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TiO2 China Monthly Report 1309

TiO2 China Monthly Report 1309 - new market research report published


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2014-01-24 13:37:01 - TiO2 China Monthly Report 1309 - a new market research report on companiesandmarkets.com

Under the concern that China´s economy might encounter a hard landing, HSBC announced that the Chinese initial manufacturing PMI data in Sept. recorded 51.2, hitting a record high in six months and was far higher than the market expectation of 50.9, which might show the slow recovery of domestic economy.

According to HSBC, this is the second consecutive month in which initial PMI is above 50, while initial PMI was under 50 and recorded 47.7 in July. Stimulated by HSBC´s better than expected PMI data, stocks of those companies in the cyclical industries, such as transportation and wind power, have enjoyed great increase recently because people deem that PMI´s return to above 50 means the end of the bottom of cyclical

 

 

industries.

In July, the export condition of TiO2 reversed, with export volume gaining a sharp MoM growth. However, whether the rebound will continue is still full of uncertainty. Domestic TiO2 price kept relatively stable in recent three months while most domestic TiO2 producers met declining profit margin and reduced revenue in H1 2013.

Domestic TiO2 production in H1 2013 also decreased, reaching about 925,000 tonnes with a YoY fall of 1.28%. On the condition that downstream demand keeps weakening, the production of TiO2 is expected to further cut to avoid imbalance between supply and demand and allow TiO2 price increase, and thus certain profit for domestic TiO2 producers can be guaranteed.

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