 5400 yuan/ton, and broadleaf pulp Golden was at 4670 yuan/ton, with no daily change for silver star and Russian needle, and a 0.43% weekly increase for Golden [6] - **Foreign Quotes**: Chilean silver star was at 700 dollars/ton with a 2.94% monthly increase, Japanese Meigeng was at 580 dollars/ton with a 3.57% monthly increase, and Chilean Venus was at 620 dollars/ton with no change [6] - **Import Costs**: Chilean silver star was at 5721 yuan/ton with a 2.91% monthly increase, Brazilian Goldfish was at 4749 yuan/ton with a 3.53% monthly increase, and Chilean Venus was at 5073 yuan/ton with no change [6] Paper Pulp Fundamental Data - **Supply**: In November 2025, the import volume of coniferous pulp was 72.5 tons and broadleaf pulp was 176.5 tons, with monthly increases of 4.92% and 33.92% respectively. Suzano announced a global price increase for broadleaf pulp in January 2026, with a 20 - dollar increase in Asia and a 120 - dollar increase in Europe and North America for Goldfish broadleaf pulp [6] - **Inventory**: As of December 25, 2025, the sample inventory of China's major pulp ports was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease. The inventory has been decreasing for five consecutive weeks [6] - **Demand**: The demand side remains weak. Among mainstream wood - pulp papers, the price of cultural paper continues to decline, while the prices of tissue paper and white cardboard have slightly increased [6]

体报告中的情意地说于公开可获得的资料，国贸制货力求准确可靠，但不对上述信息的准确做及完整作收任何保证。本批告不构成个人投资建议、也未针对个别投资者帮班的投资目标。以 免责 日 務状況取需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定减税，据此投资，责任自负。本报告仅何物定客户推进，未经图贸期货投诉可，任何引用、转载以及向第三 F 厅传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。期市有风险,入市需谨慎。 TC国贸期货 世界500强投资企业 贸期货有限公司 流的衍生品综合服务商 投资咨询业务资格:证监许可【2012】31号 入 期 市 市 线 服 热 官 方 网 站 需 有 M 谨 风 www.itf.com.cn 400-8888-598 慎 险 TG国贸期货 2025/12/26 ,数据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | | 2025年12月25日 | 日环比 | 周环比 | | | 2025年12月25日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | ...

,数据 投资咨询业务资格:证监许可【2012】31号 TG国贸期货 入 期 市 市 线 服 热 官 方 网 站 需 有 M 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/12/26 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | | 2025年12月25日 | 日环比 | 周环比 | | | 2025年12月25日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5532 | -0. 36% | 2. 03% | 现货价格 | 针叶浆银星 | 5600 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5650 | -0. 18% | 2. 32% | (元/吨) | 针叶浆俄针 | | #DIV/O ! | -100. 00% | | | SP2605 | 5604 | -0. 28% | 1.89% | | 阔叶浆金鱼 | 0 | -1 ...

世界500强投资企业 E 突期货有限公司 成为一流的衍生品综合服务商 入 期 市 市 服 热线线 官 方 网 站 客 霜 有 谨 风 400-8888-598 www.itf.com.cn 慎 险 IIIC 国贸期货 投资咨询业务资格:证监许可【2012】31号 收费サ 国贸期货研究院 投资咨询号:Z0015194 2025/12/24 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 周环比 2025年12月23日 周环比 2025年12月23日 日环比 日环比 SP2601 针叶浆银星 0. 04% 2. 82% 0. 00% 0. 00% 5550 5600 期货价格 现货价格 SP2609 针叶浆俄针 0. 07% 3.13% 0. 00% 0. 00% 5670 5250 (元/吨) (元/吨) SP2605 5620 -0. 04% 2. 78% 阔叶浆金鱼 0. 00% 0. 00% 4500 上期价格 月环比 上期价格 月环比 本期价格 本期价格 智利银星 智利银星 2. 94% 5559 2.91% 700 5721 680 外盘报价 进口成本 田西等鱼 巴西金鱼 540 ...

纸浆价格数据 投资咨询业务资格:证监许可【2012】31号 TG国贸期货 ,数据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 | | | 2025年12月18日 | 日环比 | 周环比 | | | 2025年12月18日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5422 | -0. 33% | -1.56% | 现货价格 | 针叶浆银星 | 5600 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5522 | -0. 18% | -1.15% | (元/吨) | 针叶浆俄针 | 5250 | 0. 00% | 0. 00% | | | SP2605 | 5500 | -0. 11% | -1.54% | | 阔叶浆金鱼 | 4500 | 0. 00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报 ...

投资咨询业务资格:证监许可【2012】31号 TG国贸期货 | | | 2025年12月15日 | 日环比 | 周环比 | | | 2025年12月15日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5494 | 0. 73% | 1. 89% | 现货价格 | 针叶浆银星 | 5600 | 0.00% | 1.82% | | (元/吨) | SP2609 | 5598 | 1.05% | 3.17% | (元/吨) | 针叶浆俄针 | 5250 | 0. 00% | 0. 00% | | | SP2605 | 5572 | 0.69% | 2. 50% | | 阔叶浆金鱼 | 4500 | 0. 00% | 0. 00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 700 | 680 | 2.94% | 进口成本 | 智利银星 | 5721 | 5559 | 2.91% | ...