LB Group(SZ:002601) Zhong Guo Chan Ye Jing Ji Xin Xi Wang·2025-06-05 23:06Group 1 - The Indian Ministry of Finance has imposed anti-dumping duties on titanium dioxide products from China, ranging from $460 to $681 per ton, effective for five years [1] - The export structure for Chinese titanium dioxide is expected to change, with India accounting for 16% of China's total exports in 2024, approximately 300,000 tons, and 20% in the first quarter of 2025, approximately 100,000 tons [1] - The competitive landscape among companies will begin to differentiate, with Longbai Group benefiting from the lowest tax rate, while smaller companies may lose market share in India due to higher duties [1] Group 2 - The anti-dumping duties will alter the supply dynamics in the Indian titanium dioxide market, which currently relies on Chinese imports for 65% of its total supply [2] - The price increase of Chinese titanium dioxide due to the duties may lead to higher costs for downstream industries in India, such as coatings and plastics [2] - In the short term, Chinese exports to India may decrease, and companies may pause shipments, while in the long term, there will be a push for global diversification and expansion into markets along the Belt and Road Initiative [2] Group 3 - The imposition of anti-dumping duties reflects an increase in international trade friction, suggesting that Chinese titanium dioxide companies may face more trade barriers from other countries in the future [3] - The industry may undergo consolidation and reshuffling, with larger companies having a better chance of surviving market competition, while smaller firms may face the risk of elimination [3] - To cope with trade barriers and competition, Chinese titanium dioxide companies need to enhance technological innovation and industry upgrades, focusing on improving production efficiency and sustainability [3]