Price surging again, titanium dioxide set off a tide of trading!
Today, titanium dioxide plate all stronger, plate index rose more than 7.5%. At the level of individual stocks, Huiyun titanium industry soared by 17%, while Jinpu titanium industry, CNNC titanium white and Anada rose strongly, while Fan Gang vanadium titanium, Anning shares and other individual stocks followed suit.
The main reason is that the price of titanium dioxide is rising. Yesterday evening, Jinpu titanium industry, CNNC titanium dioxide, anada three titanium dioxide production enterprises once again raised the sales price of titanium dioxide.
Among them, the relevant products of these three customers are increased by 1000 yuan / ton for domestic customers, and the sales prices for international customers are slightly different. The export prices of Jinpu titanium industry and annada increased by US $150 / T, while CNNC titanium dioxide increased by US $180 / T.
It is worth noting that since the second half of last year, the domestic spot price of titanium dioxide has been rising for many times. As reflected in the stock price, longmang Baili rose by more than 35% in the year, and the share price of CNNC titanium dioxide has risen by as much as 80% since January 21. So, what is the growth logic behind titanium dioxide?
1
Titanium dioxide, also known as titanium dioxide, its performance can not be replaced by other materials, mainly used in coatings, plastics, ink, paper and other fields.
In the first half of 2020, due to the outbreak of COVID-19 at home and abroad, the demand for titanium dioxide decreased, and the industry suffered a short-term downlink. However, with the recovery of domestic market demand, titanium dioxide in the second half of the year was affected by the tight balance between supply and demand, and started the upward cycle.
On the supply side, previously, due to the global titanium dioxide overcapacity, the price was depressed. In recent years, foreign leading enterprises gradually reduced their production capacity. In addition, foreign titanium dioxide industry developed earlier. The operation cycle of some production equipment before the 1990s has exceeded 30 years, and the equipment aging capacity also continued to withdraw. On the whole, the overseas titanium dioxide production capacity will not increase too much. Since 2015, foreign titanium dioxide manufacturers have closed part of their production capacity. Kemu closed 160000 tons in 2015, and tenor closed 50000 tons in 2015. At present, the concentration of overseas titanium dioxide industry is relatively high, and Komo, fannengtuo, tenor and Huntsman occupy about 80% of the overseas production capacity.
Domestically, at present, the global proportion of China's titanium dioxide production has increased from 19.4% in 2010 to 49.23% in 2019, which is in the rising stage. Due to the prohibition of new construction of titanium dioxide by sulfuric acid process, the new production capacity is limited. There are only two technological transformation and expansion projects - CNNC titanium dioxide 100000 tons and Jinhai titanium industry 100000 tons. Technically speaking, although sulfuric acid process still has room for survival in some fields, upgrading chlorination process is the general trend. However, chlorination process has high technical barriers, and Lomon Billions is the only one to expand production in a short time.
Generally speaking, the new production capacity of domestic and foreign titanium dioxide leading enterprises is limited.
2
From the perspective of demand, China is the largest consumer of titanium dioxide, accounting for about 33% of global consumption; Western Europe, North America and other regions of Asia are the main consumer regions of titanium dioxide, accounting for 20%, 16% and 12% respectively.
Since the second half of 2020, the impact of the epidemic on China has gradually subsided. The most important downstream coating field of titanium dioxide benefits from the recovery of real estate and automobile industry, and the domestic demand for titanium dioxide begins to recover. It can be seen that the year-on-year decline of newly started housing area began to narrow after the second quarter of 2020, with a stop loss of - 1.9% from January to December. With the implementation of automobile consumption policies in various regions, the depressed demand for car purchase was released, especially the growth rate of production and sales of new energy vehicles hit a record high.
In terms of export volume, the increase in overseas demand has also become the main reason for the sharp rise in domestic titanium dioxide prices. According to customs statistics, in 2020, China's titanium dioxide export volume will exceed 1.2 million tons, an increase of about 21%. Among them, China exported about 102000 tons of titanium dioxide in December, which is the fifth month since August to achieve the monthly export volume of 100000 tons.
On the one hand, foreign demand is still growing steadily, but due to the impact of some foreign manufacturers closing their sulfuric acid titanium dioxide production capacity, some foreign downstream enterprises are forced to import titanium dioxide; on the other hand, with the economic development of India, Brazil and other developing countries accelerating, the demand for titanium dioxide products is increasing, while the domestic titanium dioxide supply is insufficient. In addition, the domestic production technology of titanium dioxide is constantly improving, the domestic mature sulfuric acid titanium dioxide production technology can replace part of the chlorination titanium dioxide produced abroad, and the amount of titanium dioxide imported from China by foreign developed countries is also gradually increasing.
It can be seen that under the epidemic situation, since the second half of last year, the export volume of domestic titanium dioxide has increased significantly year on year.
Close
To sum up, the price rise of titanium dioxide mainly benefited from the tight balance between supply and demand. The supply side has limited capacity, while the demand side benefited from the economic recovery at home and abroad, resulting in a large increase in demand. In addition, the price of upstream raw materials continues to rise, which is also one of the reasons for the price rise of titanium dioxide. In a short time, the domestic titanium dioxide market may still be in short supply, and related companies may benefit from it
