1、 Price trend

Taking the sulfuric acid method rutile type titanium dioxide, which has a large volume of goods in the domestic market, as an example, according to data monitoring from Business Society, the domestic titanium dioxide market was downward in November. On November 1st, the average price of titanium dioxide was 17300 yuan/ton/ton, and on November 28th, the average price of titanium dioxide was 16650 yuan/ton, with a price reduction of 3.76%.

2、 Market analysis

The titanium dioxide market was weak and downward in November. Overall, the international foreign trade order situation is average, while the domestic terminal market is weak. In the first half of the year, there was a strong wait-and-see sentiment in the titanium dioxide market, with major manufacturers mostly observing the pricing policies of leading companies. Currently, stability is the main focus in various markets. In mid month, the Shanghai International Coatings Exhibition kicked off, and the order situation improved, with companies scheduling delivery. In the latter half of the year, due to power and gas restrictions, downstream market operations declined, demand was weak, and new orders in the market were limited. The price adjustment of leading manufacturers has been reduced by thousands of yuan, and some manufacturers have followed up with price reductions. As of now, most domestic quotations for rutile type titanium dioxide are between 16000-17600 yuan/ton; The quotation for rutile titanium dioxide is around 14500-15000 yuan/ton. The actual transaction price is negotiable.

According to customs data, the import volume of titanium dioxide in China in October 2023 was 7802.13 tons, a month on month increase of 15.13% and a year-on-year increase of 138.77%; From January to October 2023, the cumulative import of titanium dioxide from China was about 64000 tons, a decrease of 42.05% compared to the same period last year, and the import volume decreased by about 46500 tons.

In October 2023, China’s titanium dioxide exports reached 118800 tons, a decrease of 18.02% compared to the previous month and a year-on-year increase of 19.95%; From January to October 2023, the cumulative export of titanium dioxide was about 1.3734 million tons, a year-on-year increase of 17.19%, and the export volume increased by about 20.15 million tons.

In terms of titanium concentrate, the market price of titanium concentrate in the Panxi region fluctuated slightly in November. With the decrease in raw ore supply and the shutdown of large factories. Low end market prices have slightly increased. The downstream titanium dioxide enterprises have a general market situation, with poor market demand. They are more cautious in purchasing and observe more. As of now, the tax-free quotation for grade 38-42 titanium concentrate is around 1460-1480 yuan/ton, the tax-free quotation for grade 46 10 titanium concentrate is around 2150-2200 yuan/ton, and the tax-free quotation for grade 47 20 titanium concentrate is around 2350-2480 yuan/ton. In the short term, the market price of titanium concentrate is mainly strong, and the actual transaction price is negotiable.

In October 2023, China’s titanium dioxide exports reached 118800 tons, a decrease of 18.02% compared to the previous month and a year-on-year increase of 19.95%; From January to October 2023, the cumulative export of titanium dioxide was about 1.3734 million tons, a year-on-year increase of 17.19%, and the export volume increased by about 20.15 million tons.

In terms of sulfuric acid, the domestic sulfuric acid market prices increased in November. According to data monitoring from Business Society, the average domestic sulfuric acid price on November 1st was 258 yuan/ton, and on November 28th it was 302 yuan/ton. The monthly price has increased by 17.06%. The downstream market for monoammonium phosphate has stabilized at a high level, and downstream customers have increased their enthusiasm for purchasing sulfuric acid. The upstream sulfur market has slightly increased, with good cost support. Business Society sulfuric acid analysts believe that in the short term, the domestic sulfuric acid market is mainly affected by supply and demand, raw materials, and other factors, and the price of sulfuric acid may fluctuate slightly and rise.

3、 Future Market Forecast

The titanium dioxide analyst from Business Society believes that the price of titanium concentrate in Panxi region has fluctuated slightly this month, and the sulfuric acid market price has risen. The cost support for titanium dioxide is still acceptable. However, the downstream market is weak, and the market trading situation is light. Transactions are cautious and cautious, and titanium dioxide companies are under greater pressure to ship. It is expected that the trend of titanium dioxide will be weak in the short term, depending on downstream market demand. The actual transaction price is negotiable.

According to monitoring data from Business Society, the hydrogen peroxide market experienced a significant decline in November. At the beginning of the month, the average market price of hydrogen peroxide was 1150 yuan/ton. On November 27th, the average market price of hydrogen peroxide was 890 yuan/ton, with a price drop of 22.61%.

Negative sentiment suppresses the significant decline in hydrogen peroxide market in November

At the beginning of the month, the stocking market in the terminal paper and printing industries ended, and the order volume of hydrogen peroxide decreased, resulting in average market transactions. Hydrogen peroxide manufacturers have lowered their factory prices one after another, resulting in a significant drop in hydrogen peroxide prices. The market average price has dropped to 950 yuan/ton, with a daily drop of 200-300 yuan/ton, a drop of nearly 18%.

In the middle of the month, terminal demand has not improved, and the hydrogen peroxide market continues to decline, with a slowdown compared to the previous period. The average market price has dropped to 900 yuan/ton, indicating a weak trend in the market. As the end of the month approaches, the hydrogen peroxide market is basically stable, with mainstream market quotes of 890-900 yuan/ton.

Li Bing, an hydrogen peroxide analyst at Business Society, believes that terminal demand is weak, and the hydrogen peroxide market continues to decline weakly. Due to the current low level of hydrogen peroxide market, entering December, the market may stop falling and rebound.

1、 Trend analysis

According to the monitoring of nickel prices by Business Society, nickel prices have slightly declined this week. As of November 24th, the spot nickel quotation was 130500 yuan/ton, a decrease of 4.28% from the beginning of the week and a year-on-year decrease of 35.99%.

According to the weekly rise and fall chart of Business Society, nickel prices have fallen 10 times and risen 1 time in the past 12 weeks. Recently, nickel prices have continued to decline.

Nickel industry chain

On a macro level, the minutes of the November meeting of the Federal Reserve have been released, indicating that restrictive interest rates will be maintained and caution will be exercised in the future. There is still a possibility of further interest rate hikes, and there is no indication of a rate cut. The US dollar has stopped falling and rebounded.

On the supply side, although some enterprises have stopped production for maintenance, the overall situation of oversupply has not been effectively alleviated. This has put tremendous pressure on nickel prices and has had a negative impact on the operating conditions of nickel production enterprises.

In terms of demand: With the increase in stainless steel production and the expansion of the new energy battery market, the demand for nickel has increased. Alloy is the main downstream of pure nickel, with better demand for military and ship alloys, and inferior demand for civilian alloys. The demand for electroplating is relatively stable.

In terms of imports: According to data from the General Administration of Customs, the import volume of refined nickel in China in October 2023 was 6441.889 tons, an increase of 898.92 tons month on month or 16.22%; A year-on-year decrease of 5510.618 tons, a decrease of 46.1%. From January to October 2023, the total import volume of refined nickel in China was 76132.126 tons, a year-on-year decrease of 51474.328 tons, a decrease of 40.34%.

In summary, in the situation of surplus supply on the fundamental side and relatively weak demand, cost side nickel production enterprises are facing losses, and oversupply has become the main reason for the current weakening of nickel prices. It is expected that nickel prices will remain weak and difficult to improve in the short term.

Aluminum fluoride prices have fallen this week

According to the Commodity Market Analysis System of the Business Society, as of November 23, the domestic quotation for aluminum fluoride was 11325 yuan/ton, a decrease of 1.09% from the 11450 yuan/ton price of aluminum fluoride on November 16 last week. Cost support has weakened, aluminum fluoride enterprises are resuming work and demand is weak. This week, aluminum fluoride prices have fluctuated and fallen.

Reduced cost support

According to the Commodity Market Analysis System of the Business Society, as of November 23, the price of fluorite was 3700 yuan/ton, which is stable compared to the price of fluorite on November 7, which was 3700 yuan/ton. As of November 23, the price of hydrofluoric acid was 11116.67 yuan/ton, a decrease of 0.60% compared to November 7′s price of 11183.33 yuan/ton. The construction of fluorite mines is poor, downstream demand is sluggish, the fluorite market is stagnant, and fluorite prices are weak and temporarily stable. Downstream refrigerant manufacturers of hydrofluoric acid are operating at low loads, and downstream procurement of hydrofluoric acid is poor. In addition, hydrofluoric acid exports are relatively weak, resulting in a slight decrease in hydrofluoric acid prices in the later stage. The price of raw materials has decreased, the cost of aluminum fluoride raw materials has decreased, and the cost support for aluminum fluoride has weakened.

Market Overview and Forecast

Analysts from the fluoride aluminum industry at the Business Society believe that the price of hydrofluoric acid has slightly decreased, resulting in a decrease in the cost of fluoride aluminum; Yunnan has limited electricity, resulting in a decrease in electrolytic aluminum production and a decrease in demand for aluminum fluoride; The resumption of operations by aluminum fluoride enterprises has led to an increase in aluminum fluoride supply, and the willingness of aluminum fluoride manufacturers to increase prices has weakened. Overall, the increase in supply and weak demand for aluminum fluoride, coupled with a decrease in costs, are expected to lead to a volatile decline in aluminum fluoride prices in the future.

Recently (11.13-11.22), the acrylonitrile market continued to rise slightly. According to the Commodity Market Analysis System of Business Society, as of November 22, the bulk water price in the acrylonitrile market was 10162 yuan/ton, an increase of 2.26% from 9937 yuan/ton on November 13. At present, the mainstream price for self extraction of acrylonitrile in the market is between 10000 to 10300 yuan/ton. The price of raw materials fluctuated slightly and the cost support for acrylonitrile weakened slightly; The main downstream ABS is operating steadily; The construction of acrylonitrile units has slightly decreased, and there is basically no pressure on the supply and demand side. The acrylonitrile market just needs inquiry support, and prices have risen.

Recently (11.13-11.22), the overall construction of domestic acrylonitrile units has slightly declined.

Recently (11.13-11.22), the raw material propylene market has experienced a slight decline due to fluctuations, and the cost support for acrylonitrile has weakened. According to the Commodity Market Analysis System of Business Society, as of November 22, the domestic propylene price was 7058 yuan/ton, a decrease of 2.01% from 7203 yuan/ton on November 13.

It is understood that as of early November, the downstream ABS construction has remained around 80%, which requires support for acrylonitrile; Recently, the domestic and foreign trade orders for acrylic yarn have been lackluster, and market trading has continued to be sluggish. There has been a varying degree of increase in inventory in acrylic factories, which only requires support for acrylic; The restart of the nitrile rubber Nandi plant and the temporary shutdown of the Ningbo Shunze nitrile plant have resulted in a slight decrease in demand for acrylonitrile; The construction of polyacrylamide and other materials has been basically stable. Overall, there is still support for the demand for acrylonitrile, but as the price of acrylonitrile further increases, downstream inquiries are gradually on the sidelines.

Future Market Forecast: Acrylonitrile analysts from Business Society believe that the current supply of acrylonitrile is stable and slightly declining; The demand side is mainly in need of support. Recently, the international crude oil price has fluctuated at a low level, and the price of raw material propylene has fluctuated and decreased. Overall, it is expected that the acrylonitrile market will consolidate at a high level in the short term.