According to the monitoring of the commodity market analysis system of SunSirs, the prices of softwood pulp and hardwood pulp showed an upward trend last week. The average market price of softwood pulp in Shandong on May 17 was 6,452 RMB / ton, up 1.29% from 6,370 RMB / ton on May 12. On May 17, the average market price of hardwood pulp in Shandong was 5,872 RMB / ton, up 0.72% from the average price of 5,830 RMB / ton on May 12.

According to the observation of market changes, the spot price of wood pulp continued to rise last week. In terms of supply, the market is still dominated by more news, and the quotation of Meijin disk, whether softwood pulp or hardwood pulp, still shows a rising state. In the case of rising import prices, domestic needle and hardwood pulp spot goods are supported by import costs. In addition, overseas supply is still subject to frequent accidents, European market consumption recovers, and domestic reduction expectations are always full of.

As of May 16, 2024, the sample inventory of China's mainstream pulp ports was 1.783 million tons, down 0.6% from the previous period. The inventory showed a trend of destocking for two consecutive weeks.

In terms of demand, the current downstream market demand is weak, the overall trading rhythm of the market has not been centralized and warmed up, and more low-cost sources have been found to purchase and fill just needed consumption, so the positive impact on the wood pulp market is relatively limited. In addition, the rising pulp price suppressed the profits of the paper mill, the prices of various base papers fell, the operating rate of the paper mill fell, and the downstream trading was relatively light.

In terms of futures, pulp futures prices fluctuated strongly. On May 17, the opening price of SP2409 main contract of pulp futures in the previous stock exchange was 6,390 RMB / ton, the closing price was 6,382 RMB / ton, the highest price was 6,404 RMB / ton, with a daily increase of 0.28%. The trading volume was 249,900 hands, and the positions were 201,679 hands.

The price decline of downstream white cardboard slowed down. The average market price of 230g-400g white cardboard on May 17 was 4,503.33 RMB / ton, down 0.73% compared with the average market price on May 12. At present, the decline of the white cardboard market shows signs of slowing down. Due to the production control of the paper mill, the output narrowing has played a certain role in reducing the supply pressure. However, the market is still in the off-season of demand, the progress of market source digestion remains to be seen, the supply and demand pattern has not yet changed substantially, but the cost is still high support, the short-term market trend or stalemate consolidation, and local high prices may be stored to cover the decline.

According to the wood pulp analysts of shanghaishe, the current rising external quotation of wood pulp has driven the domestic spot price to run at a high level, but the downstream and terminal market demand is relatively weak, so it may drag down the wood pulp price. It is expected that the short-term high spot price of wood pulp will mainly fluctuate.

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