TiO2: Recovering demand, tight supply, and firm prices likely in 2013

Rising costs and weak demand cut deep into titanium dioxide (TiO2) margins last year, but the prospect of recovery in the US housing market and a strengthening economy in Asia brighten the outlook for 2013. Producers will not release results for the fourth quarter of 2012 until next month, but they are not likely to improve on the third quarter, which was uniformly disappointing. Tronox reported pigment sales of $280 million, down 30% year-on-year (YOY), for a loss of $13 million; the segment had earned an operating profit of $112 million a year earlier. Rockwood...

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