According to the monitoring of the Commodity Market Analysis System of SunSirs, the prices of coniferous and broad-leaved pulp both showed a slight downward trend this week. On February 5, 2026, the average market price of coniferous wood pulp in Shandong Province was 5,400 RMB/ton, a decrease of 1.22% compared to the average price on February 2. On February 5th, the average market price of broad-leaved wood pulp in Shandong Province was 4,600 RMB/ton, a decrease of 0.36% compared to the average price on February 2nd.

On the supply side, the current pressure on domestic port inventory is not decreasing, and it continues to show a trend of accumulated inventory in this cycle. The sample inventory of ports has shown a trend of accumulated inventory for five consecutive weeks. As of February 5, 2026, the sample inventory of mainstream pulp ports in China was 2.182 million tons, an increase of 0.6% compared to the previous period's cumulative inventory of 13,000 tons. The inventory levels of each port in this cycle have shown varying degrees of accumulation and depletion, but have remained within the normal range of consolidation.

In terms of demand, the recent lack of boost in terminal market demand has led to a stalemate in the trading of imported pulp and paper market. The downstream raw paper market also performs differently due to different categories, benefiting from seasonal demand support and rising costs, and the prices of wood pulp household paper and white cardboard remain relatively strong; However, copperplate paper and wood pulp double adhesive paper are running weakly due to insufficient demand boost. With the weakening of market activity, spot prices have fluctuated downwards, and the overall focus has shifted downwards, resulting in a lack of strong unilateral driving force in the market.

In terms of futures: The recent decline in pulp futures prices has had a suppressive effect on market sentiment, and the market is showing a downward trend of oscillation. As of February 5, 2026, the opening price of the main contract for pulp futures on the Shanghai Futures Exchange was 5,340 RMB/ton, the closing price was 5,254 RMB/ton, the highest price was 5,340 RMB/ton, the trading volume was 201,700 lots, and the position was 285,275 lots.

The wood pulp analyst from SunSirs believes that the current import of coniferous pulp is constrained by weak downstream demand and its strong financial attributes, resulting in a continued downward trend in prices; Broad leaved pulp relies on external market costs to effectively hedge against the decline in pulp prices. The supply and demand fundamentals remain weak, and the core contradiction lies in the continuous game between high inventory and weak demand before the holiday. It is expected that the short-term wood pulp prices will continue to be weak.

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