According to the monitoring of the commodity market analysis system of SunSirs, the price of softwood pulp weakened and fell in September, while the price of hardwood pulp rebounded from the bottom. On September 30th, the average market price of softwood pulp in Shandong Province was 5,633.33 RMB/ton, a decrease of 1.74% compared to the average price on September 1st. On September 30th, the average market price of hardwood pulp in Shandong Province was 4,233.33 RMB/ton, an increase of 1.2% compared to the average price on September 1st.
On the supply side, the production and operation of overseas pulp plants remained stable in September, with stable shipping volume, resulting in high levels of domestic port inventory and a relatively slow destocking process, leading to sustained supply side pressure. In addition, the weak performance of international pulp prices has put downward pressure on imported wood pulp prices, further weakening the bottom support of domestic spot prices. However, the prices of broad-leaved pulp for external markets have been continuously raised, and domestic spot prices have experienced a bottoming out in the early stages. Traders' profits have been damaged and there has been a reluctance to sell, which has strengthened the market's willingness to raise prices.
In terms of domestic port inventory, 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. But compared to the same period in five years, the inventory pressure is still relatively high.
In terms of imports: According to data released by the General Administration of Customs, China's pulp imports in August 2025 were 2.653 million tons, a decrease of 7.8% compared to the previous month and 5.5% compared to the previous year. The cumulative import volume for the year was 24.108 million tons, an increase of 5.0% compared to the previous year. Among them, the import quantity of bleached needle pulp was 614,000 tons, with a cumulative import volume of 5.74 million tons for the whole year, an increase of 1.4% year-on-year. The imported quantity of bleached broad-leaved pulp is 1.258 million tons. The cumulative import volume for the whole year was 11.152 million tons, with a year-on-year increase of 10.7%.
On the demand side: In September, the downstream raw paper industry's processing profits were difficult to improve, and the market's enthusiasm for purchasing needle pulp was suppressed, resulting in a lack of effective volume support on the demand side. In addition, the pressure on downstream raw paper enterprises to ship still exists, which hinders the production enthusiasm of downstream raw paper enterprises and makes it difficult to have a significant impact. The acceptance of high priced raw materials is relatively limited, and under the dominance of rigid demand and inventory replenishment at low prices, the spot price of imported needle pulp shows a weak downward trend.
In terms of futures, the main pulp contracts in September fluctuated overall, with the fundamentals continuing the weak supply-demand pattern, and market prices following macroeconomic fluctuations. As of September 30, 2025, the closing price of the main contract for pulp futures was 4,834 RMB/ton, a decrease of 0.90% from the previous trading day, and the daily position decreased by 11,424 lots compared to the previous trading day.
SunSirs wood pulp analysts believe that the current high level of port inventory continues to exert significant pressure on the market supply side. In addition, due to the lack of confidence in the traditional peak season market, demand growth may not be as expected, and the space for price rebound will be limited. It is expected that the short-term spot price of wood pulp will remain volatile.
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