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China saw increased TiO2 export and decreased TiO2 import in Feb. 2012 compared with that of Feb. 2011.Net profits of two leading TiO2 producers, Anhui Annada and Henan Billions, more than doubled in 2011.Production of Pangang Group's titanium conentrate ore and TiO2 both exceeded targets in Q1 2012.Shandong Dongjia eagerly develops TiO2 production and application technology.Titanium feedstock import was still strong in China in Feb. 2012.SRL got strong production of rutile and ilmenite in Q1 2012.Iluka saw output decline of all mineral sands except ilmenite in Q1 2012.Rio Tinto's titanium feedstock output grew in Q1 2012 year on year.TiO2 downstream companies raise product prices under high raw material cost pressure.TiO2 prices continue to decrease in China in April 2012, owing to the sustained weak demand.Welcome to TiO2 China Monthly Report April issue. Apart from the continued weak demand, China's TiO2 producers start to see decreasing prices for titanium concentrate ore and titanium slag in April 2012. The U-turn of titanium feedstock prices first took place in the resourceful Panzhihua area and Yunnan Province in late March. However, it is estimated that the titanium feedstock prices will pick up in late Q2 and Q3 along with the demand recovery, given the inadequate domestic output and restricted import this year. Besides the uncertainty of the raw material cost, the development of China's TiO2 industry is likely to be affected by the slow national economic growth. China's GDP in Q1 2012 was USD1,714 million, increasing by 8.1% compared with that in the same period last year (calculated at comparable prices). It reflects a slowdown in China's economic growth compared with a GDP growth rate of 9.7% in Q1 2011. As for China's TiO2 exporters, many new challenges lie before them. Firstly, the International Monetary Fund (IMF) said that the global growth is projected to drop from close to 4% in 2011 to about 3.5% this year, and pick up to 4.1% next year, suggesting a weak export environment. Secondly, the People's Bank of China allowed a greater fluctuation band for its currency RMB against USD in the spot interbank currency market, which increased from 0.5% to 1.0% as of April 16, 2012, pushing China's TiO2 exporters to take exchange rates into consideration. Exchange rates in April 2012: USD1=RMB6.30=EUR0.76For further information, please feel free to contact us.