EDITORIAL

摘要

There have been four complete price cycles, trough-peak-trough, since 1973. Right now, we are more or less in the middle of a fifth cycle. TiO2 pigment prices rose rapidly throughout 2011 and early 2012, but peaked in mid-2012. They then fell back steadily, reaching a plateau at the end of Q1 2014. According to Artikol, TiO2 prices (in real terms) will drift downwards during 2015, with the long-awaited price recovery postponed until the beginning of 2016. Artikol's forecast for the 2020 benchmark US price for rutile-grade TiO2 pigment is $US 3780 per tonne (in terms of constant-value 2014 dollars). Assuming general retail price inflation at 2% per annum, that would translate to $US 4250 per tonne in terms of "dollars of the day."