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      The year 2016 had witnessed a strong rebound in China's TiO2business, including the large rises in product prices, enterprises' financialperformance and operating rates, which was totally different from the depressedTiO2 market in 2015. 
      In the last round of price rise in 2016 (6 Dec.), Henan Billions Chemicals Co.,Ltd. (Henan Billions) raised the prices of all their products. In particular,price of rutile TiO2 was increased by USD413.89/t (RMB1,000/t) for domesticusers and by USD150/t for foreign customers. As of Dec. 2016, domestic rutileTiO2 price hit USD2,086–2,230/t (RMB14,500–15,500/t), an increase of 51.77%over that in Jan. 2016. With price hikes along the whole year, the TiO2business gradually recovered, and both profits and operating rates ofenterprises greatly went up. 
      Thanks to the large price rises of TiO2, the companies gained considerableprofits, though costs for raw materials also rose. According to financialsreports of some list companies, Henan Billions obtained a net profit ofUSD10.22 million (RMB71 million) in H1 2016, up by 52.4% YoY. Besides, AnhuiAnnada Titanium Industry Co., Ltd. reversed from a heavy loss to a net profitof USD0.58 million (RMB4 million). 
      In regards to operating rates in the TiO2 market, the figure had recovered to80% from 50% during 2016.

      Overall, what factors stimulated the booming TiO2 industry in2016? 

1. Export business constantly drove. The year 2016 had seen an explosive growthin China's TiO2 export business. According to the latest export data, Chinaexported 68,913 tonnes of TiO2in Nov. 2016, up by 17.30% YoY. At present,domestic monthly output is about 200,000 tonnes. It is not a surprise thatdomestic inventory will easily be eased by export volume accounting for nearlyone third of production, and then the prices can be pushed up continuously. 
2. Downstream industries performed well. As the largest downstream industry ofTiO2, coating industry is closely related to the real estate sector, so thechange of TiO2 demand could be told by some real estate terminal data. Theperiod of Jan.–Aug. 2016 had seen a YoY 25.5% increase in the sale areas ofChina's real estate. Driven by the property industry, a YoY 6.92% growth ofcoating production was witnessed in Jan.–July 2016, with the output reaching10.07 million tonnes in China. 
3. Suppliers manipulated the market. Actually, suppliers' manipulation alsoplayed a role in the 10+ rounds of TiO2 price hikes in China in 2016, includinglimiting their production. Behind the price rises, it could be reflected thatdomestic industry regulation still needs to be improved. For example, despitethe continuous price hikes, there was some bargain space for agent and largecustomers.