鈦原料生產者的比較成本調查

本報告提供鈦原料領域的生產者的成本對收益分析等資訊。

目錄

摘要整理

調查手法

鈦原料市場基本面

• 全球氧化鈦顏料的生產
• 原料的需求趨勢
• 原料的消費:各最終用途
• 原料的供給趨勢
• 2021年的原料交易
• 原料

成本和盈利曲線

• 2021年的成本調查對象的運用
• HMC的生產成本
• 礦物分離廠房的成本
• 礦物生產的總現金成本
• 礦物生產的現金成本概要
• SR和礦渣生產者的成本
• 鈦鐵礦的加工費:礦渣生產者
• 鈦鐵礦的選礦:歐美 vs 中國
• 鈦鐵礦的加工費:SR生產者
• 鈦鐵礦的選礦:歐美 vs 印度
• 運輸成本
• 運用的總現金成本
• 運用的平均現金成本
• 純現金成本
• 鈦鐵礦

產業的成本競爭力

• 成本競爭力指標
• 正規化的純現金成本
• 現金保證金
• 產業加重R/C比率
• R/C比率曲線
• R/C比率曲線的比較:2019年～2021年
• R/C比率:各生產者群組
• R/C比率的變化
• 未來的產業R/C曲線的預測
• 長期加權平均R/C比率
• HMC

結果的影響因素

• R/C比率的影響因素
• 2021年的原料價格
• 們產品收入
• 人事費用
• 電力價格
• 匯率
• 鈦鐵礦加工費的削減
• 石墨電極的價格
• 高純度生鐵的價格上升
• 氧化鈦

溫室效應氣體排放量

• 溫室效應氣體排放量的估計調查手法
• 溫室效應氣體排放量:各生產者群組
• 溫室效應氣體排放量:各生產者
• 溫室效應氣體排放量:各地區

主要原則和定義

• 主要原則
• 定義

“Titanium Feedstock Producers Comparative Cost Study” (FCS) reviews cost versus revenue analysis for producers across the titanium feedstock sector. It is the only study of its kind undertaken annually. The number of operations included varies year-on-year, and in 2022 there were 36 operations reviewed. For the first time, TZMI has estimated greenhouse gas (GHG) emissions for all 36 operations included in the 2022 study.

The study provides:

• A detailed explanation of TZMI's methodology employed to maintain consistent comparisons of operating costs across the entire titanium feedstock industry.

• Informed discussion about the parameters used for comparing relative competitiveness in the industry.

• Updated cost data for the mineral sands industry from information and research garnered during the previous year.

• Commentary on the importance of co-product credits in the current market conditions (pig iron and zircon).

• Discussion on increasing operating costs, specifically energy and mining costs.

• An analysis of the effect of exchange rates on producer performance.

• An updated titanium feedstock industry cost curve - an invaluable tool for evaluating both existing operations and measuring the potential of new projects.

TABLE OF CONTENTS

EXECUTIVE SUMMARY

METHODOLOGY

TITANIUM FEEDSTOCK MARKET FUNDAMENTALS

• Global TiO2 pigment production
• Feedstock demand trend
• Feedstock consumption by end-use
• Feedstock supply trend
• Feedstock trades in 2021
• feedstock

COST AND PROFITABILITY CURVES

• Operations included in 2021 cost study
• HMC cost of production
• Mineral separation plant costs
• Total cash cost of mineral production
• Summary cash cost of mineral production
• SR and slag producers costs
• Ilmenite conversion costs: Slag producers
• Ilmenite beneficiation: Western vs Chinese
• Ilmenite conversion costs: SR producers
• Ilmenite beneficiation: Western vs Indian
• Transport costs
• Total cash cost of operation
• Average cash cost of operation
• Net cash costs
• Ilmenite

INDUSTRY COST COMPETITIVENESS

• Cost competitiveness measures
• Normalised net cash costs
• Cash margin
• Industry weighted R/C ratio
• R/C ratio curve
• Comparison of R/C ratio curve: 2019 -2021
• R/C ratio by producer group
• R/C ratio trend
• Future industry R/C curve forecast
• Long-term weighted average R/C ratio
• HMC

FACTORS AFFECTING RESULTS

• Factors affecting R/C ratio
• Feedstock prices in 2021
• Co-product revenue
• Labour costs
• Power prices
• Exchange rates
• Decreasing ilmenite conversion costs
• Graphite electrode prices
• High purity pig iron price increases
• TiO2

GREENHOUSE GAS EMISSIONS

• Greenhouse gas emissions calculation methodology
• Greenhouse gas emissions by producer group
• Greenhouse gas emissions by producer
• Greenhouse gas emissions by region

KEY PRINCIPLES AND DEFINITIONS

• Key principles
• Definitions