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Titanium Market Analysis

Titanium Market Analysis2017.03.06

Titanium Ore

This week the price of titanium ore from Panxi, Sichuan has kept moving upward and increased about 100 RMB per metric ton. The price of titanium middlings (not less than 38% pure), tax excluded, is currently at 1080 to 1100 RMB per metric ton, while titanium concentrate (not less than 46% pure), tax excluded, is 1680 to 1800 RMB per metric ton. The average tax excluded price of primary manufacturers is around 1700 to 1750 RMB per metric ton for 47% pure concentrate. The climbing prices are caused by the following factors: overall peaking price in TiO2 market; lower production due to strict environmental regulations; the increasing price of imported titanium ore has led to a tight ore market; and the Panzhihua Iron and Steel Company is buying titanium ores in great amounts, which has tightened the market supply. In the near future, the titanium ore price will continue to rise.

The price of imported titanium ore is high and spot goods are in tight supply. The FOB price of Vietnamese grade A ore is around 240 USD per metric ton, while Indian and Mozambique ores are CIF 240-250 USD, 220 USD per metric ton, respectively. The Indian ore market is out of spot goods, while the Vietnamese ore market has low stock and limited export quotas; therefore, a smaller amount was imported and the price is high. Kenyan ore is out of stock, and the Panzhihua ore price is peaking sharply. In the near term, imported titanium ore price will remain high.

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Titanium Slag

The titanium slag price is high and in tight supply. The prevailing ex-works price of 90% pure titanium slag is around 5600-5800 RMB per metric ton, and 92% pure is 5800-5900 RMB per metric ton. However, some suppliers have a higher quote, over 6000 RMB per metric ton, so the market price is not stable and transparent. Titanium slag costs are in a higher pressure, so the production rate is low in general. The market supply is tight and the price is increasing. Manufacturers are unwilling to sell out their stock. In the short run, the high titanium slag price will be maintained.

The acid slag price is relatively stable but moving upward. Primary manufacturers in the Sichuan area offer 4800-4900 RMB per metric ton, including tax. The upward price is the result of limited production in the Panxi area, environmental regulations, higher titanium ore costs and increased inquiries from downstream industries.

Titanium Dioxide

The titanium dioxide market will witness another price surge and increase by 500-1000 RMB per metric ton compared to weeks ago. After the Chinese Spring Festival, the downstream market has had a normal demand. Titanium dioxide suppliers announce continually increasing prices in order to get a higher closing price. This week both Lomon and Billions announced another increase; other suppliers followed and raised their prices.

At a time of this journal post, the prevailing ex-works price of Chinese rutile titanium dioxide is 16,200 to 17,500 RMB per metric ton, including tax, and anatase is 14,500 to 15,000 RMB per metric ton. At present, the raw material costs are soaring: 150-200 RMB per metric ton higher after Spring Festival. Environmental regulations are limiting the production. Plus, the international titanium dioxide price has increased, so Chinese market will keep following the trend.

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