SunSirs: China Wood Pulp Prices Continue to Fluctuate, Short Term Continuation of Adhesive Trend

According to the monitoring of the commodity market analysis system of SunSirs, the price of softwood pulp fluctuated this week, while the price of hardwood pulp remained stable. On October 24th, the average market price of softwood pulp in Shandong Province was 5,550 RMB/ton, which remained stable compared to the average price on October 19th. On October 24th, the average market price of hardwood pulp in Shandong Province was 4,250 RMB/ton, which remained stable compared to the average price on October 19th.

On the supply side, the arrival volume of wood pulp remained stable in October, while the import volume may increase slightly compared to the previous month. In September 2025, China imported 2.95 million tons of pulp, with a month on month increase of 11% and a year-on-year increase of 10%. The current port inventory is still at a high level, and there is a significant increase in domestic pulp sources. The marginal supply pressure is increasing, and the overall supply pressure is not decreasing.

On the demand side: The current peak season demand in the wood pulp market is lower than expected, and the overcapacity problem in the raw paper industry itself has limited profit margins. The enthusiasm of enterprises to purchase pulp is weak, which suppresses their ability to act on pulp prices. In addition, downstream industries still have narrow profits, and raw material procurement is mostly based on demand. The trading atmosphere for imported needle pulp remains weak, and spot prices have shown signs of weakness.

In terms of futures, pulp futures prices have slightly rebounded this week. As of October 23, the opening price of the main pulp futures contract on the Shanghai Futures Exchange was 5,220 RMB/ton, the closing price was 5,250 RMB/ton, the highest price was 5,260 RMB/ton, the trading volume was 149,900 lots, and the position was 162,710 lots.

The wood pulp analyst from SunSirs believes that the current port inventory is still running high, and the supply side is loose. However, the overall demand for downstream raw paper is insufficient, and the acceptance of high priced raw materials is not high, which is not conducive to the positive trend of wood pulp prices. It is expected that the short-term wood pulp prices will continue to operate in a tight manner.

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