Group 1: Paper Pulp Price Data - Futures prices: SP2601 was 5404 with a daily increase of 0.15% and a weekly decrease of 2.53%; SP2605 was 5388 with a daily decrease of 0.37% and a weekly decrease of 0.07%; SP2509 was 5160 with a daily decrease of 0.15% and a weekly decrease of 3.98% [1] - Spot prices: Coniferous pulp Silver Star was 5850 with no daily change and a weekly decrease of 1.18%; Russian Needle was 5180 with no daily change and a weekly decrease of 4.43%; Hardwood pulp Goldfish was 4080 with a daily decrease of 0.97% and a weekly decrease of 1.69% [1] - Outer - disk quotes: Chilean Silver Star was 720 dollars with a monthly decrease of 2.70%; Chilean Star was 500 dollars with a monthly decrease of 10.71%; Chilean Venus was 620 dollars with no monthly change [1] - Import costs: Chilean Silver Star was 5884 with a monthly decrease of 2.68%; Chilean Star was 4101 with a monthly decrease of 10.60%; Chilean Venus was 5073 with no monthly change [1] Group 2: Paper Pulp Fundamental Data Supply - Import volume: In June 2025, coniferous pulp import volume was 67.8 tons, a 6.09% decrease from May; Hardwood pulp import volume data was not shown in a comparable way here [1] - Shipment volume: The shipment volume of paper pulp to China in May 2025 was 140 tons, a 3.3% increase from April [1] - Company offer: Chilean Arauco announced July wood pulp outer - disk quotes. Coniferous pulp Silver Star had no new offer; Venus was priced at 590 dollars per ton, and Uruguayan Hardwood pulp New Star was 500 dollars per ton [1] Demand - Main finished paper production: This week, the production of main finished papers decreased slightly, and paper prices were low, providing weak support for paper pulp [2] Inventory - As of July 31, 2025, the inventory of Chinese paper pulp main ports was 210.5 tons, a 3.8 - ton decrease from the previous period, a 1.8% decrease, showing a de - stocking trend [2] Group 3: Paper Pulp Valuation Data - Basis: On August 5, 2025, the Russian Needle basis was 20 with a quantile level of 0.739; Silver Star basis was 690 with a quantile level of 0.914 [1] - Import profit: Coniferous pulp Silver Star's import profit was - 34 with a quantile level of 0.545; Hardwood pulp Goldfish was - 21 with a quantile level of 0.613 [1] Group 4: Strategy - This week, paper pulp futures returned to fundamental pricing and are expected to fluctuate widely between 5100 - 5400 [2]

| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SAL. | | | | | | | | | | | 国贸期货研究院 | | | | | 投资咨询号:Z0015194 | | | | | | 农产品研究中心 >> | | | | 杨璐琳 | 从业资格号:F3042528 | | | 2025/8/5 | | | 纸浆价格数据 | | | | | | | | | | | SP2601 | | 2025年8月4日 5396 | 日环比 -0. 37% | 周环比 -1.68% | | 针叶浆银星 | 2025年8月4日 | OFFIT HMM | 10 min | | | | | | | | | 5850 | 0. 00% | -1. 18% | | 期货价格 SP2605 | | 5368 | -0. 07% | 0. 71% | 现货价 | 针叶浆俄针 | 5180 | -2. 26% | -4. 95% | | SP250 ...

Report Summary 1) Industry Investment Rating No information provided. 2) Core View - The pulp futures are expected to rebound slightly in the short - term under the background of macro - positive factors [2]. 3) Summary by Directory Price Data - **Futures Prices**: On July 10, 2025, SP2601 was 5386 with a daily increase of 1.28% and a weekly increase of 1.51%; SP2507 was 5150 with a daily increase of 1.58% and a weekly increase of 1.66%; SP2509 was 5196 with a daily increase of 1.76% and a weekly increase of 2.00% [1]. - **Spot Prices**: On July 10, 2025, the spot price of coniferous pulp Silver Star was 5920 with a daily and weekly increase of 0.34%; Russian Needle was 5200 with a daily and weekly increase of 1.56%; Eucalyptus pulp Goldfish was 4020 with no change [1]. - **Outer - plate Quotes and Import Costs**: The outer - plate quotes of Chilean Silver Star decreased by 2.70% month - on - month, Chilean Star decreased by 10.71% month - on - month, and Chilean Venus remained unchanged. The import costs of Chilean Silver Star decreased by 2.68% month - on - month, Chilean Star decreased by 10.60% month - on - month, and Chilean Venus remained unchanged [1]. Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%; the import volume of eucalyptus pulp was 129.3 tons, a month - on - month increase of 7.84%. The W20 shipment volume to China in May increased by 3.3% month - on - month. The supply side showed an increase in quantity and a decrease in price [1]. - **Demand**: The output of major finished paper increased slightly this week, but the price of finished paper remained low, providing weak support for pulp [2]. - **Inventory**: As of July 10, 2025, the inventory of China's major pulp ports was 217.9 tons, a decrease of 3.4 tons from the previous period, a month - on - month decrease of 1.5%, showing a de - stocking trend [2]. Valuation Data - **Basis**: On July 10, 2025, the Russian Needle basis was 4 with a quantile level of 0.71, and the Silver Star basis was 724 with a quantile level of 0.925 [1]. - **Import Profit**: On July 10, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.686, and that of eucalyptus pulp Goldfish was - 81 with a quantile level of 0.564 [1].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided. 2. Core View of the Report In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [2]. 3. Summary by Relevant Catalogs Price Data - On July 9, 2025, the futures price of SP2601 was 5318, with a daily - on - daily increase of 0.45% and a weekly - on - weekly increase of 0.64%. The spot price of coniferous pulp Silver Star was 5900, with no daily or weekly change [1]. - The futures price of SP2507 was 5070, with a daily increase of 0.76% and a weekly increase of 0.44%. The spot price of coniferous pulp Russian Needle was 5120, with no change [1]. - The outer - disk quotation of Chilean Silver Star was 720 dollars, a month - on - month decrease of 2.70%, and its import cost was 5884, a month - on - month decrease of 2.68% [1]. Fundamental Data - In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%, and the import volume of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84% [1]. - The pulp shipment volume to China in May increased by 3.3% month - on - month [1]. Supply - Chilean Arauco announced a new round of July wood pulp outer - disk quotations. The face value of coniferous pulp Silver Star (no new offer after completed transactions), the face value of natural pulp Venus was 590 dollars per ton, and the net price of Uruguayan broad - leaf pulp New Star was 500 dollars per ton (no quantity for Chilean Star). The supply side showed an increase in quantity and a decrease in price [1]. Demand - This week, the output of major finished paper increased slightly, but the price of finished paper remained low, providing weak support for pulp [2]. Inventory - As of July 3, 2025, the inventory of mainstream pulp ports in China was 221.3 tons, an increase of 5.0 tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [2].