本好告中的偏息均源于公开可获得的资料，固贸制货力求准确可靠，但不对上述信息的准确性及完整性假任何保证。本报告不有成个人投资建议。也未针对个别投资者帮辣的投资目标， 免 责 声 務状況或需要，投资者需自行判断本报告中的值何意见或建议是否符合其特定成况，相比投资，责任自负、本报告仅向榜定客户推进、未经国贸期货授权许可，任何引用、转载以及向第三 IDE 万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。 ITCE 贸期货 IICE超越 投资咨询业务资格:证监许可【2012】31号 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2月26日 | | 日环比 | 周环比 | | | 2026年2月26日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5530 | -0. 18% | 1.88% | 现货价格 | 针叶浆银星 | 5350 | 0.00% ...

纸浆价格数据 | | 2026年2月13日 | | 日环比 | 周环比 | | | 2026年2月13日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5446 | -0. 04% | -0. 07% | 现货价格 | 针叶浆银星 | 5250 | 0.00% | 0.00% | | (元/吨) | SP2609 | 5304 | 0. 34% | 0. 49% | (元/吨) | 针叶浆俄针 | 5050 | 0. 00% | 0. 00% | | | SP2605 | 5260 | 0.42% | 0. 50% | | 阔叶浆金鱼 | 4580 | 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 | 710 | 700 | 1. 43% | 进口成本 | 智利银星 | 5802 | 5721 | 1.42% | | (美元/吨) | 智利明星 | 590 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report. 2. Core View of the Report - Pulp futures lack a clear trading logic before the holiday, and the spot market transactions are stagnant, so it is expected to fluctuate at a low level [5]. 3. Summary According to Relevant Contents 3.1 Pulp Price Data - **Futures Prices (Yuan/ton) on February 11, 2026**: SP2601 was 5428 with a daily increase of 0.22% and a weekly decrease of 1.67%; SP2609 was 5280 with a daily increase of 0.57% and a weekly decrease of 1.75%; SP2605 was 5236 with a daily increase of 0.65% and a weekly decrease of 1.65% [5]. - **Spot Prices (Yuan/ton) on February 11, 2026**: Coniferous pulp Silver Star was 5250 with no daily change and a weekly decrease of 1.32%; Coniferous pulp Russian Needle was 5050 with no daily change and a weekly decrease of 0.98%; Hardwood pulp Goldfish was 4580 with no daily change and a weekly decrease of 0.43% [5]. - **Outer - plate Quotes (US dollars/ton)**: Chilean Silver Star was 710, up 1.43% month - on - month; Chilean Star was 590, up 3.51% month - on - month; Chilean Venus was 620, with no month - on - month change [5]. - **Import Costs (Yuan/ton)**: Chilean Silver Star was 5802, up 1.42% month - on - month; Chilean Star was 4830, up 3.47% month - on - month; Chilean Venus was 5073, with no month - on - month change [5]. 3.2 Pulp Fundamental Data - **Import Volume (10,000 tons)**: In December 2025, coniferous pulp was 77.8, up 7.31% month - on - month compared to November; hardwood pulp was 135.2, down 23.40% month - on - month compared to November [5]. - **Pulp Shipment Volume to China (1000 tons) in November 2025**: It was 178, up 3.00% month - on - month [5]. - **Domestic Production Volume (10,000 tons)**: Hardwood pulp production volume from January 8 - February 5, 2026, fluctuated around 24 - 25.2; Chemimechanical pulp production volume fluctuated around 23.7 - 23.9 [5]. - **Pulp Port Inventory (10,000 tons)**: As of February 5, 2026, it was 218.2, up 1.3 from the previous period and 0.6% higher month - on - month. The inventory has been increasing for five consecutive weeks [5]. - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of February 5, 2026, it was 14.2 [5]. - **Finished Paper Production Volume (10,000 tons)**: From January 8 - February 5, 2026, double - offset paper production volume fluctuated around 18.7 - 21.1; coated paper production volume fluctuated around 8.3 - 8.5; tissue paper production volume fluctuated around 28.66 - 29.87; kraft linerboard production volume fluctuated around 33.1 - 38.4 [5]. 3.3 Supply, Demand, and Inventory Analysis - **Supply Side**: In February, Chile's Arauco Company's coniferous pulp offer was 710 US dollars/ton, unchanged; hardwood pulp Star's offer was 600 US dollars/ton, up 10 US dollars/ton; natural pulp Venus's offer was 620 US dollars/ton, unchanged [5]. - **Demand Side**: The pulp demand has been stable recently, the finished paper price is stable, and the production volume has increased slightly this week [5]. - **Inventory Side**: As of February 5, 2026, the inventory of Chinese mainstream pulp ports continued to increase, and the port sample inventory has been in an increasing trend for five consecutive weeks [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp supply side has recent disturbances, but the demand side shows weakness, lacking a clear trading logic, and is expected to fluctuate weakly [6] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices (Yuan/ton) on Feb 9, 2026**: SP2601 at 5414, -0.66% day-on-day, -0.48% week-on-week; SP2609 at 5248, -0.57% day-on-day, -1.09% week-on-week; SP2605 at 5200, -0.65% day-on-day, -1.25% week-on-week [5] - **Spot Prices (Yuan/ton) on Feb 9, 2026**: Coniferous pulp Silver Star at 5250, -0.94% day-on-day, -1.32% week-on-week; Coniferous pulp Russian Needle at 5050, -0.98% day-on-day, -1.94% week-on-week; Hardwood pulp Goldfish at 4580, 0.00% day-on-day, -0.43% week-on-week [5] - **Foreign Offer Prices (USD/ton)**: Chilean Silver Star at 710, 1.43% month-on-month; Chilean Star at 590, 3.51% month-on-month; Chilean Venus at 620, 0.00% month-on-month [5] - **Import Costs (Yuan/ton)**: Chilean Silver Star at 5802, 1.42% month-on-month; Chilean Star at 4830, 3.47% month-on-month; Chilean Venus at 5073, 0.00% month-on-month [5] Pulp Fundamental Data Supply - **Import Volume (10,000 tons)**: In Dec 2025, coniferous pulp at 77.8, 7.31% month-on-month compared to Nov 2025; hardwood pulp at 135.2, -23.40% month-on-month compared to Nov 2025 [5] - **Shipments to China (1000 tons)**: In Nov 2025, at 178, 3.00% month-on-month [5] - **Domestic Production (10,000 tons)**: Hardwood pulp and chemimechanical pulp production data from Jan 8, 2025, to Feb 5, 2026, are provided [5] Inventory - **Pulp Port Inventory (10,000 tons)**: As of Feb 5, 2026, at 218.2, 0.6% month-on-month increase, with five consecutive weeks of inventory accumulation [5] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of Feb 5, 2026, at 14.2 [5] Demand - **Finished Paper Production (10,000 tons)**: Production data of offset paper, coated paper, tissue paper, and white cardboard from Dec 18, 2025, to Feb 5, 2026, are provided, with a slight increase in production this week [5] Summary - The pulp market continues to show an inventory accumulation trend this period, with port sample inventory accumulating for five consecutive weeks [5] Strategy - The pulp market is expected to fluctuate weakly due to supply disturbances and weak demand [6]

Report Industry Investment Rating - Not provided Core View of the Report - The pulp supply side has disturbances again recently, but the demand side shows a decline. Pulp lacks a clear trading logic and is expected to fluctuate weakly [6] Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On February 5, 2026, SP2601 was 5464 yuan/ton, down 1.01% day-on-day and 2.60% week-on-week; SP2609 was 5302 yuan/ton, down 1.34% day-on-day and 2.54% week-on-week; SP2605 was 5254 yuan/ton, down 1.31% day-on-day and 2.49% week-on-week [5] - **Spot Prices**: On February 5, 2026, the price of coniferous pulp Silver Star was 5320 yuan/ton, unchanged day-on-day and down 1.12% week-on-week; the price of coniferous pulp Russian Needle was 5100 yuan/ton, unchanged day-on-day and down 1.92% week-on-week; the price of broadleaf pulp Goldfish was 4600 yuan/ton, unchanged day-on-day and week-on-week [5] - **Outer Disk Quotes**: In February 2026, the outer disk quote of Chilean Silver Star was 710 dollars/ton, up 1.43% month-on-month; the quote of Chilean Star was 590 dollars/ton, up 3.51% month-on-month; the quote of Chilean Venus was 620 dollars/ton, unchanged month-on-month [5] - **Import Costs**: In February 2026, the import cost of Chilean Silver Star was 5802 yuan/ton, up 1.42% month-on-month; the import cost of Chilean Star was 4830 yuan/ton, up 3.47% month-on-month; the import cost of Chilean Venus was 5073 yuan/ton, unchanged month-on-month [5] Pulp Fundamental Data - **Supply**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month-on-month; the import volume of broadleaf pulp was 135.2 tons, down 23.40% month-on-month. The domestic production volume of broadleaf pulp on February 5, 2026, was 24.9 tons; the domestic production volume of chemimechanical pulp was 23.9 tons [5] - **Inventory**: As of February 5, 2026, the pulp port inventory was 218.2 tons, up 0.6% from the previous period; the futures delivery warehouse inventory was 14.2 tons [5] - **Demand**: The production volume of double-coated paper on February 5, 2026, was 21.10 tons; the production volume of coated paper was 8.40 tons; the production volume of tissue paper was 29.83 tons; the production volume of white cardboard was 35.00 tons [5] Summary - The pulp market continued to show a trend of inventory accumulation this period, and the port sample inventory has shown a trend of inventory accumulation for five consecutive weeks [5] Strategy - The pulp supply side has disturbances again recently, but the demand side shows a decline. Pulp lacks a clear trading logic and is expected to fluctuate weakly [6]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - Recent disturbances have resurfaced on the pulp supply - side, while the demand - side shows a decline. The overall commodity market has been highly volatile recently, and it is recommended to observe cautiously [6] 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On February 3, 2026, SP2601 was 5464 yuan/ton with a daily increase of 0.44% and a weekly decrease of 1.69%; SP2609 was 5324 yuan/ton with a daily increase of 0.34% and a weekly decrease of 1.26%; SP2605 was 5276 yuan/ton with a daily increase of 0.19% and a weekly decrease of 1.24% [5] - **Spot Prices**: On February 3, 2026, the price of coniferous pulp Silver Star was 5320 yuan/ton with no daily change and a weekly decrease of 1.12%; Russian coniferous pulp was 5100 yuan/ton with a daily decrease of 0.97% and a weekly decrease of 1.92%; broad - leaf pulp Goldfish was 4600 yuan/ton with no daily or weekly change [5] - **Foreign Quotes**: The foreign quote of Chilean Silver Star was 710 dollars/ton, up 1.43% month - on - month; Chilean Star was 590 dollars/ton, up 3.51% month - on - month; Chilean Venus was 620 dollars/ton with no month - on - month change [5] - **Import Costs**: The import cost of Chilean Silver Star was 5802 yuan/ton, up 1.42% month - on - month; Chilean Star was 4830 yuan/ton, up 3.47% compared to the previous period; Chilean Venus was 5073 yuan/ton with no change [5] Fundamental Data - **Supply**: In November 2025, the shipment of coniferous pulp to China was 77.8 million tons, a month - on - month increase of 7.31%, and broad - leaf pulp was 135.2 million tons, a month - on - month decrease of 23.40%. The domestic production of broad - leaf pulp and chemimechanical pulp showed some fluctuations from December 2025 to January 2026 [5] - **Inventory**: As of January 29, 2026, the inventory of China's mainstream pulp ports was 216.9 million tons, a 4.9% increase from the previous period. The inventory of futures delivery warehouses also fluctuated during the same period. The port sample inventory has been accumulating for four consecutive weeks [5] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed some decline. The demand for pulp has been stable recently, with a slight increase in tissue paper prices and stable prices for other paper products [5]

Group 1: Report Investment Rating - No information provided on the report's industry investment rating. Group 2: Core Viewpoint of the Report - Recently, the concentrated registration of pulp futures warrants limits the further upward space. The price of hardwood pulp has slightly loosened, and the overall outlook is bearish [6]. Group 3: Summary Based on Related Catalogs 1. Pulp Price Data - **Futures Prices**: On January 29, 2026, SP2601 was priced at 5,584 yuan/ton with a daily increase of 0.47% and a weekly increase of 1.01%; SP2609 was 5,420 yuan/ton with a 0.52% daily and 0.44% weekly rise; SP2605 was 5,374 yuan/ton, up 0.60% daily and 0.26% weekly [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5,380 yuan/ton, unchanged daily and down 0.37% weekly; Russian Needle was 5,200 yuan/ton, unchanged daily and down 0.95% weekly; Hardwood pulp Goldfish was 4,600 yuan/ton, unchanged daily and down 1.08% weekly [5]. - **Foreign Quotes and Import Costs**: Chilean Silver Star's foreign quote rose 2.94% to 700 dollars/ton, and its import cost increased 2.91% to 5,721 yuan/ton; Japanese West American Fish's foreign quote rose 1.89% to 540 dollars/ton, and Brazil's Huiyu's import cost increased 1.87% to 4,425 yuan/ton; Chilean Venus's foreign quote remained at 620 dollars/ton, and its import cost stayed at 5,073 yuan/ton [5]. 2. Pulp Fundamental Data - **Supply**: In December 2025, coniferous pulp imports were 77.8 tons, a 7.31% monthly increase; hardwood pulp imports were 135.2 tons, a 23.40% monthly decrease. The shipment volume to China in November 2025 was 178 thousand tons, a 3.00% increase. From January 22 - 29, 2026, hardwood pulp production was 24 tons, and chemimechanical pulp production was 23.7 tons [5]. - **Demand**: The production of finished paper decreased. Double - offset paper production was 18.70 tons; coated paper was 8.30 tons; tissue paper was 29.87 tons; and cardboard was 33.10 tons [5]. - **Inventory**: As of January 29, 2026, the sample inventory of China's major pulp ports was 216.9 tons, a 4.9% increase from the previous period, and the port sample inventory had been increasing for four consecutive weeks [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The pulp market shows a situation where the supply side has price adjustments from Chile's Arauco company, the demand side is stable with a slight decline in the output of major wood - pulp paper products, and the inventory side is in a continuous accumulation trend. It is suggested to consider shorting after a rebound as the upward space of pulp futures is limited [5][6] Group 3: Summary According to Related Catalogs Futures and Spot Prices - On January 22, 2026, among pulp futures prices, SP2601 was 5534 yuan/ton with a daily increase of 0.11% and a weekly increase of 2.29%; SP2609 was 5416 yuan/ton with a daily increase of 0.37% and a weekly decrease of 1.28%; SP2605 was 5380 yuan/ton with a daily increase of 0.37% and a weekly decrease of 1.03%. Among spot prices, the silver star of softwood pulp was 5400 yuan/ton with no daily change and a weekly decrease of 2.70%; Russian softwood pulp was 5250 yuan/ton with no daily change and a weekly decrease of 0.94%; the goldfish of hardwood pulp was 4650 yuan/ton with no daily change and a weekly decrease of 1.06% [5] Outer - disk Quotes and Import Costs - Outer - disk quotes: The price of Chilean silver star was 700 dollars/ton, up 2.94% month - on - month; from a certain date, it changed to 540 dollars/ton, up 1.89%; Chilean Venus was 620 dollars/ton with no change. Import costs: Chilean silver star was 5721 yuan/ton, up 2.91% month - on - month; Brazilian goldfish was 4425 yuan/ton, up 1.87%; Chilean Venus was 5073 yuan/ton with no change [5] Supply - side Data - In December 2025, the import volume of softwood pulp was 77.8 tons, up 7.31% month - on - month compared with 72.5 tons in November 2025; the import volume of hardwood pulp was 135.2 tons, down 23.40% month - on - month compared with 176.5 tons in November 2025. The shipment volume of pulp to China in November 2025 was 178 thousand tons, up 3.00% compared with the previous period. The domestic output of hardwood pulp on January 22, 2026, was 24.9 tons, and the output of chemimechanical pulp was 23.8 tons. Chile's Arauco company's January softwood pulp offer was 710 dollars/ton, up 10 dollars/ton; the offer for hardwood pulp Star was 590 dollars/ton, up 20 dollars/ton; the offer for the natural pulp Venus was 620 dollars/ton with no change [5] Inventory Data - As of January 22, 2026, the pulp port inventory was 206.8 tons, up 5.4 tons from the previous period and 2.7% month - on - month. The inventory in the futures delivery warehouse was 13.9 tons. The port sample inventory has been in an accumulation trend for three consecutive weeks [5] Demand - side Data - The output of finished paper products: the output of offset paper was 19.60 tons, coated paper was 8.40 tons, tissue paper was 29.35 tons, and white cardboard was 35.40 tons. Pulp demand has been stable recently, with a slight increase in tissue paper prices and stable prices for other paper products, and the output of major wood - pulp paper products has declined [5] Strategy - Recently, there has been a concentrated registration of pulp futures warehouse receipts, and the upward space is limited. The price of hardwood pulp has slightly loosened. It is advisable to consider shorting after a rebound [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The paper pulp market continues to show an inventory accumulation trend this cycle. The inventory of the mainstream domestic paper pulp port, Qingdao Port, shows a narrow - range inventory accumulation trend, and the daily average shipment speed in the port has increased compared with the previous cycle. Recently, the concentrated registration of paper pulp futures warrants limits the further upward space, and the price of broad - leaf pulp has slightly loosened. It is advisable to consider short - selling after a rebound [5][6]. 3. Summary by Relevant Catalogs Price Data - Futures prices: On January 20, 2026, SP2601 was 5550 yuan/ton, up 0.25% day - on - day and 2.36% week - on - week; SP2609 was 5410 yuan/ton, up 0.19% day - on - day and down 2.35% week - on - week; SP2605 was 5376 yuan/ton, up 0.26% day - on - day and down 2.11% week - on - week [5]. - Spot prices: Coniferous pulp Silver Star was 5600 yuan/ton, up 2.75% day - on - day and 0.90% week - on - week; Coniferous pulp Russian Needle was 5250 yuan/ton, with no day - on - day change and down 1.87% week - on - week; Broad - leaf pulp Goldfish was 4650 yuan/ton, down 1.06% day - on - day and 2.11% week - on - week [5]. - Outer - disk quotes: Chilean Silver Star was 700 dollars/ton, up 2.94% month - on - month; Brazilian Goldfish was 540 dollars/ton, up 1.89% month - on - month; Chilean Venus was 620 dollars/ton, with no month - on - month change [5]. - Import costs: Chilean Silver Star was 5721 yuan/ton, up 2.91% month - on - month; Brazilian Goldfish was 4425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 5073 yuan/ton, with no month - on - month change [5]. Supply Data - Import volume: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month; the import volume of broad - leaf pulp was 135.2 tons, down 23.40% month - on - month [5]. - Domestic output: As of January 15, 2026, the domestic output of broad - leaf pulp was 25.2 tons, and the domestic output of chemimechanical pulp was 23.7 tons [5]. - Supply - side news: Chile's Arauco Company's January coniferous pulp offer was 710 dollars/ton, up 10 dollars/ton; broad - leaf pulp Star was quoted at 590 dollars/ton, up 20 dollars/ton; unbleached pulp Venus was quoted at 620 dollars/ton, unchanged [5]. Inventory Data - Paper pulp port inventory: As of January 15, 2026, the inventory of mainstream Chinese paper pulp ports was 201.4 tons, up 0.7 tons from the previous period, a 0.3% month - on - month increase [5]. - Futures delivery warehouse inventory: As of January 15, 2026, the inventory was 14.9 tons [5]. Demand Data - Finished paper output: On January 15, 2026, the output of offset paper was 20.30 tons, coated paper was 8.30 tons, tissue paper was 29.30 tons, and white cardboard was 38.40 tons [5]. - Demand - side situation: The demand side of paper pulp has been stable recently. The price of tissue paper has increased slightly, while the prices of other paper products have been stable. The output of major wood - pulp paper products has been stable [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp market continues to show a trend of inventory accumulation. In the current cycle, the inventory at Qingdao Port, a major domestic pulp port, has seen a narrow - range increase, with the daily average shipping speed in the port increasing compared to the previous cycle. - Recently, there has been concentrated registration of pulp futures warehouse receipts, limiting the further upside potential. The price of hardwood pulp has slightly weakened. It is advisable to consider short - selling after a rebound [5][6]. 3. Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On January 19, 2026, SP2601 was 5231 yuan/ton, down 0.11% day - on - day but up 2.18% week - on - week; SP2609 was 5400 yuan/ton, unchanged day - on - day and down 2.46% week - on - week; SP2605 was 5362 yuan/ton, unchanged day - on - day and down 2.33% week - on - week [5]. - **Spot Prices**: The price of coniferous pulp Silver Star was 5600 yuan/ton, up 2.75% day - on - day and 0.90% week - on - week; Russian coniferous pulp was 5250 yuan/ton, unchanged day - on - day and down 1.87% week - on - week; hardwood pulp Goldfish was 4650 yuan/ton, down 1.69% day - on - day and 2.11% week - on - week [5]. - **Outer - disk Quotes**: The outer - disk quote for Chilean Silver Star was 700 dollars/ton, up 2.94% month - on - month; Japanese return was 540 dollars/ton, up 1.89% month - on - month; Chilean Venus was 620 dollars/ton, unchanged month - on - month [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5721 yuan/ton, up 2.91% month - on - month; Brazilian Goldfish was 4425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged month - on - month [5]. Pulp Fundamental Data - **Supply**: In November 2025, the import volume of coniferous pulp was 72.5 tons, up 4.92% month - on - month; the import volume of hardwood pulp was 176.5 tons, up 33.92% month - on - month. The pulp shipment volume to China in November 2025 was 178 thousand tons, up 3.00% month - on - month. In terms of domestic production, the production volume of hardwood pulp on January 15, 2026, was 25.2 tons; the production volume of chemimechanical pulp was 23.7 tons [5]. - **Inventory**: As of January 15, 2026, the pulp port inventory was 201.4 tons, up 0.7 tons from the previous period and 0.3% month - on - month. The futures delivery warehouse inventory was 14.9 tons [5]. - **Demand**: The production volume of double - offset paper was 20.30 tons; copperplate paper was 8.30 tons; tissue paper was 29.30 tons; white cardboard was 38.40 tons [5]. Market Situation - **Supply - side**: Chile's Arauco Company's January offer for coniferous pulp was 710 dollars/ton, up 10 dollars/ton; the offer for hardwood pulp Star was 590 dollars/ton, up 20 dollars/ton; the offer for natural pulp Venus was 620 dollars/ton, unchanged [5]. - **Demand - side**: The demand for pulp has been stable recently. The price of tissue paper has risen slightly, while the prices of other paper products have remained stable. The production volume of major wood - pulp paper products has been stable [5]. - **Inventory - side**: As of January 15, 2026, the inventory of major pulp ports in China was 201.4 tons, with a 0.7 - ton increase from the previous period and a 0.3% month - on - month increase [5].