2021 first half titanium ore market summary

Price Analysis

价格分析

2021 first half of China's titanium ore market prices overall up trend, into June the market part of the price has weakened, individual prices have 50-200 yuan / ton drop, titanium ore prices than at the beginning of the year still have 400-500 yuan / ton increase.

2021上半年中国钛矿市场价格整体呈上涨态势，进入6月市场部分价格有所走弱，个别价格有50-200元/吨跌幅，钛矿价格年中较年初仍有400-500元/吨涨幅。

Into 2021 titanium ore prices continue to rise in the second half of 2020 momentum, January-May titanium ore prices continue to rise mainly for the following reasons：
进入2021年钛矿价格延续2020下半年上涨势头，1-5月钛矿价格持续上涨原因主要有：

1、Panxi Fengyuan has reduced the number of small and medium-sized titanium ore suppliers due to the problem of tailing, the lack of start-up in Gaoliangping area plus the recovery of titanium ore by Pansteel.

1、攀西丰源因排尾问题，高梁坪地区开工不足加之攀钢回收钛矿，中小钛矿供应商有所减少。

2、Downstream titanium dioxide prices continue to rise sharply, the supply of titanium ore is tight, and market prices rose.

2、下游钛白价格持续大幅上行，钛矿供应偏紧，市场价格随之提涨。

3、Domestic environmental protection group inspection, by the two meetings and Yunnan biodiversity conference, Panzhihua, Shandong, Hebei, Yunnan and other areas of the low start, the market start was affected by the impact of titanium ore production has been shadowed.

3、国内环保组巡查，受两会及云南生物多样性会议影响，攀枝花、山东、河北、云南等地区开工低位，市场开工受到影响，钛矿生产有所影。

4、Downstream titanium dioxide production increased, according to Tuoduo statistics, the first half of 2021 titanium dioxide production increased by about 300,000 tons compared with the same period last year, the demand for titanium ore increased. The first half of this year, the two major plants in Panxi increased compared to last year, the overall titanium ore in Panxi to be higher than the same period last year, coupled with a larger increase in imported titanium ore in the first half of the year, titanium ore supply and demand balance is basically balanced.

4、下游钛白产量提升，根据涂多多统计，2021年上半年钛白产量较去年同期增长约30万吨，钛矿需求增多。今年上半年攀西两大厂较去年有所增幅，攀西整体钛矿产量要比去年同期高，加之进口钛矿上半年较大幅度增加，钛矿供需平衡基本平衡。

Into June with the downstream market demand has weakened, titanium dioxide enterprise production decline, coupled with the price decline, small and medium-sized mine panic, prices continue to decline; and by the Panzhihua area environmental protection group strict inspection, coupled with Xichang large enterprises overhaul, the market inventory and no greater pressure, large factory inventory is still tight, prices remain stable operation.

进入6月随着下游市场需求有所走弱，钛白企业产量下滑，加之价格下滑，中小矿有所恐慌，价格持续下滑；而受攀枝花地区环保组严查，加之西昌大企业检修，市场库存并无较大压力，大厂库存仍偏紧，价格维持平稳运行。

Imported titanium ore prices also continued to rise, the highest increase of about 26% in the middle of the year compared to the beginning of the year, due to tight supplies, some imported ore also temporarily stopped quoting. There are also individual miners into the middle and end of June because of downstream pressure to receive goods, prices have also declined individually. Imported ore prices rose mainly because: First, with the resumption of domestic and foreign downstream production, the demand for imported titanium ore increased. Second, the first half of the domestic titanium ore prices continue to rise and downstream titanium dioxide prices upward, the price of imported titanium ore has some drive. Third, shipping costs continue to soar, the cost of imported titanium ore increased. At the end of June, the world's largest titanium raw material supplier Rio Tinto RBM occurred force majeure factors shutdown, iluka plans to stop Sierra rutile production business in November, titanium raw material supply further tension, coupled with the release of new domestic chlorination capacity, the second half of imported titanium ore will continue to be tight.

进口钛矿价格也在持续上涨，年中较年初最高增幅约26%，因货源紧张，部分进口矿也暂时停止报价。也有个别矿商进入六月中下旬因下游接货有所压力，价格个别也有所下滑。进口矿价格上涨主要原因：一、随着国内外下游复产，进口钛矿需求增多。二、上半年国内钛矿价格持续上涨及下游钛白价格上行，对进口钛矿价格有一定带动。三、海运费持续暴涨，进口钛矿成本增加。在6月末，全球第一大钛原料供应商力拓RBM发生不可抗力因素停产，iluka计划11月停止塞拉金红石生产业务，钛原料供应进一步紧张，加之国内氯化法新增产能释放，下半年进口钛矿将继续紧张。

Import and export data analysis

进出口数据分析

According to customs data, the cumulative import volume of titanium ore in China from January to May 2021 was about 1.610 million tons, an increase of 21.48% year-on-year, and an increase of about 286,700 tons compared with the total volume from January to May 2020. With the rise in titanium ore prices, the amount of increase in imported titanium ore has also increased, including a large number of gross ore increase.

据海关数据显示，2021年1-5月中国钛矿累计进口量约162.10万吨，同比增长21.48%，同比2020年1-5月总量增长约28.67万吨。随着钛矿价格上涨，进口钛矿增幅量也有所增多，其中包括大量毛矿增幅较大。

2021 January-May total imports of the top three countries for Mozambique, Vietnam, Norway, respectively, accounting for 34% of total imports, 15%, 9%, which increased by countries such as South Africa, Brazil, Sri Lanka, Vietnam and other countries. Among them, South Africa's imports of titanium ore, Vietnam's titanium ore increased mainly by the export quota liberalization, and the second half of the second half with the first half of the enterprise to inventory Vietnam's imports of ore will be reduced. With the normal recovery of international titanium dioxide producers plus titanium chloride raw materials tension, the second half of imported titanium ore back home than the first half of the year is expected to be reduced.

2021年1-5月总进口量前三名国家为莫桑比克、越南、挪威，分别占总进口量的34%、15%、9%，其中增幅较大的国家有南非、巴西、斯里兰卡、越南等国家。其中南非进口的为钛毛矿，越南钛矿增幅较大主要受出口配额放开，而下半年随着上半年企业去库存下半年越南进口矿会有所减少。随着国际钛白生产商正常恢复加之氯化法钛原料紧张，下半年进口钛矿回国较上半年预计将有所减少。

Post Market Forecast

后市预测

In the first half of 2021, China's domestic titanium ore and imported titanium ore volume than last year have increased significantly, while the downstream titanium dioxide and titanium sponge products have increased significantly over the same period last year, both titanium dioxide and titanium ore in the second half of the year have more new production capacity release, titanium ore demand will also be further enhanced. Mid-year market off-season, part of the price adjustment, with the release of new production capacity in the second half of the year, and limited expansion of titanium ore coupled with high shipping costs, sulfate titanium ore prices are difficult to have a significant decline. As the titanium dioxide market improves, prices will be able to rebound. The second half of the chlorinated titanium raw materials to reduce the chlorinated titanium dioxide and titanium sponge put into production more, the second half of the chlorinated titanium raw materials will also continue to run at a high level of tension.

在2021年上半年中国国内钛矿产量及进口钛矿量较去年都有较大幅度增加，而下游钛白及海绵钛产品量较去年同期也都大幅增加，下半年无论钛白还是钛矿都有较多新增产能释放，钛矿需求量也将进一步提升。年中市场淡季，部分价格有所调整，随着下半年新增产能释放，而钛矿扩产有限加之海运费高涨，硫酸法钛矿价格难有较大幅度下滑。随着钛白市场好转，价格将能有所反弹。下半年氯化法钛原料减少而氯化法钛白及海绵钛投产较多，下半年氯化法钛原料也将持续紧张高位运行。