Titanium white market summary in the first half of 2021

Price Analysis

价格分析

The first half of 2021 China's titanium dioxide market overall upward trend, June market into the off-season, some market prices have 500-1000 yuan / ton drop. Overall, mid-year rutile prices are still higher than the beginning of the year 5700 yuan / ton, anatase prices are higher than 6700 yuan / ton, the beginning of the rutile titanium dioxide supply of tight demand and high profits relative to anatase titanium dioxide, anatase manufacturers to crude products, market supply reduced, because of strong demand, prices continue to rise, so the rate of increase higher than rutile. As of the end of June China rutile titanium dioxide ex-factory price with tax in 18,800-2,500 yuan / ton, anatase titanium dioxide ex-factory price with tax in 17,800-19,000 yuan / ton.

2021上半年中国钛白市场整体呈上涨走势，6月市场进入淡季，部分市场价格有500-1000元/吨跌幅。整体来看，年中较年初金红石型价格仍高出5700元/吨，锐钛型价格高出6700元/吨，年初金红石型钛白货源紧张需求旺盛且利润相对锐钛型钛白较高，锐钛厂家转粗品，市场供应减少，因需求旺盛，价格持续上涨，故涨幅高于金红石型。截至6月底中国金红石型钛白粉含税出厂价格在18800-21500元/吨，锐钛型钛白粉含税出厂价格在17800-19000元/吨。

Titanium dioxide continuous January-May prices continue to rise, and the rate of increase, the cumulative increase in 6000-7000 yuan / ton, the market price increase mainly due to: 1、 domestic and foreign downstream market demand recovery, titanium dioxide demand increased; 2、raw material prices continue to rise, including titanium ore market prices rose by about 500 yuan / ton, the cumulative increase in sulfuric acid prices of about 350 yuan / ton, manufacturers continue to increase the cost pressure There is a certain push on prices.

钛白连续1-5月价格持续上涨，且涨幅较大，累计涨幅在6000-7000元/吨，市场价格上涨原因主要有：1、国内外下游市场需求复苏，钛白需求增加；2、原材料价格持续上涨，其中钛矿市场价格累计涨幅约500元/吨，硫酸价格累计涨幅约350元/吨，厂家成本持续压力增加对价格有一定推动。

June titanium dioxide market into the off-season, downstream demand turned weak, raw materials, small and medium-sized titanium ore prices have also declined, coupled with soaring shipping costs and the recovery of foreign titanium dioxide enterprises, export orders have also turned weak, some areas of the price concessions, the downstream wait-and-see mentality is thick, more on-demand procurement, the overall price of weak operation.

6月钛白市场进入淡季，下游需求转弱，原料中小钛矿价格也有所下滑，加之海运费暴涨及国外钛白企业复苏，出口接单也有所转弱，部分地区价格也有所让利，下游观望心态浓，多按需采购，价格整体偏弱运行。

Production Analysis

产量分析

According to TDD statistics, January-June 2021 titanium dioxide production totaled about 1,909,800 tons, an increase of 18.58% over last year, production increased by about 300,000 tons over the same period last year. The first half of the foreign market demand is strong, domestic export orders increased, titanium dioxide manufacturers more than maintain full production; with the market into the off-season, market demand weakened, coupled with environmental protection inspections and other factors, most manufacturers overhaul plans, titanium dioxide production will decline; the second half of either sulfuric acid method or chloride method will have increased new capacity release, titanium dioxide production will also further increase, the annual output is expected to have 12-15% growth.

根据涂多多统计，2021年1-6月钛白产量共计约190.98万吨，同比去年增长18.58%，产量较去年同期增长约30万吨。上半年国外市场需求旺盛，国内出口订单增加，钛白厂家多保持满产状态；随着市场进入淡季，市场需求转弱，加之环保巡查等因素，多数厂家检修计划，钛白产量将有所下滑；下半年无论是硫酸法还是氯化法都将有增多的新增产能释放，钛白产量也将进一步增加，预计全年产量有12-15%增长。

Since 2021, manufacturers more than maintain full production, January to continue the trend of the end of 2020 rise, manufacturers start normal, February due to the impact of the Spring Festival holiday, the market start than the decline of 4.77%, March-May the global market is robust, companies more than maintain full production, June, some manufacturers have overhaul, the market started a small reduction in production, the overall production than last year is still elevated.

2021年以来，厂家多保持满量生产，1月延续2020年末上涨态势，厂家开工正常，2月因春节假期影响，市场开工环比下降 4.77%，3-5月全球市场旺盛，企业多保持满产，6月部分厂家有所检修，市场开工有所小幅减少，整体产量较去年依旧有所提升。

Import and export data analysis

进出口数据分析

According to customs data, January-May cumulative imports of about 81,000 tons, up 27.32% year-on-year, compared with January-May 2020 imports increased by about 17,400 tons, the recovery of domestic market demand coupled with the titanium dioxide market prices are bullish, the first half of the import volume has increased.

根据海关数据显示，1-5月累计进口约8.10万吨，同比增长27.32%，同比2020年1-5月进口量增长约1.74万吨，国内市场需求复苏加之钛白市场价格看好，上半年进口量有所增长。

The top three import regions from January to May are Taiwan, Australia and Mexico, accounting for 32%, 18% and 14% respectively.

其中1-5月进口前三地区为中国台湾、澳大利亚、墨西哥，分别占比为32%、18%、14%。

2021 January-May cumulative exports of about 540,000 tons, an increase of 13.01% year-on-year, compared with 2020 January-May cumulative exports increased by 62,200 tons. The first half of the foreign market demand is strong, the market export orders soared, March exports also reached a certain new high in the past two years; global economic upturn, foreign market demand is still strong, titanium dioxide exports to maintain a relatively large increase, into May-June, because of soaring shipping costs, foreign titanium dioxide rose relatively slowly, domestic titanium dioxide prices compared to foreign titanium dioxide no price advantage, export orders have also declined, is expected to June exports There is a decline in the market after adjustment, exports are expected to enhance again, the annual export volume continues to maintain steady growth.

2021年1-5月累计出口约54万吨，同比增长13.01%，同比2020年1-5月累计出口量增加6.22万吨。上半年国外市场需求旺盛，市场出口订单猛增，3月份出口量也达到近两年一定新高；全球经济好转，国外市场需求依旧强劲，钛白出口保持较大幅度增加，进入5-6月份，因海运费暴涨，国外钛白涨幅相对较慢，国内钛白价格相比国外钛白无价格优势，出口订单也有所下滑，预计6月出口量有所下滑，市场经过调整后，出口预计再能提升，全年出口量继续保持稳步增长。

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The top three export countries in January-May are India, Brazil and South Korea, accounting for 12%, 8% and 8% respectively; the outbreak of the epidemic in India in the first half of the year, April and May exports of Indian countries slightly reduced, but the overall export impact of the market is not significant.

其中1-5月出口前三国家为印度、巴西、韩国，分别占比为12%、8%、8%；上半年印度疫情爆发，4、5月份出口印度国家稍有减少，但市场整体出口影响不大。

Apparent consumption

表观消费量

According to data from TDD January-May 2021 China's apparent consumption of titanium dioxide 1.13 million tons, an increase of 24% over the same period last year, market demand growth mainly export growth, compared with the same period last year apparent consumption growth of about 210,000 tons.

据涂多多数据显示：2021年1-5月中国钛白表观消费量113万吨，较去年同期增长24%，市场需求增长主要出口增幅较大，较去年同期表观消费量增长约21万吨。

Post Market Analysis

后市分析

Into the June-July titanium dioxide market off-season, the downstream market demand in general, coupled with the terminal cost pressure, titanium dioxide export pressure, market prices have weakened, some prices have been 2,000 yuan / ton drop, the market has no market, prices will continue to weaken, although foreign prices have gone up, but by shipping costs and other cost pressures, export prices remain under pressure, the later high prices will also decline.

进入6-7月钛白市场淡季，下游市场需求一般，加之终端成本压力较大，钛白出口压力大，市场价格有所走弱，部分价格已经有2000元/吨降幅，市场有价无市，价格将继续走弱，国外价格虽有上行，但受海运费等成本压力，出口价格依存压力，后期高位价格也将有所下滑。

Due to the market and environmental protection and other issues, the market overhaul enterprises in July also increased, with the enterprise to inventory pressure and market demand recovery, coupled with the overall supply of raw materials titanium ore and sulfuric acid in a tight situation, foreign RBM shutdown and ILUKA Sierra Gold Red shutdown, raw material prices will continue to be high, will also further promote foreign titanium dioxide prices, is expected to rebound after late August, market prices will stable and rising operation.
因市场及环保等问题，7月市场检修企业也有所增加，随着企业去库存压力及市场需求恢复，加之原料钛矿及硫酸供应整体处于偏紧态势，国外RBM停产及ILUKA塞拉金红的关停，原料价格会继续高位，也将进一步推动国外钛白价格，预计8月下旬后市场价格将有所反弹，市场价格将稳中有升运行。