チタン原料生産者の比較コスト調査

当レポートでは、チタン原料分野における生産者のコスト対収益分析などの情報を提供しています。

目次

エグゼクティブサマリー

調査手法

チタン原料市場のファンダメンタルズ

• 世界の酸化チタン顔料の生産
• 原料の需要動向
• 原料の消費：最終用途別
• 原料の供給動向
• 2021年の原料取引
• 原料

コストと収益性曲線

• 2021年のコスト調査対象の運用
• HMCの生産コスト
• 鉱物分離プラントのコスト
• 鉱物生産の総現金コスト
• 鉱物生産の現金コスト概要
• SRとスラグ生産者のコスト
• イルメナイトの加工費：スラグ生産者
• イルメナイトの選鉱：欧米 vs 中国
• イルメナイトの加工費：SR生産者
• イルメナイトの選鉱：欧米 vs インド
• 輸送コスト
• 運用の総現金コスト
• 運用の平均現金コスト
• 純現金コスト
• イルメナイト

業界のコスト競争力

• コスト競争力指標
• 正規化された純現金コスト
• 現金マージン
• 業界加重R/C比率
• R/C比率曲線
• R/C比率曲線の比較：2019年～2021年
• R/C比率：生産者グループ別
• R/C比率の推移
• 将来の業界R/C曲線の予測
• 長期加重平均R/C比率
• HMC

結果に影響を与える要因

• R/C比率に影響を与える要因
• 2021年の原料価格
• 連産品収入
• 人件費
• 電力価格
• 為替相場
• イルメナイト加工費の削減
• 黒鉛電極の価格
• 高純度銑鉄の価格上昇
• 酸化チタン

温室効果ガス排出量

• 温室効果ガス排出量の算定調査手法
• 温室効果ガス排出量：生産者グループ別
• 温室効果ガス排出量：生産者別
• 温室効果ガス排出量：地域別

主要原則と定義

• 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