Domestic titanium dioxide listed companies include Yanlilian, China Nuclear Titanium, Jinpu Titanium and Ananda. Among them, Yulilian has become the No. 1 and the world's fourth titanium dioxide producer after the acquisition of Longyan Titanium.
The three giants of titanium dioxide, such as Chemu, Huntsman and Koster, announced in February that they would raise prices for titanium dioxide products from March 1st, and the price increase in the Asia-Pacific region ranged from US$150 to US$200 per ton. between.
In the face of the huge increase in titanium dioxide, some investors began to show caution. However, industry insiders told reporters that the current price of titanium dioxide seems to be huge, but it is not far from the highest price of 23,000 yuan in the previous period.
New energy vehicles not only ignited lithium, but also detonated cobalt, and now they have to shake up the titanium dioxide market. "The demand for titanium dioxide in our lithium titanate battery has doubled year by year, so the market space is very large in the future." Zhuhai Yinlong, the leader of the domestic lithium titanate battery , said to the Shanghai Stock Exchange.
In the past six months, the price of cobalt has been sought after by the capital of new energy vehicles. As more and more industrial capital increases the capacity of lithium titanate batteries, the demand for high-end titanium dioxide has begun to increase rapidly, which is expected to reshape the development pattern of titanium dioxide industry. .
In addition to the new demand brought about by the development of new technologies, the titanium dioxide industry itself has been consolidating and destocking for many years. Overall, there has been a shortage of supply. The boom in the industry is not only reflected in the continuous increase in the price of titanium dioxide, but also reflected in In the outstanding performance of the relevant A-share companies, the company’s 2016 earnings report showed that the company’s 2016 profit was 484 million, a year-on-year increase of 334%.
"Our current goods are in short supply, and they are taken away shortly after production. The whole industry is low inventories." "It is indeed full-load production, basically no inventory." Many titanium dioxide companies such as Lililian and Jinpu Titanium have recently In the interview with the Shanghai Securities Journal, they all said so.
The latest data from Baichuan Information shows that since the price of rutile titanium dioxide reached 9500 yuan/ton at the end of 2015, the price has risen rapidly to 18,000 yuan/ton in the past year or more, and the increase is close to 90%. The same is true for anatase titanium dioxide. .
Production and sales are booming
"Almost 100% of people are optimistic about the price of titanium dioxide in the first half of this year!" Manager Yang, a sales director of a well-known titanium dioxide company in China, told the Shanghai Securities Journal that in fact, from the second quarter of 2016, the domestic and international titanium dioxide market is in production and sales. The situation of Wang is now in short supply. The goods produced by our company will soon be taken away, and the whole industry is low inventories.
What is the look of the domestic titanium dioxide industry leader? “People think that titanium dioxide in the first half of 2017 will continue to maintain the price increase trend in 2016.†This is the view of Shen Lifei, the director of the company, in the investigation of institutional investors in January this year.
Domestic titanium dioxide listed companies include Yanlilian, China Nuclear Titanium, Jinpu Titanium and Ananda. Among them, after the acquisition of Longyan Titanium, Yulilian became the first titanium dioxide producer in Asia and the fourth in the world, and its bargaining power was greatly improved.
When talking about the order situation, Manager Yang told the reporter: "Our customers are very stable. The company is placing orders on a monthly basis. According to their own production capacity, they can do as much as they can, and do not accept urgent orders. Now the orders are full in advance, many factories are now The list in January has not been finished yet!"
The company where Mr. Yang is located has been taking the chlorination process and only used high-end rutile titanium dioxide to replace imports. According to him, the current demand for high-end titanium dioxide in China is about 250,000 tons, “of which 200,000 tons are imported, and we supply 50,000 tons. In the past, we exported very little, accounting for about one-tenth, and only supply strategic customers. Not to sell. Last year, export sales increased tenfold, with more than 2,000 tons."
Titanium dioxide has now entered the peak season in March. For the sales in the peak season, Shen Lifei, the director of the company, said that the product may be more nervous.
The international giants have already placed the market in advance in the peak season. The three titanium dioxide giants of Chemu, Huntsman and Koster announced in February that they will raise the price of titanium dioxide products sold from March 1st, and the price increase in Asia Pacific is between US$150 and US$200 per ton. between.
Supply and demand quietly reversed
Why has titanium dioxide, which used to have a serious overcapacity and caused a price drop, to rise in price in recent years? Supply-side reform plays an important role.
“The logic is also very simple. The relationship between supply and demand is tightening, raw material price increases, oligopolistic markets, and environmental protection are all driven.†A brokerage researcher told the Shanghai Securities Journal.
At present, the global production capacity of titanium dioxide is about 7.3 million tons, while China is close to half, about 3.3-3.5 million tons. Although the production scale of China's titanium dioxide enterprises is large, the industry concentration is low, and the scale of enterprises is generally small. Looking abroad, the overall concentration of the titanium dioxide industry is relatively high. The world's top five titanium dioxide enterprises account for more than 80% of the world's total production capacity (excluding China), and the oligarch market is obvious.
The Huaan Securities Research Report pointed out that the high-yield of the titanium dioxide industry before 2010 attracted a large number of manufacturers, and the production capacity expanded disorderly. After the new capacity was released from 2012 to 2015, the price of titanium dioxide plummeted and the industry continued to prosper. Downstream. In the past two years, the Chinese government has continuously strengthened supply-side reform and environmental protection, issued a number of production specifications and guidance opinions for the titanium dioxide industry, and formulated clear production capacity standards for titanium dioxide production enterprises. Nearly 360,000 tons. At present, enterprises with a production capacity of less than 50,000 tons have a capacity of 688,000 tons. In the future, the elimination of this part of production capacity can reduce the overall production capacity by about 20%.
The reduction in supply has led to a relative increase in demand. At the end of 2015, due to the increase in demand in emerging markets such as India and Brazil, the domestic real estate destocking effect began to appear, and domestic and international downstream demand began to gradually release. In the face of the recovery of the global market, the international oligarch Kemu took the lead in raising prices at the end of 2015. The domestic leading Longyan Titanium industry also began to raise prices in January 2016, which opened the prelude to this round of price increases.
In addition, the price increase of titanium concentrate in raw materials and strict environmental protection have also raised the price of titanium dioxide.
Manager Zhao, a person in charge of a titanium dioxide production company in Sichuan, told reporters: "The cost of titanium ore should account for about half of the price of titanium dioxide. The price per ton of titanium ore increases from a minimum of four or five hundred yuan in 2016 to more than 1,500 yuan. (The increase) is not small. Now that titanium dioxide is too hot, our own titanium mine is not enough, and the price of titanium ore is going up."
"Our imported ore prices are also high. At the time of last year's low, there were only four or five hundred. Now it is 156, which has more than doubled." The manager Yang also said that the price of titanium ore has risen.
According to industry insiders, due to sluggish demand, the price of titanium ore also fell to the bottom at the end of 2015, and small factories have closed down, which has affected the supply capacity of titanium ore. In 2016, driven by foreign exports and stricter environmental protection policies, especially the recovery of the domestic real estate industry, the supply and demand of titanium dioxide reversed, resulting in the current shortage of titanium concentrate.
Among the domestic leading companies, the combination of Yulilian and Longyan Titanium has a capacity of 560,000 tons, ranking first in Asia and fourth in the world. Among the other large enterprises, Jinpu Titanium has a capacity of 180,000 tons, Shandong Dongjia 160,000 tons, and medium-nuclear titanium white 150,000 tons (with a capacity of 150,000 tons under construction). Although the company has its own titanium ore resources after the merger, most of the company's titanium concentrates still rely on external mining.
The latest data from the business community on February 28 showed that Sichuan Anning Titanium and Titanium Co., one of the three major titanium concentrate producers in China, raised the price of titanium concentrate twice in this week, each time raising 100 yuan/ton, the latest offer is 1750 yuan/ Tons, this week's increase was nearly 13%. Compared with the price at the beginning of this year, the price of titanium concentrate has increased by about 34%, which is up to 230% compared with the price at the beginning of 2016. According to industry insiders, the current demand for titanium dioxide will continue to maintain high levels of titanium concentrate.
Lithium titanate "grab food"
The demand structure of titanium dioxide is that coatings account for 60%, plastics account for 20%, papermaking accounts for 7%, high-end inks account for 3%, and the rest account for 10%. Among them, the demand for coatings is crucial for the sales of titanium dioxide, so the hot and cold in the real estate market will seriously affect the price of titanium dioxide.
Last year, the popularity of the property market began to be gradually transferred to the decoration sector, and the warming of the paint market boom led to the growth in demand for titanium dioxide.
It is worth noting that in addition to the rather strong traditional demand, the lithium titanate battery has sprung up and started to “divide†the high-end titanium dioxide market.
The reporter found that among the domestic titanium dioxide enterprises, Yanlilian has taken the lead in the field of titanium dioxide for lithium titanate batteries , and this is the high-end demand for titanium dioxide. Previously, the output was small, belonging to a small part of the 10% demand.
According to Yu Lilian, the proportion of rutile titanium dioxide in the company's products has reached 90%, and the company will continue to upgrade its product technology. July 2016 the company with Yang Zhi Technology signed a cooperation framework agreement, to enter the high-end lithium titanate batteries special titanium dioxide market. Judging from the information currently available to reporters, this market is expected to develop into a rather large application area for titanium dioxide.
Zhuhai Yinlong is the leading enterprise of domestic lithium titanate battery . The company is hot because of the acquisition of Gree, and has become the focus of many new energy auto industry insiders. Regarding the future demand prospects of lithium titanate battery , the company's relevant person in charge, Zhang, told the Shanghai Securities Journal reporter: "In June this year, the company's total production capacity will reach 10,000 tons, and the demand for titanium dioxide will be about 12,000 tons. From the terminal demand , (the company) lithium titanate battery demand for titanium dioxide doubling every year, so the future market space is very large, also shows that the market for titanium dioxide used in lithium titanate recognition of this technology. "
In addition to Zhuhai Yinlong, the Hong Kong stock company Zhengdao Group is stepping up the layout of this market in China. At the end of 2016, Zhengdao Group and Anhui Tiankang established a lithium titanate battery joint venture to introduce the US lithium titanate battery technology and production process to the country with a registered capital of 360 million yuan.
Jingwei shares also disclosed that the company plans to invest 540 million yuan with Zhengdao Group and Zhiyun Asset Management Co., Ltd. to establish a battery company to produce lithium titanate batteries in Fenghua District of Ningbo City. The total investment of the plan is 2 billion yuan.
Among other listed companies, CITIC Guoan Subsidiary has already achieved sales of lithium titanate battery packs. Shenzhen Tianjiao, a subsidiary of Zhonghe, owns 150 tons of lithium titanate, and Shenzhen Beitui, a subsidiary of China Baoan, has a capacity of 1000 lithium titanate. Ton.
In addition to being used in new energy vehicles, lithium titanate batteries should be a trillion-dollar energy storage market. According to industry experts, unlike power batteries, energy storage batteries value the long life, low cost, and high safety of batteries. Lithium titanate energy storage batteries have obvious advantages in these areas.
The power battery with the main goal of energy density has a cycle life of more than 1000 cycles. Taking a lithium iron phosphate battery as an example, the cycle life is not more than 3000 times, and the life span is 7 to 8 years. However, the lithium titanate battery has a cycle life of more than 25,000 cycles and a life span of 30 years. The long cycle life is more in line with the application needs of the industrial energy storage field.
Industry consolidation acceleration
As the titanium dioxide industry recovers, a new wave of mergers and acquisitions has quietly arrived. Recently, Teno announced that it will acquire Koster's titanium dioxide business for US$1.663 billion in cash. The combination will replace Como as the largest titanium dioxide producer in the world with a total annual production capacity of 1.3 million tons/year.
In China, Yulilian has become the absolute leader of the industry, and has surpassed Connors as the fourth largest producer of titanium dioxide in the world.
Manager Yang’s company is the forerunner of domestic chlorinated titanium dioxide. He clearly told the Shanghai Securities Journal that the company will build another 60,000 tons production line in the second half or 2018, and build a 100,000-ton production line in about three or four years. And it is not excluded to do some domestic and foreign mergers and acquisitions during this period.
Some industry insiders said that with the improvement of environmental protection requirements, the integration and restructuring of the domestic titanium dioxide industry is the trend of the times. The dominant enterprises will gradually move closer to the international industry through mergers and acquisitions, and eventually reach the status of several oligarchs, and their bargaining power will be stronger. .
In the face of the huge increase in titanium dioxide, some investors began to show caution. However, industry insiders told reporters that the current price of titanium dioxide seems to be huge, but there is still a lot of distance from the highest price of 23,000 yuan in the previous period. Now it is completely rational supply and demand in the whole industry chain, and the rational return of price to value. Rather than artificial speculation, it is almost impossible to return to the price of less than 10,000 yuan.
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