SunSirs: The Price of Wood Pulp Remains Stable with Small Fluctuations in China, with Short-term Fluctuations and Adjustments

According to the monitoring of the commodity market analysis system of SunSirs, the price of softwood pulp remained stable last week, while the price of hardwood pulp slightly decreased. On June 6th, the average market price of softwood pulp in Shandong Province was 6,216.67 RMB/ton, which remained stable compared to the average price on June 1st. On June 6th, the average market price of hardwood pulp in Shandong Province was 4,133.33 RMB/ton, a decrease of 0.8% compared to the average price on June 1st.

Supply side: After the Dragon Boat Festival holiday, the import supply of wood pulp in the market is relatively stable. According to data released by the General Administration of Customs, the import volume of pulp in China in April 2025 was 2.893 million tons, with a month on month increase of -11.0% and a year-on-year increase of -10.3%. The cumulative import volume for the whole year was 12.531 million tons, with a cumulative year-on-year increase of 1.0%.

In terms of demand, the downstream raw paper market is currently showing an upward trend, and the operating rate of paper mills has increased compared to the previous period. Therefore, there is an expectation of an increase in demand for wood pulp in the future. However, the external quotation remained stable in June, which did not bring positive performance to the spot price of wood pulp.

Domestic port data: Last week's inventory showed a slight trend of destocking. As of June 5, 2025, the sample inventory of mainstream pulp ports in China was 2.157 million tons, a decrease of 0.2% compared to the previous period's destocking of 0.4 million tons. Last week, the inventory of pulp at Qingdao Port, a mainstream domestic port, showed a trend of destocking. The daily average shipment speed in the port remained at 16,000 tons/day, and the destocking speed in the main port was faster than that in the port. The quantity of hardwood pulp in the main port was more than that of softwood pulp; Changshu Port's inventory shows a slight accumulation trend, with shipments exceeding 60,000 tons within the week; The inventory levels at other ports have not changed significantly and fluctuate within the normal range.

In terms of futures: Last week, pulp futures prices fell more or less, and the delivery of the main contract ended. As of June 6th, the opening price of the sp2509 main contract for pulp futures on the Shanghai Futures Exchange was 5,228 RMB/ton, the closing price was 5,224 RMB/ton, the highest price was 5,264 RMB/ton, the trading volume was 76,700 lots, and the position was 87,080 lots.

SunSirs wood pulp analyst believes that the current negotiation between China and the United States on import tariffs has landed, and the news is focused on the macro recovery expectations brought about by the improvement of funds. The favorable support from the pulp supply side is difficult to overcome the pressure of weak demand, and it is expected that the price of wood pulp will continue to fluctuate and adjust in the short term.

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