1. Report Information - Report title: Pulp Daily Report [1] - Date: December 18, 2025 [2] - Research team: Energy and Chemical Research Team [4] 2. Investment Rating - No investment rating information provided in the report 3. Core View - The fundamentals of the pulp industry have limited changes. After the December delivery, the market focuses on the pricing of new warehouse receipts, and the market is mainly in shock adjustment [8] 4. Summary by Section 4.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,506 yuan/ton, and the closing price was 5,506 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,800 - 6,300 yuan/ton, up 100 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - Arauco's December pulp export quotes: Silver Star (softwood pulp) increased by $20/ton to $700/ton; Venus (natural pulp) remained flat at $620/ton; Star (hardwood pulp) increased by $20/ton to $570/ton [8] - According to PPPC, in October, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 3.5% year - on - year, softwood pulp decreased by 7.1% year - on - year, and hardwood pulp decreased by 1.9% year - on - year, with a significant decline in shipments to the Chinese market [8] - According to UTIPULP data, in November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6% [8] - In November 2025, the total pulp imports were 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 11, 2025, the weekly pulp inventory in major regions and ports was 1.9817 million tons, a decrease of 3.00% from the previous week [8] - The cultural paper market is mainly driven by rigid demand. Publishing orders continue to pick up goods, and the inventory of some paper mills has decreased compared with the previous period, with little price change [8] 4.2 Industry News - On December 17, it was reported that the household paper consumption characteristic park in Linyi County, Shanxi Province, had achieved a leap - forward improvement from spontaneous agglomeration to cluster development in recent years. The park currently has an annual production capacity of 400,000 tons of high - grade household paper and 50,000 tons of flushable and degradable non - woven fabrics. The degradable non - woven fabric project fills the technical gap in the province, achieving a good cycle of guaranteed upstream raw material supply and supported downstream market expansion [9] 4.3 Data Overview - The report includes multiple data charts, such as the spot price of imported softwood pulp in Shandong, pulp futures price, pulp spot - futures price difference in Shandong, softwood - hardwood pulp price difference in Shandong, inter - period price difference, 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 - RMB exchange rate [15][17][19][24][25][29]