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 Information - Report Name: Pulp Daily Report [1] - Date: March 24, 2026 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp market has a pattern of strong supply and weak demand, and it is mainly in a low-level shock adjustment. The pulp price has rebounded after falling to the cost support line, and the port inventory accelerated destocking last week, but the overall pattern has not changed. The downstream market is wait-and-see, and the paper mills' intention to accept raw materials is poor, with relatively flat demand growth. [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price of 5,132 yuan/ton and a closing price of 5,188 yuan/ton, a overall increase of 1.09%. The intended transaction price range of softwood pulp in the Shandong market was 4,620 - 5,350 yuan/ton, with the high-end price rising 40 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,180 - 5,200 yuan/ton. [7] - Arauco's March pulp FOB prices: Silver Star softwood pulp remained flat at $710/ton, Venus natural pulp remained flat at $620/ton, and Star hardwood pulp rose by $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp-producing countries decreased by 0.9% year-on-year, softwood pulp by 5.5% year-on-year, and hardwood pulp increased by 3.5% year-on-year. In February 2026, the European wood pulp inventory was 703,600 tons, a month-on-month increase of 3.3% and a year-on-year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month-on-month increase of 1.2% and a year-on-year increase of 3.4%. From January to February 2026, the cumulative total import volume of pulp was 6.0439 million tons, a year-on-year decrease of 5.4%. As of March 19, 2026, the weekly pulp inventory in major regions and ports was 2.1888 million tons, a month-on-month decrease of 5.89%. [8] 2. Industry News - On March 23, Beihai City is planning high-end paper industry with a full-industry chain mindset, focusing on leading "chain-master" enterprises such as Sun Paper and Nine Dragons Paper, continuously promoting industrial expansion, quality improvement, and chain perfection. So far, the city has built 26 pulp and paper production lines with an annual production capacity exceeding 10.19 million tons. [9] - On March 18, Shandong Bohui Paper and the Rudong base of Gold Hongye Paper were awarded the title of "National Green Factory" by the Ministry of Industry and Information Technology for their outstanding performance in green manufacturing, energy conservation, carbon reduction, and environmental management. [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot-futures price difference in Shandong (Silver Star), softwood-hardwood price difference in Shandong, inter - delivery spread SP5 - 9, inter - delivery spread SP9 - 1, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar to RMB exchange rate. [15][17][24][26][30]

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]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp futures 05 contract closed at 5104 yuan/ton, up 0.79% from the previous settlement price. The high - end price of the coniferous pulp in the Shandong wood pulp market decreased by 50 yuan/ton compared to the previous trading day. The port inventory is accelerating the destocking process, and the pulp price rebounded after breaking through the integer - level support. It is necessary to pay attention to the support strength [7][8] - The demand for household paper and fluff pulp remains strong, and it is expected to account for two - thirds of the global coniferous wood pulp demand by 2030. NBSK has strategic value due to its excellent fiber strength, good adaptability, and ability to improve production efficiency [9] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The pulp futures 05 contract had a previous settlement price of 5064 yuan/ton and a closing price of 5104 yuan/ton, with an overall increase of 0.79%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4500 - 5300 yuan/ton, and the high - end price dropped by 50 yuan/ton compared to the previous trading day. The offer price of Shandong Yinxing was 5030 - 5050 yuan/ton [7] - Arauco's March wood pulp FOB prices: coniferous pulp Yinxing remained at $710/ton; natural pulp Jinxing remained at $620/ton; broad - leaf pulp Mingxing increased by $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, coniferous pulp decreased by 5.5% year - on - year, and broad - leaf pulp increased by 3.5% year - on - year. In February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 19, 2026, the weekly pulp inventory in major regions and ports decreased by 5.89% month - on - month. Some downstream paper mills still face inventory pressure, with slow overall shipments and average market sales [8] 3.2 Industry News - On March 19, the CEO of Stora Enso analyzed the structural changes and impacts in the current pulp market. He pointed out that even under the background of continued macro - economic uncertainty, geopolitical tensions, and the gradual decline in the demand for printing and writing paper, the demand for household paper and fluff pulp remains strongly growing. It is expected that by 2030, household paper and fluff pulp will account for two - thirds of the global coniferous wood pulp demand. NBSK has strategic value as it can help customers optimize production operations, with higher tensile strength, lower beating energy consumption, and improved paper machine operation efficiency [9] 3.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf 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 white board paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30]

Report Information - Report Date: March 19, 2026 [2] - Report Type: Pulp Daily Report [1] Investment Rating - Not provided in the report. Core Viewpoints - The pulp market is showing a weak trend. The pulp futures 05 contract has declined, and the spot price of coniferous pulp in Shandong has also decreased. The fundamentals of the pulp market lack positive drivers, and the game between upstream and downstream is intensifying. [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,148 yuan/ton, and the closing price was 5,040 yuan/ton, a decline of 2.10%. The 09 contract rose by 0.56%, and the 2701 contract fell by 0.99%. [7] - **Spot Market**: The intended transaction price range of coniferous pulp in the Shandong wood pulp market is 4,500 - 5,350 yuan/ton, with the high - end price down 50 - 100 yuan/ton from the previous trading day. The price of Shandong Yinxing is 5,050 - 5,080 yuan/ton. [7] - **Foreign Offers**: Chile's Arauco Company's March wood pulp foreign offers: Coniferous pulp Yinxing remained flat at $710/ton; Natural pulp Jinxing remained flat at $620/ton; Broad - leaf pulp Mingxing rose $20/ton to $620/ton. [8] - **Industry Data**: In January, the chemical pulp shipments of 20 major pulp - producing countries decreased by 0.9% year - on - year, with coniferous pulp down 5.5% and broad - leaf pulp up 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, up 3.3% month - on - month and down 5.8% year - on - year; the consumption was 820,700 tons, up 1.2% month - on - month and 3.4% year - on - year. From January to February 2023, the cumulative pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64%. [8] 2. Industry News - On March 17, Nine Dragons Paper issued its third batch of price increase letters this month, announcing that it will continue to raise prices in April, with a single increase of 50 yuan/ton. Multiple production bases will adjust prices in stages and batches in April. The reason for the price increase is the impact of the Middle East situation on energy prices, which has led to a significant increase in the prices of related chemical products and an increased risk of unstable supply, resulting in a continuous increase in the group's operating costs. [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf 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][22][27][30]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market has no positive drivers in terms of fundamentals. It is at a key industry meeting point, with intensified games between upstream and downstream. Capital shifting continues to exert pressure, but there is still cost support at the integer - level price. The market is expected to move in a low - level oscillation [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The previous settlement price of the pulp futures 05 contract was 5,278 yuan/ton, and the closing price was 5,088 yuan/ton, a decline of 3.60%. The intended transaction price range of softwood pulp in the Shandong market was 4,600 - 5,400 yuan/ton, with the high - end price dropping by 100 - 150 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5,130 - 5,150 yuan/ton [7] - Arauco's March pulp export quotes: softwood pulp Yinxing remained at $710/ton; unbleached pulp Jinxing remained at $620/ton; hardwood pulp Mingxing increased by $20/ton to $620/ton. According to the January report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year. According to UTIPULP data, in February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64%. Some downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8] 3.2行业要闻 - On March 17, the second - phase project of Asia - Pacific Senbo's 500,000 - ton annual household paper project was under construction. The second - phase project is expected to add 6 household paper production lines, slitting, post - processing production lines and production systems, and is expected to increase the household paper production capacity by 150,000 tons after completion. The project has completed about 30% of the total progress, and the company aims to complete and put it into production by the end of April next year [9] 3.3数据概览 - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp fundamentals have limited driving forces and continue to undergo low - level shock adjustments. The downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,268 yuan/ton, and the closing price was 5,232 yuan/ton, a decline of 0.68%. The 09 contract decreased by 0.23%, and the 2701 contract decreased by 0.36% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market is 4,700 - 5,550 yuan/ton, with the high - end price down 50 yuan/ton from the previous trading day's closing price. The Shandong Yinxing is quoted at 5,280 - 5,300 yuan/ton [7]. - **External Quotes**: Chile's Arauco Company's March wood pulp export quotes show that the softwood pulp Yinxing remains at 710 US dollars/ton, the natural pulp Jinxing remains at 620 US dollars/ton, and the hardwood pulp Mingxing increases by 20 US dollars/ton to 620 US dollars/ton [8]. - **Industry Data**: In January, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 0.9% year - on - year, with softwood pulp down 5.5% and hardwood pulp up 3.5%. In January 2026, the European wood pulp inventory was 681,500 tons, a month - on - month decrease of 12.7% and a year - on - year decrease of 5.5%; the European wood pulp consumption was 802,400 tons, a month - on - month increase of 12.5% and a year - on - year decrease of 3.0%. In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64% [8]. 3.2 Industry News - ST Chenming announced that as of the disclosure date, its five production bases in Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin have fully resumed production, with the overall production capacity restored to 100%. The company believes that full production can improve its operating cash flow, restore its self - hematopoietic function, and it will strengthen cost - reduction and efficiency - improvement and new product development to enhance profitability and competitiveness and resolve debt risks [9]. 3.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf 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][22][27][30].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The pulp futures main contract SP2605 continued its low - level oscillation pattern. The weak downstream demand restricted the upward movement of the market. Although the downstream paper mills' demand for pulp has improved slightly, the pace is slow. The domestic pulp port inventory is still at a relatively high historical level. The external market price continues to rise, providing some support for the cost of pulp prices. If the demand improves, it is recommended to consider buying on dips [7][36]. 3. Summary by Directory 3.1 This Week's Market Review - The pulp futures main contract SP2605 continued its low - level oscillation. Weak downstream demand made it difficult for the market to rise [7]. 3.2 Fundamental Analysis - **Price**: As of March 10, the monthly average prices of imported softwood pulp, imported chemimechanical pulp, and imported hardwood pulp were 5,251.24 yuan/ton, 3,883.33 yuan/ton, and 4,564.70 yuan/ton respectively, with month - on - month changes of - 0.61%, - 0.01%, and +0.20% [12]. - **Import Volume**: From January to February 2026, China's pulp imports were 6.044 billion tons, with an import value of 3.48 billion US dollars and an average unit price of 575.78 US dollars/ton. The cumulative import volume and value decreased by 5.4% and 12.8% respectively compared with the same period last year [16][36]. - **Domestic Port Inventory**: As of March 12, 2026, the weekly total inventory of pulp in major Chinese regions and ports decreased by 5.52% month - on - month, changing from an upward trend to a downward one. The destocking situation of domestic pulp ports needs to be observed [20]. - **European Port Inventory**: In January 2026, the total inventory in European ports decreased by 14.72% month - on - month and 11.34% compared with January 2025. The port inventories in most European countries showed a reduction trend [23]. - **Downstream Capacity and Start - up Rate**: Waste paper pulp accounts for 63% of China's total pulp consumption. In March, there is no new production capacity for white cardboard and coated paper. Double - offset paper has an expected trial run of 300,000 tons of new capacity at the end of the month, and tissue paper has an expected production of 120,000 tons of new capacity. The operating rate of downstream enterprises has increased, but the pace is slow [30]. 3.3 Future Outlook - The import volume and value from January to February 2026 decreased compared with the same period last year. In March, the operating rate of most downstream paper mills has returned to normal, and the demand for pulp has improved slightly but slowly. The domestic pulp port inventory is still at a relatively high level. The external market prices of major producing countries continue to rise, increasing the subsequent import cost and providing some support for pulp prices. If the demand improves, it is recommended to consider buying on dips [36].