中核钛白终止38亿磷酸铁项目 13亿投资或“打水漂”

Group 1 - The core point of the article is that China Nuclear Titanium Dioxide has officially abandoned its ambitious lithium battery project, which reflects a broader trend of retreat within the industry due to changing market conditions and financial challenges [1][2][3] - The company decided to terminate the 500,000-ton phosphate iron project initiated in 2021, reallocating the remaining 1.666 billion yuan of raised funds to supplement working capital [1] - The project, which had a total investment of 3.83 billion yuan, consumed 1.309 billion yuan and achieved only 100,000 tons of capacity before being completely abandoned [1] Group 2 - The retreat of China Nuclear Titanium Dioxide is part of a collective action within the titanium dioxide industry, where many companies had rushed into the phosphate iron sector due to the byproduct of ferrous sulfate from their production processes [2] - The market environment has deteriorated rapidly, with phosphate iron prices dropping from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,000 yuan per ton, a decline of over 30% [2] - The industry is facing a common dilemma of overcapacity, with effective capacity in the phosphate lithium sector surging from 500,000 tons in 2021 to 4.5 million tons in 2024, while capacity utilization plummeted from over 90% to 55% [2] Group 3 - The terminated phosphate iron project was funded by a problematic private placement completed in February 2023, which raised a total of 5.288 billion yuan and involved 16 prestigious institutional investors [3] - The private placement led to significant controversy, with the actual controller facing penalties for violating regulations related to the issuance of shares and information disclosure [3] - The case has become a significant example following the release of new regulatory measures, highlighting the risks associated with low-quality battery capacity construction in the phosphate iron sector [3]