According to the monitoring of the commodity market analysis system of SunSirs, the price of softwood pulp has fluctuated this week, while hardwood pulp has slightly increased. On July 18th, the average market price of softwood pulp in Shandong Province was 5,933.33 RMB/ton, a decrease of 0.28% compared to the average price on July 13th. On July 18th, the average market price of hardwood pulp in Shandong Province was 4,056.67 RMB/ton, an increase of 0.58% compared to the average price on July 13th.
On the supply side: Production and shipping from foreign pulp mills are relatively normal, and with the resumption of production at Finland's Finlin Group pulp mill at the beginning of the month, it will further increase market supply pressure. However, the pace of destocking of pulp inventory in domestic ports is relatively slow, and the inventory level has shown a slight accumulation trend in this cycle. As of July 17, 2025, the sample inventory of mainstream pulp ports in China was 2.181 million tons, an increase of 0.1% compared to the previous period's accumulation of 0.2 million tons. The overall inventory level of pulp in the mainstream domestic port of Qingdao has not changed much, showing a slight destocking trend. The shipping speed in the port has slightly decreased, and the overall inventory level is at a high level this year; The inventory of Changshu Port has not changed much, showing a slight accumulation trend, with shipments exceeding 100,000 tons within the week; The inventory levels at other ports have remained relatively stable, with normal fluctuations in inventory levels.
In terms of demand, the downstream market is currently in the off-season of the industry, with weak market demand and high inventory of raw paper in paper mills. Due to poor shipments in the raw paper market and downstream pressure on prices for essential purchases, it has dragged down the trend of the pulp market. Therefore, the weak performance on the demand side has limited support for the current wood pulp prices.
In terms of futures, pulp futures prices have shown an upward trend this week, but due to light spot trading, the divergence between futures and cash has intensified. As of July 18th, the opening price of the main contract sp2509 pulp futures on the Shanghai Futures Exchange was 5,262 RMB/ton, the closing price was 5,292 RMB/ton, and the highest price was 5,330 RMB/ton, with a daily increase of 0.88%. The trading volume was 306,000 lots, and the position was 145,689 lots.
Business Society's wood pulp analyst believes that the current supply in the pulp market continues to be loose, and demand is unlikely to see a significant increase in volume. However, under the influence of preference for pulp futures prices, some coniferous pulp traders may consider cost pressures or have expectations of price increases. However, from the perspective of demand, downstream acceptance of high priced sources is relatively limited, and price increases are relatively limited. It is expected that the short-term wood pulp prices will remain in a range of fluctuations and consolidation.
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