中国のチタン市場の概要 2024: 今後の課題がある乱流の年

2024 was a challenging year for China’s titanium market, 景気後退によって形作られます, 国内需要の弱い, 国際貿易の緊張, and overcapacity within the industry. Despite increased production across high titanium slag, titanium dioxide, そして スポンジチタン, market prices fell short of expectations, creating pressure for businesses across the sector.

High Titanium Slag: Volatility and Production Halts

The price of high titanium slag continued its downward trend into 2024, with slight rebounds in May and November. しかし, the annual average price fell by ¥1,250/ton compared to 2023. Production was heavily affected, particularly in northern China, where over half of the 20+ operating slag factories halted production by year-end. In November alone, up to 90% of factories ceased operations, a stark contrast to previous years when major producers ramped up activity in December.

スポンジチタン: Record Output Amidst Losses

While sponge titanium production reached a historic high, prices plummeted to record lows after initial increases in February and March. The persistent price drop led to widespread losses across the industry. By November, there was a slight recovery, but profitability remained a challenge for most producers.

二酸化チタン: Margins Under Pressure

The average price of titanium dioxide in 2024 was slightly lower than in 2023. Prices rose briefly in the first quarter but then declined steadily, pushing many enterprises to the brink of profitability. Even state-owned enterprises faced severe financial difficulties, with suppliers bearing significant losses.

Raw Titanium Ore: Mixed Trends in Prices

The cost of raw titanium ore remained elevated in 2024. Sulfate-process titanium ore from Panzhihua and smaller mines saw an annual average price increase of ¥50/ton compared to 2023. In contrast, chloride-process titanium ore experienced a decline of $40/ton year-over-year.
Factors Driving Sulfate-Process Titanium Ore Prices:

1. Increased Demand: Newly added production capacity for sulfate-process titanium dioxide contributed to a 120-million-ton increase in titanium ore demand.
2. Impact of Iron Ore Market: A sluggish iron ore market affected titanium ore production, with large producers in Panzhihua tightening raw material supplies.
3. Higher Import Volumes: Imports of Australian, Nigerian, and Egyptian titanium ore increased, driven by acquisitions and shifts in demand.
4. Market Concentration: The concentrated nature of titanium ore suppliers ensured relative price stability.

Reasons Behind Chloride-Process Titanium Ore Price Decline:

1. Weaker Demand: Prices for downstream products such as sponge titanium, titanium dioxide, and artificial rutile declined.
2. Reduced Shipping Costs: Lower freight rates and favorable exchange rate fluctuations reduced costs.
3. International Supply Shifts: Declining production from international chloride-process titanium dioxide plants and increased imports of natural rutile to China reduced demand for chloride ores.

2025 Outlook: Overcapacity and Intensified Competition

The challenges of overcapacity will persist in 2025, with significant new mineral processing capacities set to come online. Increased domestic production in Chengde and Xinjiang, coupled with growing imports of natural rutile, will intensify market competition. さらに, new titanium dioxide production facilities will further strain the supply-demand balance.

The titanium industry must navigate an increasingly competitive landscape while addressing high raw material costs and weakening downstream markets. Companies that adapt swiftly and innovate will be better positioned to weather the challenges ahead.