The net profit of vanadium and titanium shares in the first half of the year fell by more than 40% year-on-year: supply exceeded demand for the main business and prices fell

On the evening of August 21, Pangang Group Vanadium and Titanium Resources Co., Ltd.(hereinafter referred to as "Vanadium and Titanium Shares", 000629) released its semi-annual report for 2023. The company's operating income in the first half of the year was 7.627 billion yuan, compared with the same period last year.(year-on-year) decrease of 7.53%; net profit attributable to shareholders of listed companies was 603 million yuan, a year-on-year decrease of 43.81%.
Vanadium and Titanium Co., Ltd.'s main businesses include vanadium, titanium and electricity. According to the report, in terms of the vanadium industry, during the reporting period, two large-scale vanadium extraction companies and one large-scale vanadium extraction enterprise were added to produce full production. The output continued to increase, and the demand side was replaced by rebar alloys. Oversupply led to a year-on-year decline in prices. About 8.4%. In terms of titanium dioxide, the overall market price in the first half of 2023 was lower than that in the same period last year, and the price continued to decline, down approximately year-on-year. 22%。In terms of titanium raw materials and supply, China's supply scale has increased, and the overall import volume of titanium concentrate in the first half of 2023 has increased significantly. On the demand side, affected by the significant increase of 59.65% in titanium sponge production in the first half of the year, the market demand for titanium concentrate increased during the reporting period, but the overall supply was oversupplied, and the price dropped by about 4% year-on-year. Due to the significant decrease in demand for titanium slag, the price of titanium slag fell by about 20% year-on-year.