According to the monitoring of the commodity market analysis system of SunSirs, the prices of softwood pulp and hardwood pulp have remained stable with small fluctuations this week, and the price trend is going against the trend. On September 19th, the average market price of softwood pulp in Shandong Province was 5,700 RMB/ton, a decrease of 0.29% compared to the average price on September 14th. On September 19th, the average market price of hardwood pulp in Shandong Province was 4,183.33 RMB/ton, an increase of 0.4% compared to the average price on September 14th.

On the supply side: The current high pressure of port inventory remains unresolved, although external quotations remain stable at high levels, forming cost support. The inventory of domestic ports has shown a narrow range of accumulation in this cycle. As of September 18, 2025, the sample inventory of mainstream pulp ports in China was 2.112 million tons, an increase of 2.4% compared to the previous period's accumulation of 50,000 tons. The inventory of mainstream pulp ports in Qingdao has shown a narrow range of accumulation in this cycle, and the shipping speed in the port has not changed much compared to the previous period. There is a large amount of coniferous pulp in the port; The inventory at Changshu Port shows a trend of accumulation, with shipments approaching 100,000 tons within the week; The inventory of other ports remains within the normal range of inventory quantities, with little fluctuation.

In terms of demand, the pulp and paper market in September is facing a transition from the traditional peak season to off peak season, with actual transactions still showing a light trend. The fluctuation space of pulp prices has narrowed, and the market has a strong wait-and-see atmosphere. Downstream pre holiday stocking willingness is insufficient, and procurement is still mainly based on small orders for essential needs. Although the increase in external prices in September has formed cost support, the expected increase in downstream raw paper production load is insufficient, and the acceptance of high priced raw materials is limited. The actual implementation may be inadequate.

In terms of futures: This week's pulp futures prices showed mixed ups and downs. As of September 19th, the opening price of the main contract sp2511 on the Shanghai Futures Exchange was 5,002 RMB/ton, the closing price was 5,018 RMB/ton, the highest price was 5,040 RMB/ton, the trading volume was 177,900 lots, and the position was 166,419 lots.

The wood pulp analyst from SunSirs believes that the recent strong supply and weak demand in the market continue, and there is still a wait-and-see sentiment in the market. Downstream buying intentions are not high, and the speed of pulp market sales has slowed down. Weak demand continues to suppress market sentiment, and it is expected that wood pulp prices will show a narrow adjustment in the short term.

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