According to the monitoring of the commodity market analysis system of SunSirs, the price of softwood pulp first rose and then fell in November, while hardwood pulp maintained a steady upward trend. On November 27th, the average market price of softwood pulp in Shandong Province was 5,433.33 RMB/ton, a decrease of 1.51% compared to the average price on November 1st. On November 27th, 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 1st.
On the supply side: In early November, some international pulp mills have plans to reduce production to varying degrees, coupled with shipping and logistics transportation issues, which may lead to tightening expectations for imported pulp sources and stronger support from the supply side. The external price of broad-leaved pulp is prone to rise but difficult to fall, which may provide strong bottom support for import costs. However, in mid to late November, domestic port inventory pressure continued to exist, and inventory levels continued to accumulate, which significantly suppressed wood pulp prices.
In terms of domestic port inventory: As of November 27, 2025, the sample inventory of mainstream pulp ports in China was 2.172 million tons, a decrease of 0.05% compared to the previous period's destocking of 0.1 million tons. The inventory of pulp in the mainstream domestic port of Qingdao Port shows a narrow trend of destocking, and the speed of shipment in the port has slightly slowed down; The inventory of Changshu Port shows a trend of accumulation, and the shipment volume in the port has decreased compared to the previous cycle; The inventory levels of other ports remain within the normal range of fluctuations, with little change in quantity.
In terms of imports: According to data released by the General Administration of Customs, the import volume of pulp in China was 2.618 million tons in October 2025, with a year-on-year growth rate remaining unchanged; The import volume of pulp in China from January to October was 29.679 million tons, a year-on-year increase of 4.8%. Among them, the import volume of softwood pulp was 691,000 tons, an increase of 0.1% month on month and 6.0% year-on-year.
In terms of demand, there was no significant boost in downstream market demand in November, and some paper companies had slower shipment speeds, resulting in a low overall operating rate in the industry. However, 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 the later stage, as the profitability of the paper industry remained at a low level, the inventory pressure of paper mills was high, and the acceptance of high priced wood pulp was not high. The demand performance was poor, and the paper mills showed a weak trend of rigid demand, which was detrimental to the price of wood pulp.
In terms of futures, the main pulp futures contract in November showed a fluctuating and weak trend. As of November 27, 2025, the closing price of the main pulp futures contract was 5,184 RMB/ton, with a daily trading volume of 183,200 lots and a holding volume of 137,725 lots.
The wood pulp analyst from SunSirs believes that the current market supply pressure continues, and downstream raw paper enterprises are not very receptive to high priced sources. After the high priced transactions of imported needle pulp are hindered, the market price gradually approaches a reasonable range. The broad-leaved pulp shows a pattern of tight supply supporting prices and weak demand restricting growth. It is expected that the short-term spot price of wood pulp will remain in a range of consolidation and operation.
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