According to the monitoring of the commodity market analysis system of SunSirs, the prices of softwood pulp and hardwood pulp both showed an upward trend this week. On November 13th, the average market price of softwood pulp in Shandong Province was 5,566.67 RMB/ton, an increase of 0.6% compared to the average price on November 9th. On November 13th, the average market price of hardwood pulp in Shandong Province was 4,400 RMB/ton, an increase of 3.53% compared to the average price on November 9th.

Supply side: Recently, some international pulp mills have plans to reduce production to varying degrees, coupled with shipping and logistics transportation issues. There may be expectations of tightening import pulp sources in the future, and the support from the supply side is relatively strong. The external price of broad-leaved pulp is prone to rise but difficult to fall, and there may be strong bottom support for future import costs. However, the inventory of domestic ports has shown a cumulative trend in this cycle. As of November 13, 2025, the sample inventory of mainstream pulp ports in China was 2.11 million tons, an increase of 4.8% compared to the previous period's cumulative inventory of 102,000 tons. Therefore, there may be some suppression on the continuous rise of wood pulp prices.

In terms of demand: Currently, the peak consumption season has basically ended, and the downstream demand for household paper is gradually narrowing; The contradiction between supply and demand of cultural paper is difficult to improve, and it is difficult to push up prices; The price performance of white cardboard is relatively strong, but there is insufficient follow-up on terminal orders. Therefore, the traditional peak season market atmosphere in the downstream raw paper industry is not as expected, which makes raw paper companies relatively cautious in stocking and slow in replenishing inventory, and also limits the incremental space of pulp market demand.

In terms of futures, this week's pulp futures market continued to show an upward trend driven by funds. As of November 13th, the opening price of the main contract for pulp futures on the Shanghai Futures Exchange was 5,482 RMB/ton, the closing price was 5,534 RMB/ton, the highest price was 5,542 RMB/ton, the trading volume was 284,600 lots, and the position was 185,570 lots.

The wood pulp analyst from SunSirs believes that the current wood pulp spot market is driven by supply side upward momentum and futures upward momentum, resulting in a significant price increase. However, there is currently no strong positive support from the demand side, and the market needs to be cautious and wait. It is expected that the short-term wood pulp prices may maintain a strong operation.

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