According to monitoring by the SunSirs Commodity Market Analysis System: Last week, prices for softwood pulp rose initially before falling back, while prices for hardwood pulp remained stable. As of April 24, the average market price for softwood pulp in the Shandong region was 5,100 RMB/ton—an increase of 0.33% compared to the average price on April 19. On April 24, the average market price for hardwood pulp in the Shandong region was 4,610 RMB/ton, remaining unchanged compared to the average price on April 19.
Supply Side: During the first half of April, arrivals of imported wood pulp at ports were concentrated; supplies of hardwood pulp were abundant, while softwood pulp arrivals remained steady. Domestic wood pulp production capacity typically peaks in the fourth quarter; consequently, the increase in domestic pulp output is limited in the short term, resulting in only moderate marginal supply pressure. Furthermore, with the recent appreciation of the RMB exchange rate, the cost of imported pulp has decreased by approximately 100–150 RMB/ton, thereby weakening price support.
Inventory Side: During the current cycle, pulp inventories at major ports showed a trend of accumulation following three consecutive weeks of depletion. As of April 23, 2026, the sample inventory volume at China's mainstream pulp ports stood at 2.357 million tons—an increase of 86,000 tons from the previous period, representing a month-on-month rise of 3.8%. Within this cycle, inventories at Qingdao Port—a major domestic pulp hub—continued to show a trend of depletion, with the average daily shipment rate remaining largely unchanged from the previous period. Conversely, inventories at Changshu Port showed a trend of accumulation, as shipment volumes from the port decreased by over 80,000 tons compared to the previous period. Inventories at other ports exhibited varying degrees of accumulation or depletion, reflecting normal inventory adjustments within their respective ranges.
Demand Side: Currently, influenced by the traditional off-season, the downstream market faces a shortage of orders and pressure on profitability, resulting in operating rates that are stable but trending slightly downward. Meanwhile, the base paper market has seen a slowdown in shipments and resistance to price hikes; with profit margins remaining thin, manufacturers are strongly resistant to high-priced pulp and are limiting purchases to immediate replenishment needs, showing no inclination to engage in concentrated stockpiling. Traders are facing pressure to move inventory—often by offering price concessions to boost sales volume—keeping market prices under continuous pressure and fostering a strong wait-and-see sentiment across the market. Regarding futures: Last week, pulp futures prices remained volatile at low levels, trending slightly downward. As of April 17, 2026, the benchmark pulp futures contract on the Shanghai Futures Exchange opened at 5,046 RMB/ton, closed at 5,092 RMB/ton, and reached a high of 5,092 RMB/ton; trading volume stood at 166,500 lots, with open interest at 213,300 lots.
According to analysts at SunSirs, the current softwood pulp market remains volatile at low price levels, weighed down by high inventory levels and weak demand. Hardwood pulp, however, has demonstrated relative resilience against price declines, supported by slight firming in international markets and its diversified range of applications. Given that the fundamental supply-and-demand dynamics of the market have shown no marginal changes—and lacking any substantial positive catalysts—wood pulp prices are expected to continue consolidating within a narrow range in the short term.
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