钛白粉1年涨价6轮！ “工业味精”如何“烹”出高端味？

Group 1 - Longbai Group, the world's largest producer of titanium dioxide, announced a price increase for its Xuelian brand titanium dioxide products, raising domestic prices by 700 yuan per ton and international prices by 100 USD per ton [2] - Following Longbai Group's lead, over twenty domestic companies, including Anada and Titan Chemical, quickly adjusted their prices in line with Longbai Group [2] - As of November 2025, the price of sulfuric acid rutile titanium dioxide reached 12,900-13,900 yuan per ton, while the price of anatase titanium dioxide was 12,000-12,500 yuan per ton [2] Group 2 - The titanium dioxide industry is facing high cost pressures due to global supply chain disruptions, policy adjustments in major production areas, and sustained high shipping costs, with titanium concentrate prices remaining around 2,400 yuan per ton, up over 15% year-on-year [3] - Sulfur prices have surged, pushing sulfur procurement costs to historical highs of 900-1,000 yuan per ton, significantly impacting companies reliant on purchased sulfur [3] - The production of titanium dioxide is energy-intensive, with high industrial electricity prices and fluctuating coal prices affecting operational costs [3] Group 3 - The collective price increase is a natural response to maintain survival amid rising costs, with Longbai Group's net profit for Q3 2025 dropping 65.7% year-on-year to 290 million yuan [4] - Anada reported a revenue of 1.31 billion yuan for the first three quarters of 2025, down 6.03% year-on-year, with a net loss of 46.37 million yuan, a 213.57% decline [4] Group 4 - Despite the price increases, downstream demand remains weak, particularly in the paint industry, which is closely tied to the real estate and infrastructure sectors, with a 10.5% year-on-year decline in real estate investment from January to October 2025 [6] - The overall low demand has led to a "just-in-time" purchasing model in the titanium dioxide market, with downstream companies showing limited acceptance of price increases [6][7] - The pricing dynamics have resulted in a situation where actual transaction prices often differ from announced price increases, leading to a squeeze on profit margins for titanium dioxide producers [7] Group 5 - China's titanium dioxide production capacity has exceeded 5 million tons, while the domestic apparent consumption is only about 3.5 million tons, indicating significant oversupply [8] - The average operating rate in the domestic titanium dioxide industry was only 70% from January to August 2025, leading to rapid inventory accumulation [8] - The industry faces a structural imbalance, with a low gross margin of -18% and a predominance of low-end sulfuric acid products, while high-end chlorination products account for less than 20% of production [8] Group 6 - The industry must shift from "scale competition" to "value competition," with a focus on high-end product development and chlorination process adoption as effective paths for achieving high-end market penetration [9] - Companies are exploring the production of lithium battery materials from by-products of titanium dioxide production, indicating a diversification strategy [9] - There is a trend towards vertical integration in the industry, with companies seeking to control titanium ore resources and establish a comprehensive cost advantage from mining to end products [9]