SunSirs: China's Wood Pulp Inventory Decline Benefits Prices

On November 6th, SunSirs reported that inventory levels have shown a narrow trend of destocking in this cycle. As of November 6th, 2025, the sample inventory of China's mainstream pulp ports was 2.008 million tons, a decrease of 2.6% compared to the previous period's destocking of 53,000 tons. 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.

The article shows that as of November 6, 2025, the inventory of mainstream pulp ports in China was 2.008 million tons, a decrease of 53,000 tons or 2.6% compared to the previous period. Among them, the shipment speed of Qingdao Port increased, and the shipment volume of Changshu Port increased to nearly 100,000 tons. This indicates that the supply and demand in the pulp market are tightening, and the destocking reflects increased demand, which may push up spot prices. Based on the pulp futures market (Shanghai Futures Exchange), the main contract 2601 closed at 5,368 RMB/ton, an increase of 48 yuan from the previous period, with a significant increase; Other contracts such as 2605 closed at 5,384 RMB/ton, up 36 yuan, indicating a sustained upward trend in the overall futures market. The reduction in inventory and accelerated shipment have strengthened the expectation of tight supply and demand, providing support for futures prices. Although the inventory decline is mild, the shipment data is positive, which may drive up prices, but attention should be paid to the sustainability of demand in the future.

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