2025年上半年纸浆行情整体呈现冲高回落趋势,在国内贸易商补库结束后行情见顶回落,并在随后的全球关税政策扰动下进一步深跌,针叶浆各品牌价格严重分化。展望下半年,国外已有部分针叶浆装置停机减产,阔叶浆稳定运行,供应或小幅降低,国内部分大型纸机计划投产,需求或企稳回升,浆价重心有望逐步企稳,品牌价差则在乌针存转产高品质针叶浆计划影响下或有所收窄。欧美需求整体偏差,未来仍需警惕宏观风险扰动。一、行情回顾...
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