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Protection Inspector "Look Back"
Titanium dioxide prices rose in 2017 due to tighter environmental protection policies and better export conditions. In 2017, the production capacity of titanium dioxide in China was 2.87 million tons, an increase of approximately 11% year-on-year; the industry operating rate rose to 80%, and the capacity utilization rate increased significantly. At the same time, only 22% of titanium dioxide production enterprises in 2017 due to environmental protection tightening policy led to a decline in production capacity, most of the production companies are in a state of high load production.
It was learned from Longxi Li that on the afternoon of June 1st, the company organized a mobilization meeting to welcome the Central Environmental Supervision “back to see†mobilization meeting and conveyed the spirit of “the first Central Environmental Protection Inspectorate to carry out a televised conference call to look back at Henan Provinceâ€.
Chairman Xu Gang stated that the Central Environmental Protection Supervisor “reviewed†the work has started, and China’s chemical companies, especially the titanium dioxide industry, did not dare to take the slightest contempt. It is necessary to fully recognize the seriousness and importance of the work of the Central Environmental Protection Inspector to “review†the work, adhere to the first thought of environmental protection, raise awareness, and earnestly do a good job in inspection work.
In addition, the Hebei Province Environmental Protection Agency and other companies have jointly announced that from June to December, a joint initiative to investigate and rectify the “Thunder 2018†by acid-related companies in the province of Hebei will be carried out. The risks include the illegal discharge, dumping, and disposal of waste acid. Waste and heavy metal-containing wastes have been hit hard by environmental violations.
Waste acid is mainly produced from titanium dioxide processing, steel pickling and other industries. This round of acid-related companies is expected to eliminate the small scattered production capacity in the relevant industries behind the production process, the industry's overall supply pressure, the market concentration increases, the relevant industrial products or prices.
Repurchase of shares against the market rose
However, since April of this year, domestic titanium dioxide industry companies have generally entered a wave of downward price ranges. Since April, the share price of Long Baili has fallen by more than 19%, China National Nuclear TiAl has dropped by more than 20%, Annada has fallen by more than 23%, and Jinpu Tire has fallen by more than 15%.
In response to the drop in share prices, CNI Titanium launched a share repurchase program. In the announcement on the evening of May 31, China National Nuclear Tire and Titanium plans to repurchase shares not exceeding RMB 500 million. Under the condition that the price of repurchased shares does not exceed RMB 7/share, if the repurchase is made in full, the number of repurchased shares is expected to be approximately 71,482,600 shares, accounting for approximately 4.4888% of the total issued share capital of the company.
Buyback shares can be described as immediate. On June 1st, the daily limit of China Nuclear Titanium Co., Ltd. rose to more than 4%, and led the entire titanium dioxide industry to rebound against the market.
Titanium dioxide has a wide range of applications, among which the coating is one of the main applications of titanium dioxide, accounting for as much as 60%. Terminal demand represented by paints is inelastic in price and will further support the price of titanium dioxide. With the increase in the demand for new home renovations and secondary renovations, the price of titanium dioxide is expected to rise steadily.
Although the price hike continues, the increase in titanium dioxide production capacity is limited. Sichuan Finance pointed out that in terms of supply, in 2017 China's titanium dioxide production is still based on sulfuric acid production, production capacity of chlorination only accounted for about 8%, while China's environmental protection policy tightening led to partial sulfuric acid method does not meet the standard, production capacity is discontinued, while chlorination The high barriers to the law have led to a lower number of new installations, and the growth of titanium dioxide production capacity in the future may be limited.
In respect of new production capacity, the new overseas production capacity in 2018 mainly comes from the capacity recovery of the Venator Finland plant. In China, the main new capacity in China in 2018 is the 100,000 tons sulfuric acid project with titanium dioxide in China, and the Longjili 200,000 tons chlorination project is expected to start production in 2019. In this context, the right to speak will be accelerated to a few companies.
In the import and export of titanium dioxide, the total domestic titanium dioxide export volume in April this year reached 84,000 tons, an increase of 30.4% year-on-year. Export prices remained stable, showing a slight increase. The average market price in April was US$2,584/ton, a year-on-year increase of 13.8%. In January-April, a total of 326,900 tons of titanium dioxide was exported, which was a year-on-year increase of 33.37%. In the first four months of 2018, the import price of titanium dioxide was higher than last year's price. At present, the demand for international titanium dioxide market is good, and the domestic titanium dioxide export volume continues to record high. According to statistics, the top five companies that currently export titanium dioxide are: Longxi, China Nuclear, Yuxing, Daun and Dongjia.
At the same time, some companies have already responded to the demand for expansion. Long Baili announced on the evening of May 28 that the company recently signed a strategic cooperation framework agreement with the Panzhihua city government. The company plans to invest a total of 5 billion yuan in the next five years, focusing on the "high-quality use of Panzhihua titanium resources for large-scale production of chlorine. The “chemical titanium dioxide industrial chain†will implement technical innovation and industrialization projects in batches and in batches, striving to achieve breakthrough in industrialization within 5 years, and form a complete large-scale industrial production industry chain within 10 years.
In 2018, last year's "up" sound of the titanium dioxide industry, this year's stock price of listed companies in the industry performed flat. Long Yaoli (002601), CNI Titanium Dioxide (002145), and Annada (002136) and other related companies have entered the falling range since April. As the chemical industry involved in the titanium dioxide industry involves a lot of environmental management costs, as environmental protection inspections continue to deepen, it will have a major impact on the industry. It is worth noting that recently the central environmental protection inspector “reviewed†has entered Henan Province, and the industry’s discourse power will be more concentrated for leading enterprises that have mastered technology and market advantages.
September 26, 2024