Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The pulp fundamentals show no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5]. Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 23, 2025, SP2601 was 5272, down 0.30% day-on-day and 1.46% week-on-week; SP2511 was 5008, unchanged day-on-day and down 1.18% week-on-week; SP2505 was 5288, down 0.53% day-on-day and 1.31% week-on-week [5]. - **Spot Prices**: On September 23, 2025, the price of coniferous pulp Silver Star was 5650, unchanged day-on-day and week-on-week; Russian Needle was 5200, unchanged day-on-day and down 0.95% week-on-week; broadleaf pulp Goldfish was 4220, unchanged day-on-day and up 0.96% week-on-week [5]. - **Foreign Quotes**: The quote for Chilean Silver Star was 700 dollars, down 2.78% month-on-month; Japanese X was 530 dollars, up 3.92% month-on-month; Chilean Venus was 590 dollars, unchanged month-on-month [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5721, down 2.75% month-on-month; Brazilian Goldfish was 4344, up 3.87% month-on-month; Chilean Venus was 4830, unchanged month-on-month [5]. Pulp Fundamental Data - **Supply**: In August 2025, the import volume of coniferous pulp was 61.4 tons, down 4.95% month-on-month; broadleaf pulp was 125.8 tons, down 6.88% month-on-month. The pulp shipment volume to China in July 2025 was 158 tons, up 23.00% year-on-year [5]. - **Inventory**: As of September 18, 2025, the pulp port inventory was 211.2 tons, and the futures delivery warehouse inventory was 24.4 tons [5]. - **Demand**: The production volume of finished paper such as offset paper, coated paper, household paper, and white cardboard showed certain fluctuations in different periods [5]. Pulp Valuation Data - **Basis**: On September 23, 2025, the Russian Needle basis was 192, and the quantile level was 0.899; the Silver Star basis was 642, and the quantile level was 0.881 [5]. - **Import Profit**: On September 23, 2025, the import profit of coniferous pulp Silver Star was -71, and the quantile level was 0.497; broadleaf pulp Goldfish was -124, and the quantile level was 0.523 [5]. Market Analysis and Strategy - **Supply**: The foreign quotes of coniferous pulp decreased, and the quotes of broadleaf pulp increased. Chilean Arauco's September quotes showed a decrease in coniferous pulp and an increase in broadleaf pulp [5]. - **Demand**: The current demand for paper products is basically stable, the paper product prices have not rebounded significantly, and the benefits of the "Golden September and Silver October" to the pulp demand side have not been reflected [5]. - **Inventory**: As of September 18, 2025, the inventory of China's mainstream pulp ports showed a narrow - range accumulation trend [5]. - **Strategy**: The pulp fundamentals have no signs of repair, the pulp port inventory and the number of warehouse receipts are not significantly reduced, and the pulp futures fluctuate [5].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The sentiment of macro commodities has turned positive recently, and prices are expected to rise in the short term [2] Group 3: Summary According to Relevant Catalogs Futures and Spot Prices - On August 6, 2025, the price of SP2601 was 5428, with a daily increase of 0.44% and a decrease of 1.34% compared to the Japanese version; SP2605 was 5404, with a daily decrease of 0.30% and a decrease of 1.22% compared to the Japanese version; SP2509 was 5170, with a daily increase of 0.19% and a decrease of 2.93% compared to the Japanese version [1] - The spot price of coniferous pulp Silver Star was 5850, unchanged from the previous day and down 1.18% compared to the Japanese version; Russian Needle was 5180, unchanged and down 4.43%; Broadleaf pulp Goldfish was 4080, unchanged and down 1.69% [1] Outer - disk Quotes and Import Costs - The outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% from the previous period; Chilean Star was 500 dollars, down 10.71%; Chilean Venus was 620 dollars, unchanged [1] - The import cost of Chilean Silver Star was 5884, down 2.68% from the previous period; Chilean Star was 4101, down 10.60%; Chilean Venus was 5073, unchanged [1] Supply - In June 2025, the import volume of coniferous pulp was 67.8 tons, down 6.09% from May; broadleaf pulp was 143.5 tons, up 10.98% [1] - The shipment volume of W20 to China in May 2025 was 140, up 3.30% from April [1] - The domestic production of broadleaf pulp and chemimechanical pulp fluctuated in July 2025 [1] Inventory - As of July 31, 2025, the inventory of Chinese pulp mainstream ports was 210.5 tons, a decrease of 3.8 tons from the previous period, a 1.8% decline [1] - The inventory of the futures delivery warehouse also showed certain changes during the period [1] Demand - The production of major finished papers decreased slightly this week, and the prices of finished papers remained low, providing weak support for pulp [1] Valuation - On August 6, 2025, the Russian Needle basis was 10, with a quantile level of 0.72; Silver Star basis was 680, with a quantile level of 0.904 [1] - The import profit of coniferous pulp Silver Star was - 34, with a quantile level of 0.545; broadleaf pulp Goldfish was - 21, with a quantile level of 0.613 [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The pulp market shows a situation of increasing supply volume and decreasing price on the supply - side, weak support from the demand - side, and a de - stocking trend in inventory. The pulp futures are expected to fluctuate widely between 5100 - 5400 [1][2]. 3) Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On August 1, 2025, SP2601 was 5416 with a daily decrease of 2.80% and a weekly decrease of 0.11%; SP2605 was 5364 with a daily decrease of 0.48% and a weekly increase of 0.22%; SP2509 was 5186 with a daily decrease of 0.88% and a weekly decrease of 6.05% [1]. - **Spot Prices**: On August 1, 2025, the spot price of coniferous pulp Silver Star was 5850, unchanged daily and down 1.18% weekly; Russian coniferous pulp was 5300, unchanged daily and down 3.64% weekly; broad - leaf pulp Goldfish was 4120, unchanged daily and down 0.72% weekly [1]. - **Outer - disk Quotes and Import Costs**: In terms of outer - disk quotes (in dollars), Chilean Silver Star was 720, down 2.70% month - on - month; Chilean Star was 500, down 10.71% month - on - month; Chilean Venus was 620, unchanged month - on - month. In terms of import costs, Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1]. Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, a month - on - month decrease of 6.09%. The shipment volume of pulp to China in May increased by 3.3% month - on - month. The domestic production of broad - leaf pulp and chemimechanical pulp showed certain fluctuations. Chilean Arauco announced new July wood pulp outer - disk quotes, with an increase in supply volume and a decrease in price [1]. - **Inventory**: As of July 31, 2025, the inventory of mainstream pulp ports in China was 210.5 tons, a decrease of 3.8 tons from the previous period, a month - on - month decrease of 1.8%, showing a de - stocking trend [2]. - **Demand**: This week, the output of major finished paper decreased slightly, and the price of finished paper remained low, providing weak support for pulp [2]. Pulp Valuation Data - On August 1, 2025, the Russian needle basis was 114 with a quantile level of 0.858; the import profit of coniferous pulp Silver Star was - 34 with a quantile level of 0.545 [1]. Strategy This week, pulp futures returned to fundamental pricing and are expected to fluctuate widely between 5100 - 5400 [2].

Report Industry Investment Rating - No information provided Core Viewpoints - Pulp supply is increasing while prices are decreasing, with the Arauco company's new July wood pulp offers showing certain trends and the May shipment volume to China increasing by 3.3% [1] - The demand side shows a slight decline in the output of major finished paper products this week, and the low prices of finished paper provide weak support for pulp [1] - As of July 31, 2025, the inventory of mainstream pulp ports in China is 210.5 tons, showing a destocking trend with a 1.8% month - on - month decrease [1][2] - Pulp futures are greatly affected by the macro - environment, and this week's commodity sentiment is expected to be volatile, with prices expected to fluctuate widely between 5200 and 5500 [2] Summary by Directory Price Data - On July 31, 2025, the futures prices of SP2601, SP2509 decreased by 1.45% and 1.76% respectively compared to the previous day, while SP2605 increased by 0.86% [1] - The spot prices of coniferous pulp such as Russian needle and broad - leaf pulp such as Goldfish decreased by 2.21% and 0.72% respectively [1] - The foreign market quotations of Chilean Silver Star and Chilean Star decreased by 2.70% and 10.71% respectively, and the import costs decreased by 2.68% and 10.60% respectively [1] Fundamental Data - In June 2025, the import volume of coniferous pulp was 67.8 tons, a 6.09% decrease compared to May [1] - The shipment volume of pulp to China in May increased by 3.3% compared to April [1] - The output of finished paper products such as offset paper, coated paper, toilet paper, and white cardboard decreased slightly this week [1] Valuation Data - On July 31, 2025, the basis of Russian needle pulp was 0.825, and the basis of Silver Star pulp was 0.889 [1] - The import profit of coniferous pulp Silver Star was - 34, and that of broad - leaf pulp Golden was 19 [1] Inventory Data - As of July 31, 2025, the inventory of China's mainstream pulp ports was 210.5 tons, a 1.8% decrease compared to the previous period [1][2] Strategy - Pulp futures are expected to fluctuate widely between 5200 and 5500 this week [2]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The pulp market shows a situation of increasing supply volume and decreasing price on the supply - side, weak support from the demand - side, and a slight inventory reduction trend. Pulp futures are currently greatly affected by the macro - environment, and with expected intense commodity sentiment this week, it is recommended to observe cautiously [1][2] 3. Summary According to Relevant Catalogs 3.1 Price Data - **Futures Prices**: On July 28, 2025, SP2601 was 5488 with a daily decrease of 1.51% and a weekly increase of 0.15%; SP2605 was 5376 with a daily increase of 1.38% and a weekly increase of 1.19%; SP2509 was 5360 with a daily decrease of 2.90% and a weekly increase of 0.49% [1] - **Spot Prices**: On July 28, 2025, the price of coniferous pulp Silver Star was 5920 (unchanged daily and weekly), Russian coniferous pulp was 5450 with a daily decrease of 0.91% and a weekly increase of 2.83%, and broad - leaf pulp Goldfish was 4150 (unchanged daily and a weekly increase of 1.22%) [1] - **Foreign Market Quotes**: The foreign market quotes of Chilean Silver Star decreased by 2.70% month - on - month to 720 dollars, Chilean Star decreased by 10.71% month - on - month to 500 dollars, and Chilean Venus remained unchanged at 620 dollars [1] - **Import Costs**: The import cost of Chilean Silver Star decreased by 2.68% month - on - month to 5884 dollars, Chilean Star decreased by 10.60% month - on - month to 4101 dollars, and Chilean Venus remained unchanged at 5073 dollars [1] 3.2 Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons (a 6.09% decrease from May), and the import volume of broad - leaf pulp was 143.5 tons (a 10.98% increase from May). The shipment volume of W20 to China in May increased by 3.3% month - on - month. The domestic production of broad - leaf pulp and chemical mechanical pulp fluctuated slightly in July [1] - **Inventory**: As of July 24, 2025, the pulp port inventory was 214.3 tons, a decrease of 3.8 tons from the previous period, with a 1.7% decrease. The inventory showed a slight de - stocking trend [2] - **Demand**: The production of major finished papers decreased slightly this week, and the prices of finished papers remained low, with weak overall support for pulp [1] 3.3 Valuation Data - **Basis**: On July 28, 2025, the Russian coniferous pulp basis was 90 with a quantile level of 0.839, and the Silver Star basis was 560 with a quantile level of 0.869 [1] - **Import Profit**: On July 28, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.685, and the import profit of broad - leaf pulp Goldfish was 49 with a quantile level of 0.69 [1] 3.4 Strategy - Pulp futures are currently greatly affected by the macro - environment. With expected intense commodity sentiment this week, it is recommended to observe cautiously [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The pulp futures are currently greatly affected by the macro - environment, and the commodity sentiment is expected to be volatile this week. It is recommended to observe cautiously [2] Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On July 25, 2025, SP2601 was 5572, up 0.47% day - on - day and 2.39% week - on - week; SP2605 was 5450, up 0.22% day - on - day and down 0.59% week - on - week; SP2509 was 5520, up 1.17% day - on - day and 4.31% week - on - week [1] - **Spot Prices**: On July 25, 2025, the spot price of coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5500, up 1.48% day - on - day and 3.77% week - on - week; broadleaf pulp Goldfish was 4150, unchanged day - on - day and up 1.22% week - on - week [1] - **Outer - disk Quotes and Import Costs**: The outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 500 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month. The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1] Pulp Fundamental Data - **Import Volume**: In June 2025, the import volume of coniferous pulp was 67.8 tons, down 6.09% month - on - month; the import volume of broadleaf pulp was 143.5 tons, up 10.98% month - on - month [1] - **Domestic Output**: The domestic output of broadleaf pulp on July 24, 2025, was 21 tons; the domestic output of chemimechanical pulp was 21.5 tons [1] - **Inventory**: As of July 24, 2025, the inventory of China's mainstream pulp ports was 214.3 tons, a decrease of 3.8 tons from the previous period, a 1.7% decline [1] - **Finished Paper Output**: This week, the output of major finished papers decreased slightly, with double - offset paper at 19.60 tons, copper - plate paper at 7.90 tons, tissue paper at 27.90 tons, and white cardboard at 31.10 tons [1] Pulp Valuation Data - **Basis**: On July 25, 2025, the basis of Russian Needle was - 20, with a quantile level of 0.646; the basis of Silver Star was 400, with a quantile level of 0.793 [1] - **Import Profit**: On July 25, 2025, the import profit of coniferous pulp Silver Star was 36, with a quantile level of 0.685; that of broadleaf pulp Goldfish was 49, with a quantile level of 0.69 [1] Supply - demand - inventory Analysis - **Supply**: The Arauco company in Chile announced the new outer - disk quotes for July wood pulp. The supply side showed an increase in volume and a decrease in price, with the W20's shipment volume to China in May up 3.3% month - on - month [1] - **Demand**: This week, the output of major finished papers decreased slightly, and the prices of finished papers remained low, providing weak support for pulp [1] - **Inventory**: As of July 24, 2025, the inventory of China's mainstream pulp ports showed a slight de - stocking trend [1] Strategy - It is recommended to observe pulp futures cautiously due to their high sensitivity to the macro - environment and the expected volatile commodity sentiment this week [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The supply side shows an increase in quantity and a decrease in price, with the W20's May shipment volume to China up 3.3% month-on-month and Chile's Arauco company's new July wood pulp offers indicating certain trends [1]. - The demand side has a slight increase in the output of major finished paper products this week, but the low - price of finished paper provides weak support for pulp [1]. - The inventory shows a slight de - stocking trend as of July 24, 2025, with the inventory of mainstream pulp ports in China at 214.3 tons, a 3.8 - ton decrease from the previous period and a 1.7% month - on - month decline [2]. - It is expected that the futures price will have limited upward movement due to the lack of follow - up in spot prices and will likely move in a volatile manner [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 24, 2025, SP2601 was 5546, up 0.51% day - on - day and 2.36% week - on - week; SP2605 was 5462, down 0.07% day - on - day and 1.32% week - on - week; SP2509 was 5456, up 0.78% day - on - day and 3.65% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 5920, down 0.50% day - on - day and unchanged week - on - week; Russian Needle was 5420, down 1.09% day - on - day and up 2.26% week - on - week; Broadleaf pulp Goldfish was 4150, unchanged day - on - day and up 2.47% week - on - week [1]. - **Outer - disk Quotes**: Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 500 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month [1]. - **Import Costs**: Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1]. Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, and broadleaf pulp was 143.5 tons. The W20's May shipment volume to China increased by 3.3% month - on - month [1]. - **Inventory**: As of July 17, 2025, the pulp port inventory was 218.1 tons, and the futures delivery warehouse inventory was 25.60 tons [1]. - **Demand**: This week, the output of major finished paper products increased slightly, including double - offset paper, coated paper, tissue paper, and white cardboard [1]. Pulp Valuation Data - **Basis**: On July 24, 2025, the Russian Needle basis was - 36 with a quantile level of 0.591; the Silver Star basis was 464 with a quantile level of 0.841 [1]. - **Import Profit**: On July 24, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.685; that of broadleaf pulp Goldfish was 49 with a quantile level of 0.69 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp futures are expected to rise under the influence of macro - positive factors and low valuation [4] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 22, 2025, SP2601 was 5502, up 0.40% day - on - day and 1.63% week - on - week; SP2605 was 5440, down 0.40% day - on - day and 1.80% week - on - week; SP2509 was 5368, up 0.64% day - on - day and 2.01% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5300, unchanged; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and up 1.23% week - on - week [1] - **Outer - disk Quotes**: Chilean Silver Star's outer - disk quote was 740 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: Chilean Silver Star's import cost was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply**: In June 2025, coniferous pulp imports were 67.8 tons, down 6.09% month - on - month compared to May. The shipment volume of pulp to China in May was 140 tons, up 3.30% month - on - month compared to April. Domestic production of broadleaf pulp and chemimechanical pulp also had certain changes [1] - **Inventory**: As of July 17, 2025, the sample inventory of China's mainstream pulp ports was 218.1 tons, up 0.2 tons from the previous period, a 0.1% increase, showing a slight inventory accumulation trend [4] - **Demand**: This week, the output of major finished paper increased slightly, but the prices of finished paper remained low, providing weak support for pulp [3] Pulp Valuation Data - **Basis**: On July 22, 2025, the Russian Needle basis was - 68, with a quantile level of 0.47; the Silver Star basis was 552, with a quantile level of 0.867 [3] - **Import Profit**: The import profit of coniferous pulp Silver Star was 50, with a quantile level of 0.685; the quantile level of broadleaf pulp Goldfish was 0.627 [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Pulp futures rose slightly against the backdrop of macro - positive factors, but the increase in spot prices was limited. In the short term, pulp is expected to trade in a range [1] Group 3: Summary According to Relevant Catalogs Pulp Price Data - **Futures Prices**: On July 16, 2025, SP2601 was 5402, down 0.22% week - on - week and up 1.58% compared to the previous period; SP2605 was 5342, up 0.19% week - on - week and down 0.49% compared to the previous period; SP2509 was 5242, down 0.38% week - on - week and up 2.66% compared to the previous period [1] - **Spot Prices**: On July 16, 2025, the price of coniferous pulp Silver Star was 5920, unchanged week - on - week and up 0.34% compared to the previous period; the price of coniferous pulp Russian Needle was 5300, unchanged week - on - week and up 3.52% compared to the previous period; the price of broad - leaf pulp Goldfish was 4050, unchanged week - on - week and up 0.75% compared to the previous period [1] - **Outer - Disk Quotes (USD)**: In July 2025, the outer - disk quote of Chilean Silver Star was 720, down 2.70% month - on - month; the outer - disk quote of Chilean Star was 500, down 10.71% month - on - month; the outer - disk quote of Chilean Venus was 620, unchanged month - on - month [1] - **Import Costs**: In July 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; the import cost of Chilean Star was 4101, down 10.60% month - on - month; the import cost of Chilean Venus was 5073, unchanged month - on - month [1] Pulp Fundamental Data Supply - **Import Volume**: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; the import volume of broad - leaf pulp was 129.3 tons, up 7.84% month - on - month [1] - **Domestic Output**: From May 29 to July 10, 2025, the domestic output of broad - leaf pulp fluctuated between 19.9 and 20.9 tons; the domestic output of chemimechanical pulp fluctuated between 19.7 and 20.3 tons [1] - **Pulp Shipment to China**: In May 2025, the pulp shipment to China was 140 tons, up 3.30% month - on - month [1] Inventory - As of July 10, 2025, the sample inventory of mainstream pulp ports in China was 217.9 tons, a decrease of 3.4 tons from the previous period, a 1.5% week - on - week decrease [1] Demand - This week, the output of major finished paper products increased slightly, but the prices of finished paper products remained low, providing weak support for pulp [1] Pulp Valuation Data - **Basis**: On July 16, 2025, the Russian Needle basis was 58, with a quantile level of 0.813; the Silver Star basis was 678, with a quantile level of 0.905 [1] - **Import Profit**: On July 16, 2025, the import profit of coniferous pulp Silver Star was 36, with a quantile level of 0.685; the import profit of broad - leaf pulp Goldfish was - 51, with a quantile level of 0.593 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Pulp is expected to run weakly, and it is recommended to conduct a 11 - 1 reverse spread strategy [1]. 3. Summary by Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Prices**: On June 27, 2025, SP2601 was 5264 with a week - on - week decrease of 0.68% and a day - on - week decrease of 0.04%; SP2507 was 5060 with no day - on - day change and a week - on - week decrease of 3.62%; SP2509 was 5066 with a day - on - day decrease of 0.08% and a week - on - week decrease of 3.58% [1]. - **Spot Prices**: On June 27, 2025, the price of coniferous pulp Silver Star was 5950 with no day - on - day change and a week - on - week decrease of 1.65%; Russian Needle was 5120 with no day - on - day change and a week - on - week decrease of 2.48%; broadleaf pulp Goldfish was 4050 with no day - on - day change and a week - on - week decrease of 1.22% [1]. 3.2 Outer - Disk Quotes and Import Costs - **Outer - Disk Quotes (USD)**: In June 2025, the outer - disk quote of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; Chilean Star was 560 with no change; Chilean Venus was 620 with no change [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, a month - on - month decrease of 2.68%; Chilean Star was 4587 with no change; Chilean Venus was 5073 with no change [1]. 3.3 Supply - Side Data - **Imports**: 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 broadleaf pulp was 129.3 tons, a month - on - month increase of 7.84%. The pulp shipment volume to China was 1353 tons, a month - on - month decrease of 30.80% [1]. - **Domestic Production**: The domestic production of broadleaf pulp on June 26, 2025, was 20.6 tons; the domestic production of chemimechanical pulp was 20.3 tons [1]. 3.4 Inventory Data - **Port Inventory**: As of June 26, 2025, the inventory of mainstream pulp ports in China was 216.3 tons, a decrease of 4.5 tons from the previous period, a month - on - month decrease of 2.0% [1]. - **Delivery Warehouse Inventory**: On June 26, 2025, the delivery warehouse inventory was 24.60 tons [1]. 3.5 Demand - Side Data - **Finished - Paper Production**: In the week of June 27, 2025, the production of offset paper was 20.40 tons; copperplate paper was 7.60 tons; tissue paper was 28.00 tons; white cardboard was 30.30 tons. The production of major finished papers decreased, and the prices of finished papers remained low, providing weak support for pulp [1]. 3.6 Valuation Data - **Basis**: On June 27, 2025, the Russian Needle basis was 54 with a quantile level of 0.809; the Silver Star basis was 884 with a quantile level of 0.975 [1]. - **Import Profits**: On June 27, 2025, the import profit of coniferous pulp Silver Star was 66 with a quantile level of 0.739; the import profit of broadleaf pulp Goldfish was - 537 with a quantile level of 0.189 [1].