According to the monitoring of the commodity market analysis system of SunSirs: the prices of coniferous and broadleaf pulps have maintained a downward trend recently. On April 10, the average market price of coniferous pulp in Shandong was 6,450 RMB/ton, down 1.38% from the average price on April 1. On April 10, the average market price of broadleaf pulp in Shandong was 4,580 RMB/ton, down 2.26% from the average price on April 1.
Supply: Overseas pulp has continued to arrive in Hong Kong recently, and the market supply of wood pulp is relatively sufficient. China has a high dependence on wood pulp imports. According to the data of the General Administration of Customs, the United States, Canada, and Finland are China's main trading partners for imported coniferous pulp. Therefore, the adjustment of Sino-US trade tariffs in the future will have a more obvious impact on coniferous pulp. Brazil is China's primary trading partner for imported broadleaf pulp, and the impact of the United States is minimal.
Demand: The downstream base paper industry is currently in a relatively off-season. Under seasonal laws, the market demand is relatively limited, the upward momentum of pulp prices is poor, and the spot market still maintains low trading volume. However, the market is not very receptive to high-priced wood pulp, and companies are cautious about inquiring about raw materials, which makes it difficult to expect an upward trend in pulp prices.
Domestic port data: As of April 3, 2025, the sample inventory of China's mainstream pulp ports was 2.022 million tons, up 9,000 tons from the previous period, up 0.4% month-on-month, and the inventory showed an accumulation trend. After four consecutive weeks of destocking, the main port inventory turned into a small accumulation trend, and the overall inventory quantity did not change much.
Futures: This week, pulp futures prices fell first and then rose, and there was a limit down state. As of April 10, 2025, the opening price of the main contract of Shanghai Futures Exchange pulp futures sp2507 was 5,200 RMB/ton, the closing price was 5,368 RMB/ton, the highest price was 5,394 RMB/ton, the daily increase was 1.59%, the trading volume was 143,000 lots, and the position was 133,772 lots.
Pulp analysts at SunSirs believe that the recent decline in pulp spot prices is mainly due to the downward adjustment of the futures market, and downstream paper mills purchase raw materials mainly for rigid demand. The impact of the recent Sino-US tariff policy may accelerate the restructuring of the Chinese pulp market, and market competition may continue. It is expected that pulp prices will remain in a narrow range in the short term.
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