The hottest pulp futures are listed, and you can t

2022-08-26
  • Detail

Pulp futures can be discussed on paper

next Tuesday, pulp futures will be listed in the futures market, which should be good for domestic paper enterprises, because the listing of pulp futures can improve the price discovery and international bargaining power of bleached needle pulp, provide the industry with price discovery and Hedging tools, and support the steady and healthy development of the paper industry

first of all, pulp is a general term. Pulp is mainly divided into wood pulp, waste pulp and non wood pulp according to the source of raw materials. Wood pulp is divided into two categories, namely, coniferous pulp (including the pulp of Masson pine, larch, Korean pine, spruce and other tree species) and broad-leaved pulp (including the pulp of birch, poplar, basswood, eucalyptus, maple and other tree species). Generally, coniferous pulp has stronger toughness and extensibility than broad-leaved pulp, so a certain proportion of coniferous pulp is usually added in the use of wood pulp to enhance the toughness of paper

and the subject matter of the upcoming pulp futures is bleached coniferous pulp! According to the statistical data, there is a broad market prospect. In 2017, the overall external dependence of pulp was close to 20%. Among them, the external dependence of wood pulp reached 67%. The import dependence of bleached coniferous pulp, the subject of futures, is close to 100%. Therefore, the listing of pulp futures is of great significance to domestic paper enterprises

since domestic bleached coniferous pulp mainly depends on imports, let's first look at the price trend of foreign bleached coniferous pulp:

from the figure, we can see that the price of bleached coniferous pulp in the European and American markets has increased significantly in the past two years. At present, the price of bleached coniferous pulp in the north of the United States is 1425.45 US dollars/ton, and the price of bleached coniferous pulp in the north of Europe will be raised to 1230 US dollars/ton. It should be said that recently, the price of bleached needle pulp increased significantly this year, and it was also in 2018 that the price of bleached needle pulp exceeded $1000/ton for the first time

although the price of bleached needle pulp increased significantly, the domestic import volume did not decrease, but increased year by year

as can be seen from the above figure, China imported 19.84 million tons of bleached needle pulp in 2015, with a cumulative cost of US $12.755 billion. In 2016, it exceeded 20million tons for the first time. Then, in 2017, the cumulative import volume of bleached needle pulp reached 23.72 million tons, and the import volume also reached US $15.342 billion. In 2018, there are still two months left. As of October, 20.796 million tons of bleached needle pulp have been imported, and the import volume has reached a new high, reaching 16.57 billion US dollars. It is believed that both import volume and import volume of bleached needle pulp will reach a new high this year. This also reflects that the domestic demand for bleached needle pulp is still relatively strong. In fact, the above data also reflects the importance of pulp futures listing from the other side

back to the domestic market, since bleached needle pulp almost completely depends on imports, what about the operating conditions and stock prices of these paper enterprises? As the majority of investors, how to get on the small boat of pulp futures? Regularly clear the impurities in the oil tank

under the pressure of the rising price of bleached needle pulp and domestic environmental protection, it seems that the only thing that paper enterprises can do is to raise the price. Of course, the rising price is a relatively good thing for enterprises, which can be seen from the statements of paper enterprises

according to the annual reports of paper-making enterprises in the past three years, in fact, the annual reports of most paper-making enterprises are relatively good, with at least three consecutive years of performance growth, and the net profits of some enterprises are as high as billions. However, the corresponding share price is not so beautiful

in addition,

according to the statistical results, the share price of paper enterprises has fluctuated this year. The biggest increase is Minfeng special paper, which has increased by nearly 60% so far. Of course, this has nothing to do with the paper industry, mainly because Minfeng special paper has the concept of venture capital. Crane shares, on the other hand, are secondary new shares and have just been listed this year, so they are not particularly referential

the share prices of other paper-making enterprises fell by different ranges this year. Since 2018, there have been two stocks whose share prices have halved, while the majority of stocks whose share prices have fallen by more than 20%

such a trend obviously does not match the corresponding profitability. This can only show that the stock price of paper enterprises should not be like this. Therefore, after the pulp futures are listed, the paper industry with reference will return to a reasonable stock price belonging to the paper industry. Therefore, the paper industry deserves investors' attention

Copyright © 2011 JIN SHI