SunSirs: China Wood Pulp Prices Remain Stable in October, with Short-term Fluctuations and Adjustments

According to the monitoring of the commodity market analysis system of SunSirs, although the prices of softwood pulp and hardwood pulp remained stable and fluctuated slightly in October, they showed a contradictory trend. On October 30th, the average market price of softwood pulp in Shandong Province was 5,533.33 RMB/ton, a decrease of 1.78% compared to the average price on October 1st. On October 30th, the average market price of hardwood pulp in Shandong Province was 4,250 RMB/ton, an increase of 0.39% compared to the average price on October 1st.

On the supply side: In October, the global pulp market showed a pattern of oversupply, with stable production and operation of overseas pulp plants, and stable shipping volume. In addition, the increase in external quotations from top pulp factories has provided support for costs, while domestic port inventory pressure continues, and old warehouse receipts still exert pressure on recent contracts. 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.

In terms of domestic port inventory, as of October 30, 2025, the sample inventory of mainstream pulp ports in China was 2.061 million tons, an increase of 0.3% compared to the previous period's cumulative inventory of 6,000 tons. Qingdao Port has a narrow range of accumulated inventory, with daily shipments maintaining a normal range; The inventory of Changshu Port has been reduced narrowly, with a shipment volume exceeding 80,000 tons; The inventory of other ports is basically stable.

In terms of imports: According to data released by the General Administration of Customs, the import volume of pulp in China in September 2025 was 2.952 million tons, an increase of 11.3% month on month and 10.3% year-on-year. The cumulative import volume for the whole year was 27.061 million tons, an increase of 5.6% year-on-year. Among them, the import quantity of bleached needle pulp was 690,700 tons, an increase of 12.52% month on month and 11.32% year-on-year. The import quantity of bleached broad-leaved pulp was 1.3559 million tons, an increase of 7.81% month on month and 9.40% year-on-year. ‌

In terms of demand, the downstream paper market showed a differentiated state in October, with plans to increase the white cardboard market. However, the demand for cultural paper remained weak, and the operating rate remained below the median level; The demand for household paper or inventory is favorable for the strengthening of paper prices. However, the demand in the wood pulp market during the peak season was lower than expected, and the enthusiasm of enterprises to purchase pulp was weak, which suppressed the upward momentum of 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, the main pulp contract in October first fell and then rose, maintaining a consolidation trend towards the end of the month. As of October 30, 2025, the closing price of the main pulp futures contract was 5,224 RMB/ton, with a daily trading volume of 204,400 lots and a holding volume of 154,629 lots.

SunSirs wood pulp analyst believes that the current market supply and demand are in a stalemate, with port inventories still at a high level. Downstream procurement maintains a necessary pace of replenishing inventory, and market trading remains cautious. It is expected that the short-term spot price of wood pulp may fluctuate and adjust.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.