According to the monitoring of the commodity market analysis system of SunSirs, softwood pulp and hardwood pulp showed a slight decline this week. On July 4th, the average market price of softwood pulp in Shandong Province was 5,950 RMB/ton, a decrease of 0.56% compared to the average price on June 29th. On July 4th, the average market price of hardwood pulp in Shandong Province was 4,050 RMB/ton, a decrease of 0.41% compared to the average price on June 29th.

On the supply side, domestic port inventory showed a trend of cumulative inventory this week. As of July 3, 2025, the sample inventory of mainstream pulp ports in China was 2.213 million tons, an increase of 2.3% compared to the previous period's cumulative inventory of 50,000 tons. During this cycle, the inventory of pulp at the mainstream domestic port of Qingdao Port showed a trend of accumulation, with a slight increase in shipment speed and inventory levels still at a relatively high level for the year; The inventory at Changshu Port also shows a trend of accumulation, with shipments exceeding 100,000 tons within the week; The overall inventory levels at other ports have not changed significantly and have remained within the normal range of fluctuations.

On the demand side, the profitability of the downstream raw paper industry continues to be under pressure, and there has been a long-term overcapacity situation in the raw paper industry, which has suppressed the enthusiasm of downstream paper mills to purchase raw materials, thereby dragging down the consumption of wood pulp and the trend of pulp prices, which is the core driving factor for the downward trend of pulp prices. In addition, the impact of the China US tariff incident has led to the continuous expansion of trade frictions into the global market, causing significant disruptions to China's spot markets for imported coniferous and hardwood pulp.

In terms of futures, pulp futures prices fluctuated this week. As of July 4th, the opening price of the main contract sp2509 pulp futures on the Shanghai Futures Exchange was 5,088 RMB/ton, the closing price was 5,068 RMB/ton, and the highest price was 5,122 RMB/ton, with a daily decline of 0.35%. The trading volume was 252,600 lots, and the position was 193,700 lots.

The wood pulp analyst from SunSirs believes that the current release rate of new pulp production capacity in China is accelerating, and the substitution effect of localization is further strengthened. In addition, the market demand remains weak and the uncertainty of China US tariff policies is expected, resulting in a narrow range of short-term fluctuations in wood pulp prices.

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