[The long-term softwood pulp production reduction narrative continues to strengthen, and the global softwood circulation contraction is expected to heat up] September 21st, on the international side, the softwood pulp long-term production reduction narrative continues to strengthen, and the global softwood circulation shrinkage is expected to heat up; on the chemical pulp side, Canada's Kun River production shutdown is still in effect, and the phased supply gap has not yet ended. In terms of quotation, Suzano, Arauco and others raised the Asian broadleaf prices by about US$20/ton. Most of the conifers were flat, and the cost support was more concentrated in broadleaf. In terms of inventory, European port inventories have dropped to around 1.2 million tons, a low level in recent years, and overseas destocking is more complete. Domestically, port inventory has shifted from accumulation to continuous destocking, and the margin of supply and demand has improved. However, the absolute level and the scale of warehouse receipts are still high, limiting the unilateral upside space. Downstream is still in a state of "strong peak season expectations and weak order fulfillment", paper mills' profits are under pressure, and procurement is mainly based on rigid demand. Overall, the bottom is supported by overseas production cuts and external market pressures, while the top is suppressed by Hong Kong stocks and weak demand. In the short term, it is better to understand it in terms of range fluctuations and needle-wide differentiation. (Huatai Futures)