According to the SunSirs commodity market analysis system, prices for softwood pulp and hardwood pulp showed mixed trends—moving in opposite directions—last week. On June 12, the average market price for softwood pulp in Shandong was 4,983.33 RMB/ton, up 0.34% from June 7. Conversely, the average market price for hardwood pulp in Shandong was 4,516.67 RMB/ton, down 0.37% from June 7.

Regarding supply: For softwood pulp, large-scale annual maintenance at overseas mills has yet to materialize, and short-term spot shipments to China remain normal; expectations that reduced supply will boost prices apply only to the long term and cannot alleviate current supply pressures. Overseas quotes for softwood pulp in June saw a slight downward adjustment, weakening support for duty-paid import prices. Overseas supply of hardwood pulp dropped significantly month-on-month, yet existing port inventories remained ample. Furthermore, while overseas mills showed no willingness to actively lower prices—keeping quotes flat—domestic buyers resisted high prices and reduced bulk purchasing.

During this period, pulp inventory trends at major ports shifted from destocking to accumulation. As of June 11, sampled inventory at China's major pulp ports stood at 2.334 million tons, an increase of 36,000 tons (up 1.6%) from the previous period. Inventory at Qingdao Port—a key domestic hub—rose, with the average daily outflow rate slowing compared to the previous period. Inventory at Changshu Port also increased; while outflow volume dipped slightly, it remained above 80,000 tons.

Regarding demand: The traditional off-season for the papermaking industry persists, and operating rates across various paper grades continue to decline. Operating loads for offset paper, coated paper, and tissue paper trended downward month-on-month. Only white paperboard showed a slight, counter-trend strengthening, though its volume was insufficient to drive an overall increase in pulp consumption. Paper mills are strictly adhering to a "purchase-as-needed" strategy, showing absolutely no inclination to stockpile pulp in bulk; only a few mills are making small-volume purchases of softwood pulp at low price points, generating merely sporadic transactions rather than a sustained wave of buying.

Regarding futures: Last week, pulp futures prices fluctuated within a narrow range with a slight upward bias. As of June 12, 2026, the main pulp futures contract on the Shanghai Futures Exchange opened at 4,900 RMB/tonne and closed at 4,896 RMB/tonne, with a high of 4,908 RMB/tonne; trading volume stood at 219,100 lots, and open interest was 384,800 lots.

Analysts at SunSirs believe that while high port inventories and expectations of lower overseas offer prices are exerting downward pressure on the market, buying based on essential needs at low price levels is establishing a floor, making a sharp, deep decline unlikely. Although traders are keen to offload stock, paper mills are purchasing strictly according to demand, limiting the scope for significant price movements; consequently, wood pulp prices are expected to fluctuate within a narrow range in the short term.

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