The future price of vitamin E is optimistic and the new entrants do not change the supply and demand pattern
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Last Update: 2013-09-11
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Source: Internet
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Author: User
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Hu Baifan, chairman of XinHeCheng (002001 SZ), said at the performance exchange meeting on Monday morning that the price of VE fell significantly in the first half of the year, resulting in lower profits According to the breeding cycle of feed industry, it is expected that the demand for VE will increase and the price will also increase in the future At present, some domestic enterprises have joined in the production of VE, but because the market demand is very large (VE powder demand is more than 100000 tons), and the new volume is not large, which will not change the stability of supply and demand It is understood that VE is the largest profit contribution business of XinHeCheng, 80% of which is sold overseas In 2012, VE's sales revenue was about 2.375 billion yuan, accounting for 60% of the company's total revenue According to public information, Zhejiang Pharmaceutical (600216 SH) and XinHeCheng are the two largest ve producers in China, with annual production capacity of 12000 tons and 11000 tons respectively In addition, Peking University Pharmaceutical (000788 SZ) is also involved in VE production, with an annual capacity of about 3000 tons In recent years, many emerging manufacturing enterprises are gradually entering the ve market Previously, media reported that the 3000 ton ve project of Beisha Pharmaceutical Co., Ltd in Jilin Province has been put into trial production; Shandong Xinfa Pharmaceutical Co., Ltd will build a ve project with an annual output of 10000 tons, which will be put into production at the beginning of 2014 under normal circumstances; Dafeng haijianuo Co., Ltd is building a ve phase II project, which will produce 10000 tons of vitamin E oil and 20000 tons of VE powder An institutional investor participating in the exchange told the big smart news agency that although there are many enterprises entering the ve market at present, many of them are not actually put into production and have limited impact on the ve market UBS Securities research also pointed out that the price downturn of VE in the past few quarters was caused by the downturn in macro economy and breeding industry (including the impact of bird flu) From the market situation in the past half year, the quality of new competitors' products has not been recognized by the market, and their production costs may be far higher than those of the four giants, such as BASF, DSM, XinHeCheng and Zhejiang medicine Ve's pricing power will be centralized again Under the background of "demand recovery + pricing power concentration", ve price will rise by a large margin.
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