SunSirs: China Wood Pulp Market Has Slightly Increased and Is Expected to Adjust in the Short Term

According to the monitoring of the commodity market analysis system of SunSirs, the price of softwood pulp only slightly increased this week, while the price of hardwood pulp remained stable. On November 6th, the average market price of softwood pulp in Shandong Province was 5,533.33 RMB/ton, an increase of 0.3% compared to the average price on November 1st. On November 6th, the average market price of hardwood pulp in Shandong Province was 4,250 RMB/ton, which remained stable compared to the average price on November 1st.

On the supply side: Currently, domestic port inventory pressure continues to exist, and inventory levels have shown a narrow trend of destocking in this cycle. As of November 6, 2025, the sample inventory of mainstream pulp ports in China was 2.008 million tons, a decrease of 2.6% compared to the previous period when 53,000 tons were destocked. The trend of the mainstream domestic pulp port Qingdao Port's inventory shifting to destocking this cycle has led to an increase in the daily average shipment speed within the port; The inventory of Changshu Port shows a narrow trend of accumulation, and the shipment volume in the port has increased compared to the previous period, approaching 100,000 tons; The overall inventory levels at other ports have not changed significantly and have remained within the normal range of fluctuations.

In terms of demand: Currently, there is no significant boost in downstream market demand, and some paper companies are shipping at a slower pace. The overall operating rate of the industry remains low. However, downstream procurement continues to focus on necessary inventory replenishment, and there is currently no clear direction signal in the market, which has a driving effect on wood pulp prices.

In terms of futures, the pulp futures market remained strong and volatile this week, driven by funds. As of November 6th, the opening price of the main pulp futures contract on the Shanghai Futures Exchange was 5,360 RMB/ton, the closing price was 5,368 RMB/ton, the highest price was 5,396 RMB/ton, the trading volume was 215,500 lots, and the position was 170,455 lots.

SunSirs wood pulp analyst believes that the current spot market for wood pulp is constrained by high inventory and light trading, which limits the follow-up of market prices and maintains a balance between supply and demand. It is expected that in the short term, wood pulp prices will continue to adjust within a certain range.

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