（来源：钛资讯） 涂多多-钛日刊 一、钛市场简述 钛矿 今日攀西钛矿价格指数1837.50，较昨日持平。攀矿价格弱势维稳，市场仍低迷态势，压价情绪依旧较 强，下游市场利空，钛矿价格后期仍趋弱运行。 钛渣 12月北方企业高钛渣招标价格5400元/吨，较11月价格下调50元/吨，高渣市场依旧低迷，市场难回暖， 本月招标价格继续下调，高渣市场压力依旧较大，市场有所库存，近期富钛料挺价意愿强烈，上下游仍 在博弈。 四氯化钛 四氯化钛市场报价4800-5500元/吨，原料生产成本增加，河南、湖北地区工厂价格有200元/吨幅度上 调，市场报价坚挺。 海绵钛 一级海绵钛民品报价至4.5-4.7万元/吨左右，市场部分0级海绵钛报价4.6-4.8万元/吨左右，海绵钛市场价 格坚挺，受市场原因，个别工厂开工率下滑，市场库存压力不大，海绵钛市场继续持稳。 钛白粉 原料供应偏紧，选厂开工依旧不足。 钛白粉 今日钛白粉价格指数13183.68，较昨日持平。12月部分钛白企业价格陆续上调200-300元/吨，原料价格 高位坚挺，工厂成本压力依旧较大，但下游新单接货不积极，市场多在观望，后期部分价格或仍有上涨 预期，企业价格市场报价持续坚 ...

来源：市场资讯 （来源：钛资讯） 涂多多-钛日刊 一、钛市场简述 钛矿 今日攀西钛矿价格指数1837.50，较昨日下调10.00。下游市场仍低迷，对钛矿释放需求不多，多刚需采 购，矿商出货压力依旧大，新单成交价格稳中下行，市场新单成交依旧不多。 11月北方企业高钛渣招标价格5450元/吨，较10月价格回升10元/吨，钛渣市场弱稳，市场富钛料供应仍 充足，12月市场招标量共10000吨。 四氯化钛市场报价4800-5300元/吨，原料生产成本增加，部分企业存提价意向，但需求难有支撑，四氯 化钛价格暂稳。 一级海绵钛民品报价至4.5-4.7万元/吨左右，市场部分0级海绵钛报价4.6-4.8万元/吨左右，海绵钛市场持 稳，企业产销维持良好，海绵钛新单报价愈发坚挺。 今日钛白粉价格指数13183.68，较昨日上调123.66。龙佰集团12月执行价格上调500元/吨，近日市场部 分企业陆续调整新价，个别企业暂未出，市场也多观望本月终端大厂招标情况，新价签单量预期有所减 少。 | 产品 | 規格 | 2025. 12. 1 | 2025. 12. 2 | 蒸跌 | 保障 | | --- | --- | --- | --- ...

一、钛市场简述 钛矿 今日攀西钛矿价格指数1847.50，较昨日持平。下游市场疲软，矿商也多在观望下游市场本轮涨价情 况。 钛渣 11月北方企业高钛渣招标价格5450元/吨，较10月价格回升10元/吨，高钛渣市场弱势，氯化法钛矿出货 压力大，市场供需双弱。 来源：市场资讯 （来源：钛资讯） 涂多多-钛日刊 | 产品 | 规格 | 2025.11.25 | 2025.11.26 | 涨跌 | 备注 | | --- | --- | --- | --- | --- | --- | | 钛矿 | 攀枝花TiO2>47%,20矿 | 1800-2050 | 1800-2050 | 0 | 出厂不含税,元/吨 | | | 攀枝花TiO2>46%,10矿 | 1630-1650 | 1630-1650 | 0 | 出厂不含税,元/吨 | | | 攀枝花TiO2>38%,钛中矿 | 1000-1150 | 1000-1150 | 0 | 出厂不含税,元/吨 | | | 云南TiO2>45% | 1450-1500 | 1450-1500 | POR | 出厂不含税,元/吨 | | | 承德TiO2>45% | 1380-14 ...

Product Overview - The company produces a range of vanadium products including vanadium pentoxide, ferrovanadium, vanadium-nitrogen alloy, vanadium-aluminum alloy, and vanadium electrolyte, with an annual production capacity of 44,200 tons of vanadium products (measured as V2O5) [2][3] - Titanium products include titanium dioxide and titanium slag, with an annual capacity of 300,000 tons of titanium dioxide and 240,000 tons of titanium slag [2][3] Raw Material Supply and Pricing - The main raw materials, titanium concentrate and crude vanadium slag, are sourced from the controlling shareholder, Panzhihua Steel Group, ensuring stable supply [4] - Pricing for crude vanadium slag is based on a cost-plus model, while titanium concentrate is procured partially through market-based pricing [4] Performance Improvement Strategies - The company has implemented cost reduction and efficiency enhancement measures, including pressure on procurement and optimizing product mix based on market demand [5] - Continuous maintenance and expansion of sales channels, with a focus on both existing and new customers to alleviate sales pressure [5] Technological Advancements - The company has developed a 60,000-ton molten salt chlorination titanium dioxide production line, which utilizes low-grade titanium slag from the Panzhihua region, enhancing cost-effective resource utilization [6] Strategic Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a joint venture for a 2,000 cubic meter/year vanadium electrolyte production line, which has been operating effectively [7] - In 2024, the company plans to supply approximately 15,000 tons of vanadium products to Dalian Rongke, accounting for 28% of its total vanadium product sales for the year [7][8]

Group 1: Titanium Market Overview - The titanium ore price index in Panzhihua remains stable at 1853.75, with a weak downstream titanium dioxide market and cautious raw material procurement [1] - High titanium slag bidding price in northern enterprises is 5450 CNY/ton, showing a slight increase of 10 CNY/ton from October, but the market remains weak with both supply and demand under pressure [1] - The titanium dioxide price index is stable at 13292.21, with major companies offering incentives for meeting sales targets, indicating potential for improved procurement in the future [4] Group 2: Product Pricing Summary - Titanium ore prices for various grades remain unchanged, with high-grade titanium ore (TiO2 > 47%) priced between 1800-2050 CNY/ton [4] - The price for sponge titanium is around 45,000-47,000 CNY/ton for first-grade products, with some tightness in the market for certain grades [3] - The market for titanium tetrachloride is stable, with prices ranging from 4800 to 5300 CNY/ton, reflecting steady production costs [2] Group 3: Industry Operations - Raw material supply for titanium ore remains tight, leading to insufficient operational rates in processing plants [7] - Titanium dioxide production is operating at high capacity, with market participants closely monitoring future maintenance schedules [7] - Sponge titanium production is also at a high operational level, indicating strong demand in that segment [7]

Group 1: Company Overview - The company focuses on the production of vanadium, titanium, and electricity, with vanadium and titanium as strategic priorities. The vanadium production capacity is 44,200 tons/year (measured in V2O5), while titanium dioxide production capacity is 300,000 tons/year. Additionally, the company has a titanium slag production capacity of 240,000 tons/year [2] - The main production lines are located in Panzhihua, Xichang, and Beihai, Guangxi for vanadium, and in Panzhihua and Chongqing for titanium dioxide [2] Group 2: Raw Material Supply and Pricing - The primary raw materials, titanium concentrate and crude vanadium slag, are sourced from the controlling shareholder, Panzhihua Steel Group, ensuring stable supply from key mining areas [2] - The pricing model for crude vanadium slag is based on cost plus reasonable profit, while all titanium concentrate produced by the controlling shareholder is supplied to the company [2] Group 3: Key Projects - The 60,000 tons molten salt chlorination project is a key provincial construction project, utilizing proprietary technology for low-grade titanium slag processing, aimed at efficient resource utilization [3] Group 4: Strategic Partnerships - The company has a joint venture with Dalian Rongke to establish a 2,000 cubic meters/year vanadium electrolyte production line. The supply of vanadium products to Dalian Rongke is expected to reach approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium sales [4] - A framework agreement for 20,000 tons of vanadium storage materials for 2025 has been signed, with plans for further collaboration in the energy storage sector [4]

Core Viewpoint - The company, Vanadium Titanium Co., Ltd. (000629.SZ), is actively engaged in the production of various vanadium and titanium products, which are essential in multiple industries, and aims to enhance its operational performance by seizing market opportunities [1]. Group 1: Product Overview - The company's main products include vanadium oxide, vanadium iron, vanadium nitride, vanadium aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [1]. - Vanadium is highlighted as a crucial alloying element, with vanadium steel exhibiting high strength, great toughness, and excellent wear resistance [1]. - The titanium dioxide produced by the company is recognized for its superior performance as a white pigment, featuring good coverage and coloring power, and is widely used in various sectors such as coatings, plastics, inks, paper, daily chemicals, pharmaceuticals, food, and cosmetics [1]. Group 2: Market Strategy - The company is committed to continuously monitoring the development of related industries and actively capturing market opportunities [1]. - There is an emphasis on providing higher quality products to support national strategies and improve the company's operational performance [1].

Group 1: Company Overview - The company focuses on the production and sales of vanadium, titanium, and electricity, with vanadium and titanium as strategic development priorities. Key products include vanadium pentoxide, ferrovanadium, vanadium-nitrogen alloy, vanadium-aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [2]. - In 2024, the company completed the production of 53,400 tons of vanadium products (measured as V2O5), 252,900 tons of titanium dioxide, and 181,800 tons of titanium slag. In the first half of 2025, the production figures were 26,100 tons of vanadium products, 136,200 tons of titanium dioxide, and 94,900 tons of titanium slag [2]. Group 2: Applications of Vanadium Products - Vanadium is a crucial alloying element primarily used in the steel industry and energy storage. Vanadium-containing steel is known for its high strength, toughness, and wear resistance, making it suitable for various industries including machinery, automotive, shipbuilding, railways, bridges, and electronics [3]. - Vanadium is also utilized in the production of vanadium electrolyte, which is essential for all-vanadium redox flow batteries, known for their long lifespan, high safety, and extended storage capabilities, making them a key component in new energy storage solutions [3]. Group 3: Vanadium Battery Industry Development - All-vanadium flow batteries offer advantages such as high power, large capacity, high efficiency, long service life, and safety, making them suitable for large-scale energy storage applications. The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage installations to reach over 180 million kilowatts by 2027, with direct investments of approximately 250 billion yuan, which will benefit the overall development of the energy storage industry [4]. Group 4: Collaboration with Dalian Rongke - The company has established a joint venture with Dalian Rongke to build a 2,000 cubic meters/year vanadium electrolyte production line. The supply of vanadium products to Dalian Rongke is expected to reach approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [5]. - A framework agreement for the supply of 20,000 tons of vanadium storage raw materials for 2025 has been signed, with plans to expand cooperation and promote the application of vanadium in the energy storage sector. Additionally, both parties are working on the construction of a 60,000 cubic meters/year electrolyte production line [5].

Group 1: Titanium Market Overview - The titanium ore price index in Panzhihua remains stable at 1875.00, with market inquiries weakening as the holiday approaches, leading companies to focus on fulfilling existing orders [1] - High titanium slag bidding price in northern enterprises is set at 5650 CNY/ton, down 200 CNY/ton from last month, indicating increased market competition and potential for continued price weakness [2] - The market price for titanium tetrachloride is stable at 5000-5300 CNY/ton, with production and sales in balance [3] Group 2: Titanium Sponge and Titanium Dioxide - The price for first-grade titanium sponge is around 48,000-49,000 CNY/ton, while some zero-grade titanium sponge is priced at 49,000-50,000 CNY/ton, with high social inventory and weak demand affecting price stability [4] - The titanium dioxide price index is at 13407.75, remaining unchanged, with the Indian court lifting anti-dumping duties on titanium dioxide imports from China, which is expected to positively impact the domestic market [5] Group 3: Industry Operations - The titanium ore market is experiencing insufficient operational capacity due to controlled external dispatch of raw ore [9] - The titanium dioxide market is also facing limited production and maintenance activities, contributing to insufficient operational capacity [9] - Weak demand for titanium sponge has led some companies to control production levels [10]

Group 1: Company Strategy and Development - The company focuses on the strategic development of vanadium and titanium, aiming to establish a comprehensive vanadium industry ecosystem based on resource advantages and technology [2] - The company plans to strengthen its position as a leading global supplier of vanadium products, targeting high-end applications in steel and energy storage [2] - In titanium chemicals, the company aims to enhance its existing production lines and maintain its leading position in the domestic titanium dioxide market [2] Group 2: Collaboration and Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a 2,000 cubic meters/year vanadium electrolyte production line and has supplied over 20,000 tons of vanadium products [3] - The company is actively exploring collaborations with Shaanxi Steel and Desheng Group in the vanadium industry [4] Group 3: Market Performance and Challenges - In the first half of 2025, the company reported record production levels for vanadium and titanium products, but faced a 40% decline in sales revenue due to an 8% drop in vanadium prices and a 6% drop in titanium prices [5] - The company is currently working on a 60,000 cubic meters/year electrolyte production line, with preliminary work underway [5] Group 4: Future Outlook and Innovations - The company is committed to high-end product development and exploring new markets, including high-end titanium alloys for aerospace and robotics [4] - The company is focusing on the commercialization of vanadium energy storage, considering various business models to expand its operations [4]