The market prospect of titanium dioxide is not yet clear, and how to develop remains to be followed up.
after a long period of decline in titanium dioxide, the industry has become desperate, but slowly, many titanium dioxide enterprises began to survive in difficulties, and made a series of measures to rectify this, but the prospect of the titanium dioxide industry is still uncertain, and the switch should be turned to the loading file
at present, the development of China's titanium dioxide market is basically with the expansion of national investment. The macro transmission sequence of "infrastructure - Blue Ocean, even if there is a lot of money, real estate - cyclical industry after inflation" is the same. The production capacity construction cycle of titanium dioxide projects generally takes years. From a 10-year perspective, the macro operation, that is to say, from 2013 to 2015, the production capacity was released, and just in 2015, the market encountered a low demand for nearly a decade, The past over investment has become a burden on the industry, causing titanium dioxide enterprises to have high debt ratio, over investment, encounter insufficient demand, and cause industry risk exposure
last week, the overall average price of titanium dioxide fell weakly, from 11082 yuan/ton at the beginning of the week to 10995 yuan/ton at the end of the week, a decrease of 0.79%. In late November, the Shanghai International Paint exhibition has passed. As expected, domestic enterprises accounted for the vast majority of the international paint exhibition, which was originally held once a year. The opportunity to contact a large area of customers steadily turned into a big gathering of old friends in the industry. During the exhibition, there were many large-scale manufacturers engaged in promotion "in large quantities and prices", and a large amount of cash payment could get an ultra-low price of RMB/ton (including tax), Although this is a promotional activity at the exhibition, the signal to the outside world is not good. The downstream titanium dioxide is still depressed, the operating rate is not ideal, and the only rigid demand also severely depresses the price, making the overall operating rate of titanium concentrate low. Recently, the iron concentrate market has weakened again, and the operating rate of the water separation plant may decline, and the market price is relatively deadlocked
the macro focus in the future is not demand, nor Inventory (under the background of overcapacity, destocking is only a temporary disturbance). The focus is on supply and cost. In particular, cost is the key to understand the macro operation in the future! This is because capacity will not disappear out of thin air, and capacity elimination is carried out in the order of cost. It is also because overcapacity and insufficient capacity are relative concepts, which depend on international comparative advantages and disadvantages. If the domestic cost of an industry continues to be higher than the international cost, no matter how beautiful the current capacity utilization data is, it is also in danger of becoming "invalid capacity" in the future, and vice versa
in general, the overcapacity of titanium dioxide is still the most thorny problem at present. It is convenient and practical to obtain the experimental data of various materials; This contradiction can not be solved in one day or two. At present, although many enterprises have begun to rectify, it is a long way to go. The market prospect of titanium dioxide is not clear, and how to develop remains to be followed up
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