钛白粉中国月报(钛白粉中国月度报告1804)

In April 2018, China’s TiO₂ price remained stable but showed a tendency to decrease because resellers stealthily offered discount in order to recoup running capitals, pulling down the actual transaction prices. Although manufacturers in Shandong, Anhui, Liaoning and Yunnan provinces cut capacity due to environmental issues, TiO₂ prices were scarcely boosted. Domestic quotation for low-grade sulphate process rutile TiO₂ hit USD2,469.57/t–USD2,628.90/t (RMB15,500/t–RMB16,500/t) and that for high-end product remained USD2,788.22/t–USD2,867.89/t (RMB17,500/t–RMB18,000/t). The mainstream closing price of anatase TiO₂ reached USD2,230.58/t–USD2,310.24/t (RMB14,000/t–RMB14,500/t).

The ilmenite price edged down by USD3.19/t (RMB20/t) in the Panxi Area (Panzhihua and Xichang cities, Sichuan Province) this month mainly due to small- and medium-sized factories’ concerns about lower TiO₂ prices. Since demands from the TiO₂ industry become sluggish and prices of 39%–40% titanium concentrate fall down, the ilmenite market will keep depressed in the short term.

CCM believes that exports and environmental inspections will be two major factors to determine future prices of TiO₂ as ilmenite prices decrease and the traditional slack season approaches. Quotations for TiO₂ will scarcely change in the short term, while the actual transaction price may vary for every deal.

Market dynamics of titanium products in April

Ilmenite

Ilmenite prices turned to be weak in April with some small- and mid-sized manufacturers cutting quotations by USD3.19/t (RMB20/t).

Titanium slag

The prices of 90% high titanium slag maintained at the level of USD987.83/t (RMB6,200/t) in late April and companies actively sell their products. The closing prices of 74% acid dissolved titanium slag hit USD716.97/t (RMB4,500/t) in the Panxi Area in mid-April and the price scarcely fluctuated.

Important market dynamics

On 3 April, 2018, Lomon Billions Group Co., Ltd. (Lomon Billion) announced a plan to buy shares in Sichuan Lomon Mining and Metallurgy Co., Ltd. via Sichuan Lomon Titanium Industry Co., Ltd. to further extend its industrial chain.

On 3 April, 2018, Lomon Billions published its 2017 full-year financial report, revealing a YoY increase of 444.31% in net profit without non-recurring losses and gains.

On 27 March, 2018, Anhui Annada Titanium Industry Co., Ltd. announced its 2017 full-year financial report, revealing a YoY increase in net profit of 285.24%.

The USD/RMB exchange rate in this newsletter is USD1.00=RMB6.2764 on 2 April, 2018, sourced from the People's Bank of China.

All the prices mentioned in this newsletter will include the VAT, unless otherwise specified.

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Notice

Only brief introduction of China’s TiO₂ imports and exports is included this month because China Custom tightens up the control of figures since 2018 and makes the TiO₂ imports and exports data currently unavailable. Detailed analysis will be presented after CCM has had access to the information.