According to the monitoring of SunSirs, as of March 18, the market price of softwood pulp was 4,428 RMB/ ton, and of hardwood pulp was 3,761.33 RMB/ ton. The spot market of pulp was light, and the downstream enterprises started to operate in a low speed.

Product: with the alleviation of COVID-19, the operating rate of various enterprises has been rising. At present, there is still inventory pressure, price suppression, recent trend, increased volatility, weak and stable operation of the domestic spot market.

Domestic import and export: from January to February 2020, China's wood pulp import volume was 4.689 million tons, up 21.4% year-on-year; according to the data, in the middle of March, the wood pulp stock in Qingdao port fell to 650,000 tons, Changshu wood pulp stock to 776,000 tons, and the high port stock fell. The spot market is mainly stable, most traders offer, high and low prices coexist in the market, and downstream paper enterprises resume production; market risk aversion is rising, port inventory is at a high level to suppress the pulp price, and the short-term trend continues to fluctuate.

Port inventory: Changshu port's wood pulp inventory is 725,000 tons, an increase of 50,000 tons over the middle of February; Changshu port's wood pulp inventory is 725,000 tons, an increase of 50,000 tons over the middle of February; Guangdong Gaolan Port's wood pulp inventory is 160,000 tons, an increase of 15,000 tons over the middle of February; Baoding area's wood pulp inventory is about 2,600 vehicles, an increase of 400 vehicles over the middle of February;

Spot futures: SP2005 contract closed at 4,484 RMB/ ton last trading day, down 8 yuan / ton; the total position of pulp futures is 73,438, down 3,741. Spot market: yesterday, the pulp spot market maintained stable operation, the port inventory was accelerated, but the overall operation was still high, the industry actively quoted prices, and the actual transaction in the market improved.

Industry: on March 17, the hardwood pulp commodity index was 81.77, unchanged from the previous day, down 40.69% from 137.86 (2017-11-13), the highest point in the cycle, and up 1.45% from 80.60, the lowest point on December 25, 2019. (Note: cycle refers to 2012-11-30 to now)

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