China's titanium market will enter a critical period

Abstract April Titanium Market Review With the gradual arrival of imported titanium ore and the resumption of production in some domestic plants, the supply and demand situation of China's titanium mines has gradually stabilized in April, and the situation of tight supply has been significantly improved. Since the previous price has been at a high level, some enterprises in the Panxi area have titanium stocks...
April Titanium Market Review
With the gradual arrival of imported titanium ore and the resumption of production in some domestic factories, the supply and demand situation of titanium mines in China has gradually stabilized in April, and the situation of tight supply has been significantly improved. As the price has been at a high level, the titanium ore stocks of some enterprises in the Panxi area have gradually increased. By mid-to-late April, some enterprises in Panzhihua began to slightly lower the price of titanium ore due to the increase in inventory pressure, with a drop of around RMB 50/ton. The author believes that this adjustment is more rational. Generally speaking, the price of Panzhihua titanium ore will be lower than that of imported titanium ore, but since the New Year's Day this year, the price of Panzhihua titanium mine has risen sharply, and the price of tax-free is approaching the 2,000 yuan/ton mark, and it has become the highest-priced titanium mine on the market. This month, the Panzhihua Titanium Mine ended its 13-month rise, which is conducive to market stability and long-term healthy development. Some mines in Yunnan need to go through the mining procedures again, which means that the production cost of the mine will increase. According to local enterprises in Yunnan, although the price of Yunnan titanium ore has not changed for the time being, the supply may be tight in the future, and the increase in mine cost may push up the price of titanium ore in the future.
With the gradual arrival of titanium mines scheduled by domestic manufacturers and traders in the early stage, the supply and demand of the titanium ore market has turned to balance. Due to the increasing risk of imported mines, domestic traders are reluctant to retain too much inventory and turn to selling goods to withdraw funds. Foreign mines are also increasing their selling prices in view of the fact that their titanium ore prices are lower than those of domestic Panzhihua titanium mines. The supply of traditional titanium ore sources such as India and Vietnam is limited, and countries such as Kenya and Mozambique in Africa have become the new major suppliers of titanium ore.
Since the second quarter, with the increase in the price of foreign mines, there have been some changes in domestic rutile. Among them, the price of high-grade rutiles above 95 is gradually rising, but the price of rutiles below 92 grades has not been able to rise together. It is understood that because there is no high-grade rutile mine in China, the high rutile gold required by China depends on foreign imports. Therefore, its domestic price is also completely determined according to the pricing of foreign mines.
Titanium slag prices continued to rise strongly this month. Among them, the price of chlorinated slag has increased by more than 800 yuan / ton, and the price of acid slag has increased by about 400 yuan / ton. The demand for chlorinated slag has not declined due to the environmental inspections of downstream companies, and the rise in raw material prices continues to push the price of chlorinated slag upward. The orders for chlorinated slag of various enterprises remained stable, and the manufacturers maintained zero inventory status. In the acid slag market, due to the rising cost of raw materials and the rush of downstream products, the price of acid slag continues to rise, and the profit margin of products is higher than that of chlorinated slag.
The price of titanium tetrachloride has been raised four times this month, and the monthly increase is close to 1,500 yuan / ton. The main reason for the sharp rise in the price of titanium tetrachloride is the increase in raw material prices and the limit of environmental protection verification. As the Liaoning region ushered in environmental verification, the market generally believes that the future growth of titanium tetrachloride will be greatly reduced, and downstream companies actively purchase titanium tetrachloride, leading to a phased rise in the market. Affected by the price of titanium tetrachloride and magnesium ingots, the price of titanium sponge has also risen three times this month, and the monthly increase has exceeded 3,000 yuan / ton. In the face of the continuous increase in the price of titanium sponge, downstream titanium companies have reacted strongly. Most companies believe that there is no fundamental improvement in market demand, and the continuous price increase of sponge titanium enterprises is somewhat blind and short-sighted.
The price of titanium dioxide this month was raised once at the beginning of the month and at the end of each month. Among them, the price increase at the beginning of the month was mostly 1,000 yuan / ton, and the price increase at the end of the month was mostly 700 yuan / ton. At present, the domestic titanium dioxide market is still hot, and environmental protection verification and other reasons have led to the suppression of production capacity of some enterprises. On the demand side, the export market is still at a relatively high level, but the improvement potential is obviously not as good as last year. The domestic market demand is stable, and some downstream coating companies are also facing production suspension due to environmental verification, resulting in a strong growth in demand for titanium dioxide in the domestic market. The middlemen are still the main force of market transactions. Titanium dioxide inventory mainly exists in the hands of middlemen, and enterprise inventory is at a low level.

Farewell to price increase, some product prices will stabilize
According to the author's understanding, China's titanium ore imports are still at a relatively high level in May, and some of the production suspensions in the Panzhihua area have resumed production. In the future, China's titanium ore market will end the tight supply situation. Among them, some miners in Panzhihua have increased their titanium stocks due to the high price in the previous period. At present, these manufacturers have shown signs of small price cuts, and some companies have dropped by 50 yuan/ton. Although the decline is minimal, it is expected that the Panzhihua titanium ore market will end its continuous upward trend and the possibility of fluctuations at the mid-to-high point will increase. In the import mine market, as the price of foreign mines is still rising, the price of imported titanium ore in China will gradually increase in the future until it equals or exceeds the price of Panzhihua titanium ore.
As the price of chlorinated slag has been continuously raised, the slag slag enterprises will not raise the price again in May, but will keep the price unchanged and wait and see the market. If the price of raw materials is raised again in the later period, the price of chlorinated slag may increase again in June. In the future, the market for titanium tetrachloride is likely to rise again. As the willingness of downstream companies to snap up titanium tetrachloride is strong and sustained, titanium tetrachloride enterprises will inevitably raise the price of products. Among them, some titanium tetrachloride enterprises have revealed plans to raise the price to above 8,000 yuan / ton at the end of April. In the later stage, the price of titanium sponge will be affected, and the price will be raised after the price of titanium tetrachloride is raised. Some titanium companies will use up the low-priced raw material inventory in the early stage, the production cost will rise, and the price of titanium will increase in the future. However, given the fierce competition in the titanium market, the price increase will be limited.
The future titanium dioxide market will usher in a critical period. Although the company has continuously announced the price increase, the gap between the actual market transaction price and the manufacturer's quotation is gradually increasing. Although some enterprises are unable to release the full capacity, the overall supply and demand of the market is relatively balanced, and there is no shortage of supply.

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