N.A. Chems & Pkg "The Daily InSpector" Spector

Research evidence excerpt

N.A. Chems & Pkg "The Daily InSpector" Spector

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N.A. Chems & Pkg Equities

AmericasThe Daily InSpector

Chemicals, Commodity

Joshua Spector, CFA

China TiO2 exports decline ~20% M/M Analyst

UBS Evidence Lab published May China export data (> Access Dataset), which indicated joshua.spector@ubs.com

China TiO2 exports declining ~20% M/M. Decline was broad based across APAC, EMEA +1-212-713 6188

and Americas (range ~20-24% declines). Along with volume declines, export prices Lucas Beaumont

increased 8-9% M/M - see figs 1-2 for details. We previously commented on tightening Analyst

of sulfur markets driving the China TiO2 cost curve higher - link, and with this update we lucas.beaumont@ubs.com

are starting to see the impacts flowing through. Chinese producers have passed >$700/ +1-212-713 4809

MT in price increases YTD to recover higher production costs, and as the largest global Christopher Perrella

exporter, we believe this gives opportunities for western producers (CC/TROX) to raise Analyst

prices into ex-US markets as well. With China export volumes declining this also creates christopher.perrella@ubs.com

a share gain opportunity for western producers. +1-212-713 1443

Anojja Shah

May update of Industrials dashboard for U.S., China & Europe Analyst

We update monthly trends across a series of industrial indicators impacting end markets anojja.shah@ubs.com

+1-312-525 4310

in the U.S., China & Europe (Figure 1). Manufacturing PMIs for the U.S and Europe

remained in expansion in May while China move to a neutral reading. We continue to James Cannon

expect chemical operating rates in the U.S. and Europe to remain elevated to offset the Associate Analyst