According to the monitoring of the commodity market analysis system of SunSirs, the prices of softwood pulp and hardwood pulp have continued to decline this week. On April 25th, the average market price of softwood pulp in Shandong Province was 6,366.67 RMB/ton, a decrease of 0.78% compared to the average price on April 20th. On April 25th, the average market price of hardwood pulp in Shandong Province was 4,416.67 RMB/ton, a decrease of 1.49% compared to the average price on April 20th.

On the supply side: Although some pulp mills abroad have maintenance plans, which still leads to long-term supply instability, the inventory level of wood pulp in domestic ports remains high, and the short-term market supply is loose, weakening the favorable atmosphere that exists. With the trial production of new production capacity in the domestic wood pulp market, the supply of domestic broad-leaved pulp may gradually loosen, and the pressure on the market supply side will not decrease.

In terms of demand: Currently, the downstream raw paper industry is affected by insufficient order follow-up, and market enterprises are still mainly focused on shipping and destocking. The overall operating rate may have further expectations of decline, and the demand in the pulp market continues to be weak. Although negotiations in the wood pulp external market have been suspended due to the impact of the international environment, the downstream raw paper industry has a clear intention to lower prices for raw material procurement, which to some extent has also been detrimental to pulp prices.

Domestic port data: Inventory levels continue to show a trend of accumulation in this cycle. As of April 24, 2025, the sample inventory of mainstream pulp ports in China was 2.106 million tons, an increase of 1.8% compared to the previous period's accumulated inventory of 37,000 tons. This cycle, there is a slight trend of inventory depletion in the mainstream domestic pulp port Qingdao Port. The daily average shipment speed in the port has not changed much compared to the previous period, and the main source of goods in the port is still broad-leaved pulp. The inventory at Changshu Port shows a trend of accumulation, with shipments approaching 100,000 tons within the week. The overall inventory quantity of other ports does not fluctuate significantly and fluctuates within the normal range.

In terms of futures, pulp futures prices fluctuated this week. As of April 25th, the opening price of the main contract sp2507 pulp futures on the Shanghai Futures Exchange was 5,374 RMB/ton, the closing price was 5,376 RMB/ton, and the highest price was 5,444 RMB/ton, with a daily decline of 0.04%. The trading volume was 229,200 lots, and the position was 122,124 lots.

The wood pulp analyst from SunSirs believes that the pulp market is still in the traditional off-season, and the supply-demand contradiction has not significantly eased. Downstream procurement also continues to adopt a price cutting strategy. In addition, the impact of Sino US trade tariffs has not made the price trend clear, and it is expected that wood pulp prices will remain weak and stable in the short term.

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