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Titanium dioxide leading company dominates the market
Environmental restrictions on production, coupled with the trend of the downstream titanium dioxide industry, have caused titanium concentrates to become scarce products. The price has increased from RMB 450/ton in January 2016 to a straight-line RMB 2,000/ton in mid-April 2017. At the high level, the increase was nearly 350%.
“However, from the middle or late April, this continuous price hike has begun to take a sharp downward trend,†said Yang Xiong, an analyst at Titanium Dioxide Industry Corporation. The average price of titanium concentrates in the market has dropped to around RMB 1,700/t. Some small mines also do not sell this price. In just three weeks, titanium concentrates have fallen by 15%.
In contrast with the sharp decline in titanium concentrates, since the end of April, it includes Longbili, China Nuclear Titanium (Tongba), Dongjia Group, Yumen Jingyang, Xingmao Titanium, Anhui Chaocai, and Guangxi De. Ten days and so on titanium dioxide enterprises have announced that the price of titanium dioxide was raised by about 1,000 yuan per ton, and even smaller companies rose by about 800 yuan per ton.
“This is the fifth wave of price rises launched by the domestic titanium dioxide industry after entering 2017. From the beginning of 2016 to the present, such an industry-wide price adjustment has experienced more than ten rounds.†Wang Juan, an industry analyst of titanium dioxide, introduced it.
Titanium dioxide enterprises can gain such a considerable profit, and product prices continued to decline in 2015, a large number of companies exited in a concentrated manner, and the degree of industry concentration increased. In an interview earlier this week, Zhu Lin, an information analyst at Zhongyu, said that in the year of 2015 alone, domestic and foreign production capacity has totaled 700,000 to 800,000 tons.
"The current titanium dioxide industry concentration is very high, large companies have a strong bargaining power." Yang Xun said that the national annual production of titanium dioxide is about 3 million tons, while the top five enterprises have about 1.3 million tons of production, accounting for the total More than 40% of the production capacity, the top ten companies accounted for more than 60% of production.
Some industry observers believe that titanium dioxide has frequently been adjusted for price for more than a year, and the time and amount of price increase for each round have been surprisingly coincidental. This should be the result of tacit agreement between large companies.
Rising or difficult to continue in the future
According to Yang Xun, although the demand for titanium dioxide has been gradually deserted since the end of March, most players in the market dragged down the industry’s large-scale producers. However, large capacity producers still exhibit large export volumes and orders are still pending, and inventory remains. tension. Therefore, large capacity producers still continue to maintain the “main theme†of price increases, which is in contrast with the actual market conditions.
However, Yang Xun also said that although the historical maximum price of titanium dioxide was 23,000 yuan/ton in 2011, the real estate market was better and the demand was strong. This was not the same as the current market situation. Domestic titanium dioxide sold to 19,000 yuan / ton is actually a Kaner. It is reported that large companies have recently started selling in disguised forms through rebates and other means. If the big manufacturers officially open the mode of price reduction and shipping, the market may show retaliatory decline.
Juan Wang also believes that the current price of titanium dioxide has not yet appeared in the callback signal, but the current price is indeed at a high point.
According to Deng Jie, Secretary-General of China Titanium Dioxide Industry Association, the price reduction of titanium dioxide is inevitable. He believes that the reduction of titanium concentrates highlights changes in the titanium dioxide market.
"The high price of titanium dioxide may continue for a month or two. If you go down, it may be how you go back." Deng Jie said that the current titanium dioxide business inventories is not big, but it has already begun to sell. Now. The higher the degree of industry concentration, the more you can't afford inventory. The higher price of titanium dioxide still needs to be driven downstream. However, the fundamentals of the current economic downturn in China have not changed. In addition, since the continuous regulation and control this year has reduced the demand for the real estate market, the rise in titanium dioxide is difficult to sustain.
The reporter learned that in the past month, the price of titanium concentrate in the upper reaches of titanium dioxide has dropped to a high level, and the contradiction between the supply and demand in the market has gradually emerged. The titanium dioxide bull market which lasted nearly one and a half years may not be sustainable.