Titanium Monthly - Issue 202412 (27 de diciembre de 2024)

1. Analysis of titanium market prices
The titanium ore market stabilized after falling in December. Some prices fell by about 50 yuan/ton this month. As of now, the tax-exclusive quotation of 47 and 20 titanium ores of Panxi large factories is 2000-2200 yuan/ton, the tax-exclusive transaction price of 46 and 10 titanium ores is 1930-1980 yuan/ton, and the tax-exclusive quotation of 38 titanium medium ore is 1400 yuan/ton; the main reasons affecting the price are: the downstream market is weak, the price of titanium ore is high, the downstream cost pressure is large, the market price pressure sentiment continues, and the price has loosened; in the middle of the month, Panxi large factories controlled the original ore and temporarily stopped sending it out. With the reduction of raw material supply, processing plants stopped production one after another, and the market supply decreased; the overall inventory of titanium ore is not high, and the price of medium ore has stopped falling and rebounded by 20-50 yuan/ton; the market supply of titanium ore has gradually tightened, the quotation of miners has stabilized, the market low-priced supply has decreased, and small and medium-sized miners are more cautious in shipping, and the price of titanium ore is firm. Downstream enterprises are operating at a high level, and with the support of raw material costs, miners are willing to increase prices, and prices are expected to rebound.

The imported titanium ore market is temporarily stable, with the price of Mozambique titanium ore at US$370/ton and the price of Kenya 47-49 ore at US$360/ton; the downstream market is weak, enterprises are under great cost pressure, and purchases are more cautious; due to the influence of foreign policies, the amount of some imported titanium ore returning to China has decreased, and the import volume of titanium ore in Nigeria, Sierra Leone and other countries has increased significantly. From January to November this year, the total amount of imported titanium ore converted into concentrate has maintained growth compared with last year; although downstream demand has increased, the cost price is high, and miners' quotations are mostly firm. The market supply and demand sentiment game, prices are expected to continue to maintain stability.

Titanium slag
The acid slag market remained weak and stable this month. As of now, the ex-factory price in Sichuan is 5820-5870 yuan/ton, and there is no market; the ex-factory price in Yunnan is 4650 yuan/ton; the downstream titanium dioxide market is sluggish, the demand for acid slag is weak, and some companies have switched to full-mine production. The demand for acid slag has declined again, and shipments are more difficult. In addition, the price of Pankuang remains high, the supply is tight, and the production pressure of slag plants is relatively large. The start-up of the Yunnan market is expected to decline again at the end of the month; and the electricity price is increased during the dry season, and the price of acid slag remains weak.

The price of high titanium slag rebounded from a low level in December. The bidding price of 90% low calcium and magnesium high titanium slag in the northern region was 6,950 yuan/ton, an increase of 200 yuan/ton from the previous month. The bidding price of 85% low calcium and magnesium high titanium slag in Yunnan was 6,500 yuan/ton, an increase of 150 yuan/ton from the previous month. In November, the operating rate of the high titanium slag market basically fell to the lowest point of the year. Most companies destocked, and the market supply was tight. The raw material price was high, and the cost pressure of high titanium slag was high. Under the stable market demand, the price of new orders was under pressure to rise. At present, the market operation is still insufficient, and the domestic supply of high slag is limited. However, this year, due to the increase in rutile supply and the impact of low-priced sources, the high titanium slag market may remain strong, and the upward pressure on prices in the later period is still relatively large.

Titanium Tetrachloride
The titanium tetrachloride market remained stable this month, with the current market price at 5,900-6,400 yuan/ton, and low prices in some regions; this month, the price of liquid chlorine fluctuated at a high level, the price of titanium-rich materials rebounded, the production cost of titanium tetrachloride was under great pressure, and the price remained strong; the downstream titanium sponge operation increased slightly, and the demand for titanium tetrachloride rebounded, but the demand in industries such as pearlescent pigments declined slightly. The supply and demand of the titanium tetrachloride market was relatively stable, and the market was expected to continue to maintain stable operation in the later period due to the impact of costs.

Titanium dioxide
The titanium dioxide market was weak in December. As of the end of this month, the ex-factory price of rutile titanium dioxide in China was 13,800-14,500 yuan/ton, and the ex-factory price of anatase titanium dioxide was 12,400-13,200 yuan/ton. The market was in the off-season, demand was still sluggish, and the market competition pressure was high. At the beginning of the month, some companies had a 200-500 yuan/ton margin to ship. The cost price of raw materials such as titanium ore and sulfuric acid was high, and there was little room for price adjustment for titanium dioxide. The price was mostly at the edge of the cost line. Near the end of the year, the market as a whole did not have much stocking sentiment, and maintained the use of mining as needed. Due to different shipping conditions of enterprises, some enterprises in the market adjusted prices differently at the end of the month. Some enterprises cancelled the previous preferential policies, and Long enterprises implemented a rebate of 200 yuan/ton for distributors who completed the task volume. In the late month, some enterprises in Guangxi and other regions began to carry out annual maintenance, and it is expected that most of them will resume production after the Spring Festival. The shipment of titanium dioxide produced by sulfuric acid process has improved this month. Some manufacturers are short of supply. At the end of the month, Titanium Sea Technology sent a letter to increase the domestic price of titanium dioxide by 500 yuan/ton and the overseas price by 60 US dollars/ton. In addition, the supply of raw titanium ore is tight, the quotation is firm, and the favorable factors in the titanium dioxide market have increased. Some companies have expectations of rising prices, but demand support is still limited. In the short term, the pressure on titanium dioxide to rise is relatively large, and the market may pick up in the later period.

Sponge titanium
The quotation of sponge titanium continued to increase this month, with a range of 2,000 yuan/ton. The mainstream quotation of primary sponge titanium civilian products is about 44,000-46,000 yuan/ton. With the increase in market prices last month, the company's shipments were stable, and some orders on hand and the inventory of some manufacturers gradually decreased. The market quotation was raised again in the middle of the month. The price was raised twice in a row. The downstream has not fully accepted it. The transaction of new orders is limited, but the company's quotation remains firm. The sponge titanium market is temporarily stable.

Market forecast for January:
1. Titanium ore supply is tight, and prices are expected to improve;
2. Titanium dioxide is supported by cost, and prices are expected to remain strong;
3. Sponge titanium orders are stable, and prices are expected to remain stable for the time being;

2. Comparison of titanium product prices this month

3. Titanium market analysis chart
Figure 1: China's titanium ore market price trend

Figure 2: China's imported titanium ore market price

Figure 3: China's titanium dioxide market price

Figure 4: China's titanium slag market price

Figure 5: China's titanium tetrachloride market price

Figure 6: China's sponge titanium market price

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