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. On December 18th, the average market price of softwood pulp in Shandong Province was 5,600 RMB/ton, an increase of 0.3% compared to the average price on December 14th. On December 18th, the average market price of hardwood pulp in Shandong Province was 4,666.67 RMB/ton, an increase of 0.36% compared to the average price on December 14th.

On the supply side, the current news of overseas production cuts has marginally weakened, and the market focus has returned to the reality of domestic inventory. The spot market has maintained stable operation under cost support. This week, the domestic port inventory of pulp has continued its trend of destocking, showing a destocking trend for four consecutive weeks. As of the week of December 18, 2025, the sample inventory of China's mainstream pulp ports was 1.993 million tons, a decrease of 2.1% compared to the previous period's destocking of 43,000 tons. This cycle, the inventory of pulp in the mainstream domestic port Qingdao Port continues to decrease, and the daily average shipment speed in the port has slowed down; The inventory at Changshu Port is also showing a trend of destocking, with shipments exceeding 110,000 tons within the port; The inventory levels of other ports remain within the normal range, with little overall change.

On the demand side: The current weak market demand still plays a core constraint on prices, with weak trading in downstream raw paper markets and poor transmission of high priced raw materials downstream. Market procurement is relatively cautious. In addition, the overall surplus of finished paper is difficult to change, and the gross profit of paper companies has deteriorated. The willingness to chase after rising raw materials has weakened, and the pace of inquiries has also slowed down. However, the stable and rising prices of coniferous and broad-leaved products in the external market temporarily support the pulp price.

The downstream white cardboard market has shown a narrow upward trend, and according to the price increase notice from the paper mill, the price plan for December is to increase by 200 RMB/ton. Due to the lack of significant release of market demand, the overall increase in paper prices has fallen short of expectations. But currently, the mentality of large-scale enterprises to raise prices is still clear, and they plan to further increase their order prices. However, considering the slow recovery of market demand, the overall upward space for short-term paper prices is relatively limited.

In terms of futures, this week's pulp futures prices first fell and then rose, with slight fluctuations. As of December 18th, the opening price of the main contract for pulp futures on the Shanghai Futures Exchange was 5,512 RMB/ton, the closing price was 5,500 RMB/ton, the highest price was 5,558 RMB/ton, the trading volume was 349,100 lots, and the position was 208,050 lots.

SunSirs wood pulp analysts believe that in the near future, wood pulp prices have returned to a stable and wait-and-see state. Supply side pressure still exists, while demand side performance is weak. Downstream raw paper trading is weak, and the market still needs to pay attention to changes in port inventory and raw paper market purchasing sentiment. It is expected that wood pulp prices will remain volatile in the short term.

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