According to the monitoring of the commodity market analysis system of SunSirs, the prices of softwood pulp and hardwood pulp have slightly increased this week. On September 26th, the average market price of softwood pulp in Shandong Province was 5,716.67 RMB/ton, an increase of 0.29% compared to the average price on September 21st. On September 26th, the average market price of hardwood pulp in Shandong Province was 4200 RMB/ton, an increase of 0.4% compared to the average price on September 21st.
On the supply side: The current global pulp market is showing an oversupply pattern, with stable production and operation of overseas pulp plants and stable shipping volume, resulting in high levels of domestic port inventory and slow destocking processes, leading to sustained supply side pressure. As of September 25, 2025, the sample inventory of mainstream pulp ports in China was 2.033 million tons, a decrease of 3.7% compared to the previous period when 79,000 tons were destocked. The inventory showed a trend of destocking in this cycle. The inventory quantity of pulp at Qingdao Port, a mainstream domestic port, has not changed much during this cycle. The inventory quantity outside the port is higher than that inside the port, and the shipment speed inside the port has not changed much; The inventory at Changshu Port shows a trend of destocking, with shipments approaching 90,000 tons within the week. The inventory levels of other ports in this cycle have not fluctuated significantly, maintaining normal fluctuations within the range.
In terms of demand, the current market trading is light, and there is a strong wait-and-see sentiment among industry players. The market's enthusiasm for purchasing coniferous pulp is suppressed, and there is a lack of effective volume support on the demand side. However, in recent times, the market price of imported broad-leaved pulp has shown signs of stabilizing at the bottom, and the external quotation of broad-leaved pulp has been raised for two consecutive rounds, leading to a continuous increase in import cost expectations. Due to the initial bottoming out of the domestic spot market prices, traders' profits have continued to suffer, and reluctance to sell has gradually emerged. The market has a strong willingness to raise prices.
In terms of futures: This week's pulp futures prices showed mixed ups and downs. As of September 26th, the opening price of the main contract sp2511 on the Shanghai Futures Exchange was 5,062 RMB/ton, the closing price was 5,016 RMB/ton, the highest price was 5,068 RMB/ton, the trading volume was 198,800 lots, and the position was 134,769 lots.
SunSirs wood pulp analysts believe that the current market contradictions are concentrated in the game between high port inventory and weak demand. Although external quotations remain stable, forming cost support, downstream procurement is still mainly based on essential needs. The market has a strong wait-and-see attitude, and some traders' pre holiday prices remain firm. It is expected that the short-term wood pulp prices will remain within a range of fluctuations.
If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.
