Report Information - Report Name: Pulp Daily Report - Date: August 13, 2025 - Industry: Pulp [1][2] Investment Rating - Not provided Core View - The fundamentals of the pulp industry have slightly improved compared to the previous period. If the industry profit is further repaired in the future, pulp still has room to rebound and rise, but the overall space is limited due to the lack of supply - side support [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: Pulp futures contract 09 had a previous settlement price of 5,192 yuan/ton and a closing price of 5,216 yuan/ton, rising 0.46%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,150 - 6,700 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The price of Shandong Yinxing was 5,850 yuan/ton [7] - **Industry Situation**: The new import wood pulp outer plate has not been announced, and market wait - and - see sentiment persists. Suzano will reduce its commodity pulp production by 3.50% from August 6th for the next year. In May, the shipment volume of coniferous pulp from 20 major pulp - producing countries in the world was 1.69 million tons, a month - on - month increase of 4.4% and a year - on - year decrease of 8.2%. In July, China's total pulp imports were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 8, 2025, the weekly pulp inventory in major regions and ports decreased by 4.67% month - on - month, and the inventory in major ports decreased compared to the previous week. The profit improvement space of downstream paper enterprises is limited, and they mainly replenish inventory on a need - to - buy and low - price basis [7][8] 2. Industry News - **Broadleaf Pulp**: Suzano, the world's largest broadleaf pulp producer, will reduce its commodity pulp production by about 3.5% in the next 12 - month operating cycle, which means a reduction of about 400,000 - 500,000 tons, equivalent to about 1% of the global demand for 40 million tons of broadleaf pulp. Bracell also announced a production adjustment [9] - **Coniferous Pulp**: Active production cuts have affected 2 - 4% of the coniferous pulp supply. Fenbao temporarily closed its 690,000 - ton/year Joutseno factory, reducing the global supply of 26 million tons of coniferous wood by 2 - 3%. UPM extended the maintenance work of its 700,000 - ton/year Kaukas factory in the third quarter [9]

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - In the stage of supply - demand game, pulp prices are expected to follow the overall market atmosphere, showing a short - term volatile trend. Supply contraction expectations are strengthening. If international pulp mills implement their production cut plans and domestic small and medium - sized pulp enterprises cut production passively due to losses, the marginal tightening of the supply side may support price recovery. The demand side has structural improvements. During the peak season of downstream base paper, it is expected to drive the recovery of base paper demand. If macro - consumption stimulus policies are implemented, it may catalyze the start of the restocking cycle [80]. 3. Summary According to Related Catalogs 3.1 Industry News - As of August 7, 2025, the pulp inventories in Changshu Port, Qingdao Port, and Gaolan Port in China showed a destocking trend, with a combined reduction of 57,000 tons in the mainstream port samples, a 2.7% month - on - month decrease, and the inventory was at a low level for the year [6]. - Brazil's Suzano announced that from August 6, 2025, its commercial pulp production in the next 12 months would decrease by about 3.5% compared to its annual nominal capacity, equivalent to a reduction of about 400,000 - 500,000 tons, about 1% of the global demand for 40 million tons of hardwood pulp. It also announced a $20/ton price increase in the Asian market in August 2025 [6]. 3.2 Market Data 3.2.1 Basis and Spread - On August 8, 2025, the basis of Silver Star was 688 yuan/ton, with a month - on - month increase of 3.61% and a year - on - year increase of 28.36%. The basis of Russian Needle was 58 yuan/ton, with a month - on - month decrease of 49.12% and a year - on - year decrease of 57.35%. The Silver Star - Russian Needle spread was 630 yuan/ton, with a month - on - month increase of 14.55% and a year - on - year increase of 57.50% [14]. - The 09 - 11 spread on August 8, 2025, decreased by 400.00% month - on - month, and the 11 - 01 spread decreased by 8.93% month - on - month [19]. 3.3 Fundamental Data 3.3.1 Price - The spread between Silver Star and Goldfish widened, while the spread between Russian Needle and Goldfish narrowed. On August 8, 2025, the Silver Star - Goldfish spread was 1,770 yuan/ton, a 2.31% month - on - month increase and a 73.53% year - on - year increase; the Russian Needle - Goldfish spread was 1,140 yuan/ton, a 3.39% month - on - month decrease and an 83.87% year - on - year increase [24][25]. - The import profits of both softwood and hardwood pulp decreased. On August 8, 2025, the import profit of softwood pulp (Silver Star) was - 37.64 yuan/ton, a 19.77% month - on - month increase and a 72.60% year - on - year increase; the import profit of hardwood pulp (Star) was - 13.08 yuan/ton, a 2848.53% month - on - month decrease and a 95.31% year - on - year increase [30][31]. - The price of imported softwood pulp declined, with the price of Russian Needle dropping. The price of imported hardwood pulp also decreased due to weak market demand. The prices of natural and chemimechanical pulp showed different trends [36][38][43]. 3.3.2 Supply - In June 2025, European port inventories increased month - on - month and year - on - year, and the global pulp out - bound volume increased month - on - month [46][47]. - In June 2025, the pulp import volume showed a differentiated trend. The import volume of softwood pulp decreased by 6.07% month - on - month, while that of hardwood pulp increased by 10.96% month - on - month [50][51]. 3.3.3 Demand - The capacity utilization rates of different types of finished paper varied. The capacity utilization rate of white cardboard decreased, that of double - offset paper increased, that of copperplate paper decreased, and that of household tissue paper was relatively stable [53][54][55]. - The prices of finished paper showed different trends. The price of white cardboard decreased slightly, the price of household tissue paper was range - bound, the prices of double - offset paper and copperplate paper were stable [56][60][61]. - The profits of finished paper were recovering. On August 8, 2025, the profits of white cardboard, household tissue paper, double - offset paper, and copperplate paper were 242 yuan/ton, 182.8 yuan/ton, - 14.74 yuan/ton, and 613.5 yuan/ton respectively, with varying month - on - month and year - on - year changes [66]. 3.3.4 Inventory - As of August 8, 2025, the total inventory of the five major ports (Qingdao, Changshu, Gaolan, Tianjin, and Rizhao) was 2.048 million tons, a 2.71% month - on - month decrease and a 15.84% year - on - year increase. All ports showed a destocking trend [76][77].

Group 1: Report Overview - Report Name: Pulp Daily Report [1] - Date: July 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5080 yuan/ton, and the closing price was 5074 yuan/ton, with an overall increase of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5220 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 6100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, unchanged from the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6%. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp imports in May were 302 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Data: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only Qingdao Port's inventory decreasing compared to the previous week, and the overall shipment speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. Currently, the port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and it was oscillating in the low - level range [7] Group 3: Industry News - On July 4, Finland's Stora Enso announced that its Kemi pulp mill and the adjacent paper mill would resume production after weeks of maintenance and repair. Production would resume in stages, and the factory startup would take about two days. During the five - week annual maintenance shutdown, its subsidiary changed the digester damaged in the explosion in March 2024. The new Kemi pulp mill, put into use in Q4 2023, had the world's largest softwood pulp production line, with an annual production capacity of about 1.5 million tons, including about 1.1 million tons of market pulp [8] Group 4: Data Overview - The report presented various data charts, including pulp spot and futures prices, price spreads, warehouse receipts, and inventory in different regions [14][16][18][25][27][29]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp market is expected to remain in low - level consolidation in the near term. There is a lack of new drivers, with port inventories remaining at high levels and South American supplies arriving. Demand is persistently weak, with downstream buyers making only rigid purchases and trading remaining light. The pulp price is expected to move within a range. Attention should be paid to changes in port inventory and downstream procurement demand. The policy on eliminating outdated production capacity strengthens the expectation of supply contraction, but with new domestic production capacity ramping up, the supply side is under pressure, and demand is likely to shrink during the off - season. The paper mill profit compression may lead to a negative cycle of "de - stocking - reducing production" [82]. 3. Summary by Directory Industry News - As of July 3, 2025, the pulp inventory at Changshu Port was 598,000 tons, up 52,000 tons (9.5% YoY) from the previous period; at Qingdao Port, it was 1.378 million tons, up 26,000 tons (1.9% YoY); at Gaolan Port, it was 114,000 tons, down 24,000 tons (17.4% YoY). The total inventory of mainstream ports was 2.213 million tons, up 50,000 tons (2.3% YoY) [6]. - Finland's Stora Enso Group announced that the Kemi pulp mill and its adjacent paper mill would resume production on July 4 after weeks of maintenance and repair. The Joutseno pulp mill has been shut down since June 9 until further notice [6]. Market Data - **Basis and Spread**: On July 4, 2025, the basis for Silver Star was 832 yuan/ton, down 2.58% from the previous period; for Russian Needle, it was 52 yuan/ton, up 116.67%. The Silver Star - Russian Needle spread was 780 yuan/ton, down 6.02% [15]. - **Monthly Spread**: On July 4, 2025, the 09 - 11 monthly spread was - 2 yuan/ton, down 110% from the previous period; the 11 - 01 monthly spread was - 210 yuan/ton, up 4.55% [20]. Fundamental Data - **Price Spread**: On July 4, 2025, the Silver Star - Goldfish spread was 1,880 yuan/ton, down 1.05% from the previous period; the Russian Needle - Goldfish spread was 1,100 yuan/ton, up 2.80% [29]. - **Import Profit**: The import profit of Silver Star turned negative. The broad - leaf pulp Star had no quotation in June and is expected to partially resume supply in July [35]. - **Spot Price**: The downstream paper mills' signing enthusiasm did not improve significantly, and the demand was weak. The import coniferous pulp spot market had limited transactions, and the spot price was weak. The decline of import coniferous pulp narrowed, and the decline of import broad - leaf pulp slowed down [40][42]. - **Supply**: In May 2025, the European port inventory increased both YoY and MoM, and the global pulp out - port volume increased MoM. The pulp import volume in May showed a differentiated performance, with coniferous pulp down 4.75% MoM and broad - leaf pulp up 7.84% MoM [50][53]. - **Inventory**: The port inventory was at a high level this year, and the inventory of mainstream ports showed an increasing trend. The warehouse receipt quantity of pulp in warehouses was 228,500 tons, down 0.01% from the previous period; in factories, it was 17,300 tons, up 6.12% [77][70]. - **Demand**: The capacity utilization rate of finished paper showed different trends. The white cardboard capacity utilization rate increased by 3.30% from the previous period; the living paper increased by 0.16%; the offset paper decreased by 0.33%; the copperplate paper increased by 0.92%. The prices of white cardboard and copperplate paper remained stable, the price of living paper decreased, and the price of offset paper remained flat. The profits of white cardboard and living paper decreased, while the profits of cultural paper continued to recover [56][66][68]. Operation Suggestion - It is expected that the pulp will maintain low - level consolidation in the near term. Pay attention to changes in port inventory and downstream procurement demand. The core contradiction in the second half of the year may be the progress of production capacity clearance [82].