1. Report Information - Report Name: Pulp Daily Report [1] - Date: January 13, 2025 [2] 2. Industry Investment Rating - Not provided in the report 3. Core Viewpoints - The pulp futures 05 contract closed at 5490 yuan/ton, down 0.47% from the previous settlement price. The pulp fundamentals have limited changes and are expected to move in a volatile adjustment [7][8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5516 yuan/ton, and the closing price was 5490 yuan/ton, a decline of 0.47%. The intended transaction price range of softwood pulp in the Shandong market was 4920 - 6300 yuan/ton, down 50 yuan/ton from the previous trading day. The Shandong Yinxing was quoted at 5550 yuan/ton [7]. - Arauco's January pulp export prices: softwood pulp Yinxing increased by 10 US dollars/ton to 710 US dollars/ton; natural pulp Jinxing remained flat at 620 US dollars/ton; hardwood pulp Mingxing increased by 20 US dollars/ton to 590 US dollars/ton. In November, the chemical pulp shipments of 20 pulp - producing countries decreased year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European 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 pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6%. 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 January 8, 2026, the weekly pulp inventory in major regions and ports was 1.965 million tons, a week - on - week decrease of 1.19%. On the demand side, large - scale cultural paper enterprises are operating normally, while some small and medium - sized production lines in the north have stopped production. The downstream publishing orders are almost completed, and the social orders have limited changes. Dealers mainly maintain stable prices, with limited willingness to adjust prices [8]. 4.2 Industry News - On December 13, 2025, Suzano's new fluff pulp production line at its Limeira factory in the interior of São Paulo started production. The project, with an investment of 490 million reais, quadrupled the company's total fluff pulp production capacity from 100,000 tons to 440,000 tons per year. The project aims to transform the pulp production line into a flexible equipment capable of producing both Eucafluff® and commercial pulp. Eucafluff® is used for absorbent and personal hygiene products, while commercial pulp is used for toilet paper, printing paper, and packaging paper [9]. 4.3 Data Overview - The report provides multiple data charts, including the spot price of imported bleached softwood pulp in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood pulp price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port pulp inventory, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][25][26][27]

Core Viewpoint - Suzano, the world's largest pulp producer, has launched a new fluff pulp production line in Brazil, significantly increasing its production capacity [1] Group 1: Investment and Capacity Expansion - The new fluff pulp production line at the Limeira unit represents an investment of R$490 million [1] - This investment increases Suzano's total fluff pulp production capacity by over 400%, from 100,000 tonnes to 440,000 tonnes per year [1] Group 2: Production Flexibility - The project involved converting the existing pulp line at the Limeira unit into a flexible machine [1] - The new machine is capable of producing both Eucafluff® and market pulp [1]