20251127-永安期货-纸浆早报_1页_491kb

Paper Market Early Report Summary (Date: 2025/11/27)

Spot Market Overview

The SP main contract closed at 5208.00 on November 26, showing a slight decline of 0.07675% compared to the previous day. Prices experienced minor fluctuations over the past weeks, ending at 5208.00 from a high of 5298.00 on November 20.

Key Contract and Pricing Details

• SP Main Contract: Closed at 5208.00 on November 26, with daily changes ranging from -0.00% to -1.82% over recent days.
• Basis Information: Shandong Yinxi silver star basis and Jiangsu/Zhejiang/Hangzhou silver star basis were stable around 250-270 units, indicating no significant shifts in regional pricing.

Import and Price Data

• Export prices: Jinshi CFR at 780, Canadian Xionglion at 730, Chilean Yinxing at 680 for CFR credit terms.
• Domestic and import margins calculated with 13% VAT, showing losses in some imports like Canada and Chile, with margins below zero reflecting potential cost issues.
• National average pulp prices unchanged over the period, while paper products like double-glued showed no inter-day variation in prices.

Profitability Analysis

• Paper product profit margins varied: double-glued paper showed consistently negative margins (-1.3849% to -1.7204%), while double-copper and white cardboard maintained mostly positive margins (11.0109% to 11.0924%). The life-of-issue paper maintained stable margins around 4%.
• Changes in profit rates indicate market pressure on certain products, with specific declines noted in double-glued profitability.

Price Spreads

• Various spread indicators (e.g., tree-wide vs. leaf bark difference) remained stable throughout the reporting period, with no notable changes observed.

Disclaimer Integration

This summary is based on public sources and analytical methods; no investment advice is given, and users should make their own decisions.