According to the monitoring of the commodity market analysis system of SunSirs, the prices of softwood pulp and hardwood pulp will continue to show a downward trend in June 2025. On June 27th, the average market price of softwood pulp in Shandong Province was 5,983.33 RMB/ton, a decrease of 3.75% compared to the average price on June 1st. On June 27th, the average market price of hardwood pulp in Shandong Province was 4,066.67 RMB/ton, a decrease of 2.4% compared to the average price on June 1st.

On the supply side: In early June, the wood pulp import market was affected by the strike and shutdown of factories in Finland, leading to an expected reduction in supply. The market experienced short-term incremental transactions, and wood pulp prices remained temporarily high. In mid to late June, with the continuous release of domestic new production capacity, the market supply became loose. In addition, the fluctuating downward trend of pulp futures prices and the slow clearance of explicit inventory at import pulp ports have jointly driven the continuous decline of wood pulp prices.

In terms of domestic port inventory, as of June 26, 2025, the sample inventory of mainstream pulp ports in China was 2.163 million tons, a decrease of 2.0% compared to the previous period's destocking of 45,000 tons. This cycle, the inventory of pulp in the mainstream domestic port of Qingdao Port showed a trend of destocking, and the daily average shipment speed in the port did not change much compared to the previous cycle; The inventory at Changshu Port also showed a trend of destocking, with shipments approaching 80,000 tons within the week; The inventory levels of other ports remain within normal range fluctuations, with little overall change.

On the demand side: In June, the downstream raw paper market industry was in the off-season, and the performance of the paper terminal market was poor, making it difficult for raw paper prices to rise. This has led to a lack of enthusiasm among paper mills for purchasing wood pulp. In addition, the gradually decreasing operating load of some paper mills has slowed down the consumption data of pulp, which has limited support for pulp prices. However, the price increase in the raw paper market is weak, and the expectation of improving the industry's gross profit margin is weak. Enterprises still face significant pressure to reduce raw paper inventory by offering discounts, which has dragged down the trend of pulp prices upwards.

In terms of futures: As of June 27th, the opening price of the main contract sp2509 pulp futures on the Shanghai Futures Exchange was 5,060 RMB/ton, the closing price was 5,096 RMB/ton, and the highest price was 5,116 RMB/ton, with a daily increase of 0.51%. The transaction volume was 264,400 lots, and the position was 178,365 lots.

The wood pulp analyst from SunSirs believes that the recent decrease in pulp prices has led to a continuous decline in wood pulp prices. The state of strong market supply and weak demand is still ongoing, which is not conducive to the operation of high pulp prices. The continuous increase in production by new domestic factories also puts pressure on imported pulp prices. It is expected that the short-term spot price of wood pulp will remain mainly fluctuating at the bottom.

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