基础化工行业周报：燃气轮机等带动铬盐需求，下游扩产有望拉动草酸消费-20250319

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [4] Core Insights - The demand for chromium salts is expected to increase due to the rising need for high-temperature alloys, driven by growth in aerospace and energy sectors [6][21] - The collaboration between Ningde Times and Fulim Precision is anticipated to boost oxalic acid demand, with significant production capacity increases planned [42][46] Summary by Sections 1. High Demand for High-Temperature Alloys - The chromium salt industry is experiencing improved market conditions, with a notable increase in demand for high-temperature alloys, which are essential in aerospace and energy applications [6][21] - The production of chromium salts is limited due to stringent environmental regulations, resulting in a decrease in the number of producers from 52 in 1992 to only 8 by 2021 [16][21] - The primary applications of chromium salts include surface treatment, leather tanning, pigments, and high-temperature alloys, with the aerospace sector being a significant driver of demand [9][21] 2. Collaboration Between Ningde Times and Fulim Precision - A strategic partnership has been established between Ningde Times and Fulim Precision to enhance the production of lithium iron phosphate materials, which will increase the demand for oxalic acid [42][46] - The new production capacity of 27.5 million tons per year across their facilities is expected to drive an additional demand for approximately 168,000 tons of oxalic acid annually [42][46] - The concentration of oxalic acid production is high, with major producers like Hualu Hengsheng holding over 50% of the total domestic capacity [46]