Original title: EU imposes temporary tariffs on China's titanium dioxide! Can the five listed titanium enterprises maintain high growth performance
Source: International Financial News
Upswing Titanium dioxide The enterprise will worry now!
On June 14, the European Commission announced that Titanium dioxide The latest progress of anti-dumping investigations carried out by enterprises shows that, Longbai Group 、 Medium nuclear titanium dioxide (Rights protection) 、 Jinpu Titanium Industry Nanjing Titanium White Anada as well as Huiyun Titanium Industry All the five listed titanium enterprises are on the list of additional levy. Among them, Longbai Group And its subsidiaries will be subject to an additional 39.7% tariff, Medium nuclear titanium dioxide The tariff will be increased by 14.4% and 39.7% for other companies.
Affected by this, Longbai Group The share price fell by more than 8% on the day.
Overseas anti-dumping investigations have come one after another. As early as last August, the Eurasian Economic Union took the lead in launching an anti-dumping investigation against China's titanium dioxide. In the middle of November 2023, the EU announced its commitment to China Titanium dioxide Conduct anti-dumping investigation on products. On March 28, 2024, the Ministry of Commerce and Industry of India announced the initiation of an anti-dumping investigation against titanium dioxide originating in or imported from China.
The European Titanium Dioxide Industry Organization said that due to the dumping behavior of Chinese exporters in the EU market, the import volume of titanium dioxide from China has continued to increase sharply in the past three years, and has gained significant market share. The organization estimates that the dumping margin of Chinese titanium dioxide exporters is 45% - 65%. The dumping margin refers to the margin by which the export price of a product is lower than its normal value. The European Titanium Dioxide Industry Organization mentioned that several EU factories had to stop the production of titanium dioxide due to the pressure of China to dump titanium dioxide.
According to the data, titanium dioxide, also known as titanium dioxide, is an important inorganic chemical pigment. The main downstream industries of titanium dioxide are coatings, paper making, printing ink, plastics, rubber and chemical fibers. Among them, the coating field accounts for 61%, the plastic field accounts for 18%, the papermaking field accounts for 10%, and the other application fields account for less than 5%. Titanium dioxide applied to plastic Can improve plastic Heat resistance, light resistance plastic It is free from ultraviolet rays and improves the mechanical and electrical properties of plastic products.
In the past two years, with Apple , Huawei, Xiaomi, Glory and other 3C giants launched products containing "titanium" New materials With the development trend, the demand for titanium metal has increased sharply, and the price has also risen. The sharp increase in demand and supply have hidden worries about the decline, which has made the price of titanium concentrate rise steadily in recent years. As of June 13, the market price of domestic rutile titanium dioxide was 14800-16200 yuan/ton, anatase 13800-14500 yuan/ton, and chlorination 17000-18000 yuan/ton.
China's titanium dioxide production capacity ranks first in the world with high concentration. In 2023, China will occupy a leading position in the global market with a production capacity of 5.5 million tons of titanium dioxide, accounting for up to 56%. Longbai Group will take the lead with an annual production capacity of 1.51 million tons, accounting for 16% of the global market share.
In China, more than 20 mainstream titanium dioxide manufacturers have banded together to raise prices frequently, which is suspected of monopoly and price manipulation. Some enterprises even call for boycotting this tacit collective price rise. However, in overseas markets, especially the Eurasian Economic Union and the European Union, titanium dioxide produced in China is too cheap and needs anti-dumping investigation.
At the beginning of this year, the domestic titanium dioxide industry has started three rounds of price increases, and entered a weak period in May. The inventory pressure of enterprises increases, Medium nuclear titanium dioxide Dongjia, Jinpu, Tihai and other enterprises have successively lowered the factory price of titanium dioxide.
However, under the high demand, the performance of the industry leader Longbai Group in the first quarter of 2024 increased dramatically. During the reporting period, the company achieved a total operating revenue of 7.294 billion yuan, up 4.54% year on year; Net profit attributable to the parent company was 951 million yuan, up 64.15% year on year; Non net profit deducted was 925 million yuan, up 67.21% year on year.
Lubei Chemical In the first quarter of 2024, the operating revenue will reach 1.538 billion yuan, with a year-on-year growth of 39.08%; The net profit attributable to the parent company was 50.54 million yuan, up 3131.39% year on year; Non net profit was 48.54 million yuan, up 4515.99% year on year.
The EU plans to impose temporary tariffs on titanium dioxide originating in China, which is undoubtedly a blow to China's titanium dioxide industry, far exceeding the previous market expectation of 10-20%. Industry insiders worry that this may cause the performance of titanium dioxide enterprises to decline.
CSC negotiable securities According to the analysis, in addition to anti-dumping pressure, domestic titanium dioxide enterprises are also facing the pressure of stricter environmental protection policies. Companies with low competitiveness will be eliminated, and cost and technology will become the core competitiveness in the future. In the long run, it is expected that the gap between supply and demand in the titanium dioxide industry will be 401500 tons in 2025, with overall supply exceeding demand, and the industry's backward production capacity will face the pressure of clearing up.
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