行业 纸浆日报 日期 2025 年 8 月 27 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 纸浆期货 01 合约前结算价为 5398 元/吨，收盘价为 5358 元/吨，整体下跌 0.74%。山东木浆市场针叶浆意向成交价格区间为 5060-6700 元/吨，低端价格较 ...

纸浆日报 行业 日期 2025 年 8 月 26 日 能源化工研究团队 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 纸浆期货 01 合约前结算价为 5360 元/吨，收盘价为 5402 元/吨，整体上涨 0.78%。山东木浆市场针叶浆意向成交价格区间为 5100-6700 元/吨，低端价格较 上一工作日收盘价格涨 50 元/吨，其中山东银星报价为 5800 元/吨。 021-60635740 pengjinglin@ccb.ccbfutures.com 期 ...

截至2025年8月22日当周，纸浆期货主力合约收于5108元/吨，周K线收阴，持仓量环比上周增持27907 手。 本周（8月18日-8月22日）市场上看，纸浆期货周内开盘报5316元/吨，最高触及5316元/吨，最低下探至 5076元/吨，周度涨跌幅达-3.33%。 消息面回顾： 截止2025年8月21日，中国纸浆主流港口样本库存量为213.2万吨，较上期累库3.3万吨，环比上涨 1.6%，库存量在本周期呈现累库的走势。 8月21日，上期所纸浆仓库期货仓单233798吨，环比上个交易日减少601吨；纸浆厂库期货仓单18240 吨，环比上个交易日持平。 智利Arauco公司公布新一轮8月木浆外盘报价：针叶浆银星720美元/吨；本色浆金星590美元/吨；阔叶浆 明星520美元/吨，整体较6月报价持稳。 机构观点汇总： 建信期货：整体仍未摆脱需求淡季氛围，纸厂加工利润未有明显好转。有待基本面进一步改善，纸浆承 压运行。 西南期货：供应收缩预期主导情绪。国际浆厂主动减产，Suzano、Bracell等巨头宣布减产或转产，叠加 外盘报价提涨20美元/吨，成本支撑增强，理论上支撑当下阶段的纸浆市场走势。但需求边际改善但持 ...

纸浆日报 行业 日期 2025 年 8 月 22 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：李金（甲醇） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 021-60635730 lijin@ccb.ccbfutures.c ...

行业 纸浆日报 日期 2025 年 8 月 21 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） ...

Core Viewpoint - The report from Guotai Junan indicates a downward trend in pulp and paper prices in June, with expectations for pulp prices to remain low and paper prices to show weak performance during the off-season [1] Group 1: Pulp and Paper Price Trends - In June, the average price of double glue paper decreased by 0.9% to 5153 CNY/ton, while white card paper saw a slight increase of 0.29% before turning down, and boxboard paper fell by 0.31% [1] - The market is characterized by strong supply and weak demand, leading to a continued decline in prices for cultural paper, white card paper, and boxboard paper [1] Group 2: Cultural Paper Insights - As of June 27, the market average price for 70g high white double glue paper was 5153 CNY/ton, down 47 CNY/ton (0.90%) month-on-month and down 573 CNY/ton (10.01%) year-on-year [2] - Paper mills reported stable pricing at the beginning of the month, with cautious purchasing behavior from distributors and significant inventory pressure leading to price reductions [2] Group 3: White Card Paper Analysis - The average market price for 250-400g flat white card paper was 4088 CNY/ton as of June 27, reflecting a 0.29% increase from May but a 6.17% decrease from the same period last year [3] - Despite initial price increases, the lack of sustained demand during the traditional off-season led to a gradual decline in prices as mid-month approached [3] Group 4: Boxboard Paper Overview - The average price for boxboard paper was 3503 CNY/ton as of June 27, down 11 CNY/ton (0.31%) from May and down 3.68% year-on-year [4] - The traditional off-season in June resulted in weak demand, with increased inventory levels and limited orders from paper mills contributing to a downward price trend [4] Group 5: Pulp Market Conditions - Chile's Arauco announced new pulp prices: needle pulp at 720 USD/ton and unbleached pulp at 620 USD/ton, with no current quotes for broadleaf pulp [5] - The demand side remains weak, with paper mills adopting price-cutting strategies to manage procurement costs, further pressuring pulp prices [5] - The overall market is experiencing a supply surplus, with stable import volumes and abundant domestic pulp supply, limiting price rebounds in the imported pulp market [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The current weak demand pattern for pulp remains unchanged, but the near - month contracts are strongly supported by low warehouse receipts [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On May 26, 2025, SP2601 was 5300, down 0.30% day - on - day and 0.34% week - on - week; SP2507 was 5402, down 1.13% day - on - day and up 0.22% week - on - week; SP2509 was 5300, down 0.71% day - on - day and 0.19% week - on - week [1] - **Spot Prices**: On May 26, 2025, the spot price of coniferous pulp Silver Star was 6250, unchanged day - on - day and down 0.79% week - on - week; Russian Needle was 5450, unchanged; broadleaf pulp Goldfish was 4200, unchanged day - on - day and down 1.18% week - on - week [1] - **External Quotes and Import Costs**: The external quote of Chilean Silver Star in May 2025 was 740 dollars/ton, down 3.90% month - on - month; the import cost was 6046, down 3.87% month - on - month. Chilean Star's external quote was 560 dollars/ton, down 11.11% month - on - month; the import cost was 4587, down 11.00% month - on - month. Chilean Venus's external quote was 620 dollars/ton, down 4.62% month - on - month; the import cost was 5073, down 4.57% month - on - month [1] Pulp Fundamental Data - **Supply**: In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month - on - month; the import volume of broadleaf pulp was 119.9 tons, down 18.44% month - on - month. The shipment volume of pulp to China in March 2025 was 1813 tons, up 20.70% month - on - month [1] - **Inventory**: As of May 22, 2025, the port inventory of pulp was 215.7 tons, down 1.9% from the previous period. The delivery warehouse inventory was 26.10 tons [1] - **Demand**: The output of finished paper: double - offset paper was 20.03 tons; coated paper was 7.60 tons; tissue paper was 27.60 tons; white cardboard was 28.30 tons. The output of white cardboard increased slightly, while the output of other paper types was stable [1] Pulp Valuation Data - On May 26, 2025, the basis of Russian Needle was 0.805, and the import profit was 48; the basis of Silver Star was 0.972, and the import profit was 848. The import profit of broadleaf pulp Goldfish was - 387 [1] Supply and Demand Summary - **Supply**: Chilean Arauco announced the May 2025 wood pulp external quotes: coniferous pulp Silver Star at 740 dollars/ton, down 30 dollars/ton; broadleaf pulp Star had no supply in May and June, with partial supply recovery expected in July; natural pulp Venus at 620 dollars/ton, down 30 dollars/ton [1] - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases [1] - **Inventory**: As of May 22, 2025, the inventory of China's main pulp ports showed a downward trend [1]

Report Information - Report Name: Pulp Daily Report [1] - Date: May 9, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5064 yuan/ton and a closing price of 5092 yuan/ton, rising 0.55% [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5150 - 6800 yuan/ton, with the low - end price rising 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6200 - 6220 yuan/ton [7] - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was at 770 US dollars/ton, and the hardwood pulp Mingxing was at 560 US dollars/ton, showing a significant decline [7] - European port data showed that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, most other national port inventories increased month - on - month [7] - The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5% [7] - As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month. The shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [7] - The demand side continued to operate weakly. The cost support for pulp decreased significantly, the supply side remained loose, and the demand side was persistently weak. The overall fundamental pattern was weak, and pulp was mainly under pressure [7] Industry News - On May 8, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, would be delivered within the year. The total investment of the project was 600 million yuan, and the total land area was about 30 mu. It mainly customized, processed, and sold various paper products such as pearlescent paper, specialty paper, and cultural paper [8] - After the first - phase was completed and put into production, the expected annual output value would be over 100 million yuan, and about 100 new jobs would be added. Currently, the main structures of the two main buildings were 60% completed, and the structural capping was expected to be achieved in early June [8] - The second - phase project was about to start construction, with a planned land area of about 15 mu. It would build new production workshops and supporting facilities, focusing on the production and export of specialty paper. It was expected to be completed in June 2026, and after all phases were completed and put into production, the annual output value could reach over 300 million yuan [8]

Report Information - Report Title: Pulp Daily Report [1] - Date: May 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is under pressure due to a significant reduction in cost support, a loose supply situation, and weak demand, resulting in an overall weak fundamental pattern [8]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 09 contract was 5,030 yuan/ton, and the closing price was 5,086 yuan/ton, showing an overall decline of 1.90%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,150 - 6,800 yuan/ton, with the low - end price rising by 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6,200 - 6,220 yuan/ton [7]. - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was priced at 770 US dollars/ton, and the hardwood pulp Mingxing was priced at 560 US dollars/ton, showing a significant decrease from the previous period. European port data indicated that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, which decreased month - on - month, most other national port inventories increased month - on - month. The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5%. As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month, and the shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [8]. 3.2. Industry News - On May 7, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, is to be delivered this year. The project has a total investment of 600 million yuan, covers about 30 mu of land, and mainly customizes, processes, and sells various paper products such as pearl paper, specialty paper, and cultural paper. After the first - phase is completed and reaches production capacity, the annual output value is expected to exceed 100 million yuan, and about 100 new jobs will be created. Currently, 60% of the main structures of the two main buildings have been completed, and the structural topping is expected to be achieved in early June. The second - phase project is also about to start construction, with a planned land area of about 15 mu, focusing on the production and export of specialty paper. It is expected to be completed in June 2026, and after full completion and reaching production capacity, the annual output value can reach over 300 million yuan [9]. 3.3. Data Overview - The report presents multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [7][13][18]

Report Information - Report Name: Pulp Daily Report [1] - Date: May 7, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp market is under pressure due to a significant reduction in cost support, a loose supply situation, and weak demand, resulting in an overall weak fundamental pattern [7] Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 09 closed at 5064 yuan/ton, down 1.90% from the previous settlement price of 5162 yuan/ton [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5300 - 6800 yuan/ton, with the low - end price down 80 yuan/ton from the previous trading day. The Shandong Yinxing was quoted at 6250 yuan/ton [7] - Chile's Arauco adjusted its April prices. The softwood pulp Yinxing was priced at 770 US dollars/ton, and the hardwood pulp Mingxing was priced at 560 US dollars/ton, showing a significant decline [7] - European port data showed that the total port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Most ports except Germany's had a month - on - month increase in inventory [7] - The total pulp imports in March were 3.25 million tons, up 0.9% month - on - month and 2.5% year - on - year [7] - As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month, with different shipping speeds at each port, and Gaolan Port had relatively concentrated arrivals [7] 2. Industry News - On May 1, the 35 - ton/day comprehensive chlorine dioxide preparation system provided by Boshike for Shandong Huatai Paper achieved full - line operation. It is the core unit of Huatai Paper's 700,000 - ton chemical pulp project, the largest newly - put - into - production chemical pulp project in China in 2025 [8] - After the successful operation of the system, Huatai Paper's wood pulp self - sufficiency rate reached 85%, and the comprehensive cost per ton of pulp decreased by 15% year - on - year [8] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, paper product prices and price differences, and the US dollar - RMB exchange rate [12][14][17][19][25][27]