Cangzhou, Hebei – Chinese TDI maker Cangzhou Dahua estimates its unaudited 2019 annual net profit will fall to between CNY30m and CNY 33m ($4.3m to $4.7m). In 2018, the company made net profit of CNY 991m.
Ample TDI supply and intense competition in the China market have dragged down the price, said a company statement.
According to an earlier statement, China’s TDI price averaged at CNY 11,272 /tonne in Q3 2019, down by 49% compared with Q3 2018.
In November, the company said it is to suspend production at one of its TDI subsidiaries. This business has 30kT/year capacity, out of Dahua’s 150kT/year total.
The company also announced on 23 January that its controlling shareholder, ChemChina, is mulling a strategic reorganisation with another state-owned group SinoChem. The specific plan is pending regulatory approval.
