According to the monitoring of the Commodity Market Analysis System of SunSirs, the prices of coniferous wood pulp and broad-leaved wood pulp have both shown an upward trend this week. On July 25th, the average market price of coniferous wood pulp in Shandong Province was 5,966.67 RMB/ton, an increase of 0.56% compared to the average price on July 20th. On July 25th, the average market price of broad-leaved wood pulp in Shandong Province was 4,133.33 RMB/ton, an increase of 1.89% compared to the average price on July 20th.

Supply side: The current pressure on the wood pulp market has solidified, and the abundant supply of SPot goods has not changed the pressure on the market. Domestic port inventory remains high, with a slight trend of destocking in this cycle. As of July 24, 2025, the sample inventory of mainstream pulp ports in China was 2.143 million tons, a decrease of 1.7% compared to the previous period's destocking of 38,000 tons. The inventory of pulp in the mainstream domestic port of Qingdao Port shows a trend of destocking, with little change in overall inventory quantity. The shipping SPeed in the port has slightly increased, and the inventory level is at a high level this year; The inventory at Changshu Port shows a trend of destocking, with shipments exceeding 100,000 tons within the week; The inventory levels of other ports have remained at normal levels, fluctuating up and down.

On the demand side: Currently, downstream raw paper inventory is high, and the operating rate of raw paper manufacturers remains at a medium low level, resulting in weak market demand that is difficult to solve. In the context of the off-season market, the shipment of raw paper is not smooth, and the purchasing willingness of paper mills is low, which has limited support for the pulp market.

In terms of futures, pulp futures prices have risen significantly this week. As of July 25th, the opening price of the main contract SP2509 pulp futures on the Shanghai Futures Exchange was 5,450 RMB/ton, the closing price was 5,520 RMB/ton, and the highest price was 5,530 RMB/ton, with a daily increase of 2.49%. The trading volume was 294,800 lots, and the position was 147,585 lots.

The wood pulp analyst from SunSirs believes that the pulp futures market is currently rising at a high level, while the trading sentiment in the SPot market is weak. The core contradiction between supply and demand in the SPot market has not changed. In the state of strong supply and weak demand, the market pays more attention to port inventory and procurement demand, and it is expected that the short-term wood pulp prices will continue to consolidate.

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