Titanium dioxide rose for 8 months behind: cost support overlaid with supply and demand to the good

On the eve of the Spring Festival in 2021, a new wave of price increases for titanium dioxide products was set off in the country. This tide of price increases across the Spring Festival holiday, is since July 2020, titanium dioxide for the eighth consecutive month of price increases.

2021年春节前夕，国内掀起钛白粉产品新一轮涨价潮。此番涨价潮横跨春节长假，是自2020年7月以来，钛白粉连续第8个月涨价。

Prices bottomed out and rose for 8 months in a row.

价格探底回升，连涨8个月。

Looking back at the whole of 2020, this year, the overall average price of titanium dioxide is mainly in the "N" shape trend. Entering 2021, the market is still hot.

回望整个2020年，这一年，钛白粉总体均价主要呈“N”形走势。进入2021年，市场依旧火热。

Cost side support strong, titanium dioxide companies have laid out the upstream.

成本面支撑强势，钛白粉企业纷纷布局上游。

Rising prices of raw materials to raise costs is the main reason for the continued price increase of titanium dioxide.

原材料价格上涨致成本提升是钛白粉持续涨价的主要原因。

Entering 2021, titanium concentrate prices are steadily increasing. A large part of the reason for the continued rise in titanium concentrate comes from the reduction in raw ore production and the overall reduction in titanium concentrate production.

进入2021年，钛精矿价格稳中有升。钛精矿持续上涨很大一部分原因来源于原矿产量减少，钛精矿整体产量减少。

Rising raw material prices to the cost of titanium dioxide enterprises have brought pressure on the market supply exceeds demand, titanium dioxide leading enterprises have laid out the upstream to reduce the impact of rising market prices of raw materials caused by the cost.

原材料价格的上涨给钛白粉企业的成本带来了压力，在市场供不应求的情况下，钛白粉龙头企业纷纷布局上游，来降低市场原材料价格上涨造成的成本影响。

Supply and demand are improving, corporate performance and share prices are flying together.

供需向好，企业业绩与股价齐飞。

In addition to the cost side of the support, the supply and demand side of the support is the continued rise in the price of titanium dioxide has played a role in boosting.

除了成本面的支持，供需面的加持更是对钛白粉价格的持续上涨起到了推波助澜的作用。

In the first half of 2020, affected by the epidemic, the domestic demand for titanium dioxide is not as expected. Weak demand in foreign markets, export trade suffered a large impact, resulting in low titanium dioxide prices. Some producers suffered losses and active production cuts, and the supply side contracted leading to tight spot.

2020年上半年，受疫情影响，国内钛白粉需求不如预期。国外市场需求疲软，出口贸易遭受较大冲击，导致钛白粉价格低走。部分生产商出现亏损和主动性减产，供应端收缩导致现货紧张。

From the second half of 2020, domestic demand gradually rebounded, more low-priced export orders, titanium dioxide prices began a round after round of price increases.

从2020年下半年开始，国内需求逐步回暖，出口低价订单较多，钛白粉价格开始了一轮又一轮的涨价潮。

The downstream demand is strong so that the spot supply of titanium dioxide market from last year's November began to show the overall tension, and continued until now. In the situation where the supply of products exceeds the demand, the enterprise order quantity is sufficient. Cost support combined with good supply and demand, so that the price of titanium dioxide rose again and again, the company's performance and share price also followed the water up.

下游需求的旺盛使钛白粉市场的现货供应从去年的11月份开始整体呈现紧张的气氛，且持续至现在。在产品供不应求的局面下，企业订单量充足。成本支撑叠加供需向好，使钛白粉价格一涨再涨，公司的业绩和股价也跟着水涨船高。

Titanium concentrate continues to move up, titanium dioxide bullish after the market.

钛精矿持续上行，钛白粉后市看涨。

With the Spring Festival holiday away, the gradual recovery of logistics, channel inventory or a small relief, but the effect is limited, the supply side still maintains a high-intensity shortage of goods. In the short term, the supply side still remains strong to enforce the rise, most producers offer firm prices, and need to line up orders and other goods.

随着春节假期走远，物流的逐步恢复，渠道库存或得到小范围缓解，但效果有限，供应端依然保持高强度缺货。短期看，供应端依然保持强势执涨，多数生产商出价坚挺，且需排单等货。