After the Titanium Dioxide Conference in 2016 was completed last week, Shandong Dongjia became the first titanium dioxide company to raise the price of its products. Shandong Dongjia decided that since March 31, rutile titanium dioxide will have risen by 500 yuan/ton per ton and export prices will have risen by 80 US dollars/ton. Before this price increase, titanium dioxide has experienced three consecutive up, the cumulative price increase rate of 9,000 yuan / ton, or nearly 9%.
Analysts pointed out that the traditional sales season and low operating rates are the basis for this price adjustment. The Thirteenth Five-Year Plan of the titanium dioxide industry was recently announced, encouraging industry mergers and reorganizations to increase industrial concentration. In the long run, supply and demand in the industry are expected to improve under the supply-side reform.
Will usher in the fourth price increase
It is understood that on the day of the end of the national titanium dioxide industry annual meeting on March 24th, Sichuan Longxie announced that it “closed the listâ€. Industry insiders said that, in general, "closing orders" is a precursor to price increases. However, four days after Sichuan's Longyan “single orderâ€, Shandong Dongjia first announced price increases.
In addition to domestic manufacturers, international manufacturers are also increasing prices. Asia’s largest titanium dioxide manufacturer, Ishihara Titanium Dioxide, announced on March 28 that since April 1st, the price of its titanium dioxide Asia Pacific region has increased by US$150/ton.
According to Yang Xun, an analyst at Titanium Dioxide Enterprise, the current price of rutile titanium dioxide is around RMB 9800-10800/ton, which is still low compared to last year. March is the traditional sales season of titanium dioxide, the market inventory is low, coupled with warmer real estate after the holiday to stimulate demand to improve, the formation of favorable support for product prices. The current industry operating rate is low, about 60%, many manufacturers implement the policy of foreign trade priority, some brands supply tight, the industry has a certain price increase basis, is expected to follow Sichuan Long Yao and other companies will also join the price increase.
In addition to product price increases, supply-side reform during the “13th Five-Year Plan†period is expected to improve industry fundamentals. According to Yang Yuande, secretary general of the China Coatings Industry Association and China Titanium Dioxide Industry Association, the supply-side structural reforms in the titanium dioxide industry will be promoted in the future, and “three reductions, one reduction and one supplement†will be implemented to accelerate the pace of integration of the titanium dioxide industry. The productivity of the top ten companies in the industry is 20% higher than that in the “Twelfth Five-Year Plan†period. The percentage of chlorinated products accounts for 20%, and the average energy consumption, water consumption and emissions are reduced by 20% during the “12th Five-Year Plan†period.
Poor company performance
Subject to overcapacity and weak overseas demand, the price trend of titanium dioxide was relatively sluggish throughout the year. This is also reflected in the performance of listed companies in 2015. Some listed companies tried to improve their profitability through transformation and upgrading.
According to the annual report published on the evening of March 28 in CNI Titanium Dioxide, the company achieved revenue of 1.629 billion yuan in 2015, a year-on-year decrease of 6.05% and a net profit of -126 million yuan, a year-on-year decrease of 513.23%. The company stated that its performance loss was mainly due to the fact that the average sales price of rutile titanium dioxide in the company's main products fell to the lowest point in recent years, from RMB 10,600/ton (excluding tax price) in 2014 to RMB 9,460/ton in 2015 (excluding Tax price), the rate of reduction of up to 11%. The company's operations encountered tremendous difficulties and pressures, and its operating performance has dropped significantly. Similar to CNHTC, Annada expects net profit loss of RMB 138 million in 2015.
However, Lililian achieved operating revenue of 2.635 billion yuan in 2015, an increase of 28.43% over the previous year; net profit attributable to shareholders of listed companies was 111 million yuan, an increase of 76.49% over the previous year. The company said that despite being affected by the sharp drop in product prices, the company has improved its profitability by developing chlorinated titanium dioxide products, ink titanium dioxide business and optimizing costs.
Another titanium dioxide listed company, Jinpu Titanium Industry, had planned to add RMB 4 billion to the “Chemical Supply Chain Management Service Platform Construction Project†and “The Chemical Industry-based Industrial Finance Platform Construction Project†to seek “titanium dioxide + supply chain financeâ€. Industry development. Due to the large changes in the market environment, the company plans to lower the reserve price of share issuance from 7.54 yuan/share to 5.38 yuan/share. After the shareholders' meeting approves the review, the company will submit the updated non-public offering application documents.
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