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SunSirs: China Wood Pulp Stops Rising and Reverses, or will be Stable and Weak in the Short Term
September 26 2022 13:52:56SunSirs(Selena)

According to the data monitoring of SunSirs, spot prices of softwood pulp and hardwood pulp decreased slightly last week. On September 23, the average market price of softwood pulp in Shandong was 7,570 RMB/ ton, down 0.26% compared with the average price at the beginning of the week (on September 18, the average market price of softwood pulp was 7,590 RMB/ ton). On September 23, the average market price of hardwood pulp in Shandong was 6,730 RMB/ ton, which was 0.3% lower than the average price at the beginning of the week (on September 18, the average market price of hardwood pulp was 6,750 RMB/ ton).

According to the observation of market changes, spot prices of softwood and hardwood pulp showed a downward trend last week. Although pulp futures rose at the beginning of the week, the spot market prices were mostly stable. Subsequently, pulp futures prices fell, and spot prices followed the correction. In terms of supply, the current market is still in the period of relatively concentrated maintenance, so there are local device downtime or early maintenance recovery. Overlapping the high import spot market price, the cost side supports the spot price.

On the demand side, there are still some regions in China that are affected by the epidemic and the shipment is not smooth, resulting in the slow delivery of paper enterprises. The phenomenon of production reduction and production change of paper enterprises has increased. The manufacturers maintain the purchase on demand, and the willingness to replenish is low. As the current situation of high price and low demand continues, the price center of the spot market has loosened.

In terms of futures, on September 23, the opening price of the pulp futures SP2301 contract of the Shanghai Futures Exchange was 6,908 RMB/ ton, the latest price was 6,668 RMB/ ton, with 305,400 deals and 197,120 positions. The opening price of the SP2210 contract was 7,350 RMB/ ton, the latest price was 7,156 RMB/ ton, 3,562 deals were sold and 5,840 positions were held.

SunSirs wood pulp analysts believe that the current high spot price of wood pulp fluctuates, which makes the downstream paper enterprises weak in demand for raw materials and purchasing enthusiasm. With the decline of pulp futures prices, it is expected that the short-term spot price of wood pulp may be stable and weak in China.

 

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