sta - singapore exchange...tsr : technically specified rubber, which includes str and sir avg. =...
TRANSCRIPT
SETTHSI IndexThe Stock Exchange of Thailand
SET100 IndexThe Stock Exchange of Thailand
STA4Q2018 & FY2018 Analyst Presentation
CONTENTS
2. STA Business Highlights
1. Financial Performance
3. Natural Rubber Market Situation
2
3
FINANCIAL PERFORMANCE1
40
50
60
70
80
90
Ja
n-1
7
Feb
-17
Mar-
17
Apr-
17
Ma
y-1
7
Ju
n-1
7
Ju
l-17
Aug
-17
Sep
-17
Oct-
17
No
v-1
7
De
c-1
7
Ja
n-1
8
Feb
-18
Mar-
18
Apr-
18
Ma
y-1
8
Ju
n-1
8
Ju
l-18
Aug
-18
Sep
-18
Oct-
18
No
v-1
8
De
c-1
8
Ja
n-1
9
Feb
-19
100
140
180
220
260
300
Ja
n-1
7
Feb
-17
Mar-
17
Apr-
17
May-1
7
Ju
n-1
7
Ju
l-17
Aug
-17
Sep
-17
Oct-
17
No
v-1
7
De
c-1
7
Ja
n-1
8
Feb
-18
Mar-
18
Apr-
18
May-1
8
Ju
n-1
8
Ju
l-18
Aug
-18
Sep
-18
Oct-
18
No
v-1
8
De
c-1
8
Ja
n-1
9
Feb
-19
RSS
TSR
Avg. = 153.7 (+0.6%)
SIC
OM
Pri
ce
(US
ce
nt
: K
g.)
Avg. = 143.7 (-6.5%)Avg. = 152.8 (-27.0%) Avg. = 146.5 (+1.9%)
SICOM – Oil Prices
4
Cru
de O
il P
ric
es
(US
D :
Bb
l.)
Avg. = 140.0 (-4.4%)Avg. = 209.4
Avg. = 50.8 (-6.9%) Avg. = 67.3 (+9.1%)Avg. = 52.1 (+2.6%) Avg. = 61.7 (+18.4%) Avg. = 75.0 (+11.5%)Avg. = 54.6
ABBREVIATIONS
RSS : Ribbed smoked sheet
TSR : Technically specified rubber, which includes STR and SIR
Avg. = 132.9 (-5.7%)
Avg. = 75.8 (+1.1%)
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18
Avg. = 126.7 (-4.6%)
2017 Avg. = 164.8 2018 Avg. = 136.5 (-17.1%)
Avg. = 68.1 (-10.1%)
2017 Avg. = 54.7 2018 Avg. = 71.6 (+30.8%)
30
31
32
33
34
35
36
Ja
n-1
7
Feb
-17
Mar-
17
Apr-
17
May-1
7
Ju
n-1
7
Ju
l-17
Aug
-17
Sep
-17
Oct-
17
No
v-1
7
De
c-1
7
Ja
n-1
8
Feb
-18
Mar-
18
Apr-
18
May-1
8
Ju
n-1
8
Ju
l-18
Aug
-18
Sep
-18
Oct-
18
No
v-1
8
De
c-1
8
Ja
n-1
9
Feb
-19
50
100
150
200
250
300
Ja
n-1
7
Feb
-17
Mar-
17
Apr-
17
May-1
7
Ju
n-1
7
Ju
l-17
Aug
-17
Sep
-17
Oct-
17
No
v-1
7
De
c-1
7
Ja
n-1
8
Feb
-18
Mar-
18
Apr-
18
May-1
8
Ju
n-1
8
Ju
l-18
Aug
-18
Sep
-18
Oct-
18
No
v-1
8
De
c-1
8
Ja
n-1
9
Feb
-19
BD-SEA* BD-China ACN LTX
Latex – Butadiene – Acrylonitrile - Forex
5
US
D/T
HB
ABBREVIATIONS
RSS : Ribbed smoked sheet
TSR : Technically specified rubber, which includes STR and SIR
2017 Avg. = 33.76 2018 Avg. = 32.15 (-4.8%)
LT
X &
BD
& A
CN
Pri
ce
(US
ce
nt
: K
g.)
Avg. = 159.7 (+15.4%)113.8 (-3.4%)193.0 (+7.5%)
Avg. = 124.6 (+11.9%)123.6 (-10.4%)148.9 (-7.7%)
Avg. = 111.4 (-58.2%)137.9 (-18.0%)161.3 (+14.1%)
Avg. = 110.9 (-11.0%)111.0 (-10.2%)180.6 (+21.3%)
Avg. = 138.3 (+24.7%)117.7 (+6.1%)179.5 (-0.6%)
Avg. = 266.8161.1141.4
Avg. = 159.0 (+18.6%)102.3 (-13.3%)212.8 (+18.5%)
Avg. = 34.14 (-2.3%) Avg. = 33.22 (-2.7%) Avg. = 32.79 (-1.3%) Avg. = 31.39 (-4.3%) Avg. = 31.72 (+1.1%) Avg. = 31.81 (+3.4%)Avg. = 34.93 Avg. = 32.64 (+2.6%)
Avg. = 109.8 (-30.9%)99.2 (-3.0%)
179.8 (-15.5%)
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18
6
Financial Highlight
*Adjusting for (reversal) allowance of inventory and realized gains /(losses) from hedging activities
(Unit : THB million) FY18 FY17 %YoY 4Q18 3Q18 %QoQ 4Q17 %YoY
Revenue 73,492.8 89,387.0 -17.8% 17,189.6 18,859.4 -8.9% 19,768.4 -13.0%
Sales volume (tons) 1,336,649 1,323,873 1.0% 317,876 343,303 -7.4% 341,272 -6.9%
Avg. selling price (Baht per ton) 45,907 59,765 -12.7% 43,529.8 45,558.5 -4.5% 49,888.5 -12.7%
Gross profit 7,107.5 3,776.4 88.2% 1,366.7 1,969.8 -30.6% 1,374.5 -0.6%
Adj. gross profit* 8,254.2 4,844.1 70.4% 1,622.4 2,001.2 -18.9% 1,604.1 1.1%
SG&A (5,247.9) (5,859.1) -10.4% (1,350.5) (1,332.0) 1.4% (1,332.6) 1.3%
Other income 237.7 685.5 -65.3% 67.2 31.8 111.1% 398.0 -83.1%
Gains (loss) on exchange rate, net (252.2) 522.1 N/A 40.3 (103.5) -138.9% 157.4 -74.4%
Other gains, net 1,203.3 147.4 716.3% 156.0 256.6 -39.2% 112.4 38.9%
Operating profit (loss) 3,050.2 371.6 720.8% 279.8 823.1 -66.0% 709.7 -60.6%
Share of profit (loss) from investments in JV 223.7 129.8 72.3% 26.5 60.0 -55.9% 46.6 -43.1%
EBITDA 5,657.4 731.8 673.0% 993.5 1,451.7 -31.6% 1,325.1 -25.0%
EBIT 3,273.9 394.4 730.2% 306.3 883.2 -65.3% 756.2 -59.5%
Finance costs (net) (887.0) (1,156.4) 236.2% (211.2) (216.5) -2.4% (274.7) -23.1%
Net profit 2,064.4 (1,437.1) N/A 139.1 501.6 -72.3% 468.5 -70.3%
GP margin 9.7% 4.2% 544.62 8.0% 10.4% -249.41 7.0% 46.99
Adj. GP margin* 11.2% 5.4% 581.21 9.4% 10.6% -117.29 8.1% 1325.35
Operating profit margin 4.2% 0.4% 373.46 1.6% 4.4% -273.67 3.6% 756.79
EBITDA margin 7.7% 0.8% 687.92 5.8% 7.7% -191.76 6.7% -274.47
Net profit margin 2.8% -1.6% 441.66 0.8% 2.7% -185.05 2.4% 469.20
13,509 12,414 11,323
63,183
50,008
1,955 1,722 1,459
9,653
6,816
1,562 1,504
1,055
6,286
4,537
2,704 3,128 3,189
9,859
11,786
39 91 164
407
345
19,768 18,859 17,190
89,387
73,493
4Q17 3Q18 4Q18 FY17 FY18
Others
Gloves
LTX
RSS
TSR
Sales Revenue
7
Sales Revenue by Geography (THB million)Sales Revenue by Product (THB million)
-13.0%
-8.9%
-17.8%
71%
69%
9%
11%
7%
6%
11%
16%
17% 16% 14%18% 16%
43%38% 45%
41%42%
23%27%
23% 25% 25%
6% 8% 9% 8% 8%
9% 9% 7% 7% 8%
1% 2% 2% 1% 2%
4Q17 3Q18 4Q18 FY17 FY18
Others
Europe
USA
Asia (ExculdingChina&Thailand)
China
Domestic
Gross Profit – Adj.* (THB million)Gross Profit (THB million)
Gross Profit
8
1,604 2,001
1,622
4,844
8,254
8.1%10.6% 9.4%
5.4%
11.2%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
4Q17 3Q18 4Q18 FY17 FY18
GP GPM
1,375
1,970
1,367
3,776
7,108
7.0%
10.4%
8.0%
4.2%
9.7%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
4Q17 3Q18 4Q18 FY17 FY18
GP GPM
Note: * Adjusting for (reversal) allowance of inventory cost and realised items from hedging activities
710 823
280
(372)
3,050
4760
27
130
224
775 883
306
(242)
3,274
(500)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4Q17 3Q18 4Q18 FY17 FY18
Share of profit (loss) from investments in associates and jointventures
EBIT
9
EBIT (THB million)
EBITEBIT (THB million)
775 883
306
(242)
3,274
3.9%
4.7%
1.8%
-0.3%
4.5%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
(500)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4Q17 3Q18 4Q18 FY17 FY18
EBIT EBIT margin (%)
5 Years - Net Profit (THB million) Net Profit (THB million)
Net Profit
10
469 502139
-1,437
2,064
2.4%2.7%
0.8%
-1.6%
2.8%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
4Q17 3Q18 4Q18 FY17 FY18
Net profit (loss) Net profit margin
1,038 1,118
-758
-1,437
2,0641.4%
1.8%
-1.0%-1.6%
2.8%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
-2000
-1500
-1000
-500
0
500
1000
1500
2000
2500
FY14 FY15 FY16 FY17 FY18
Net profit (loss) Net profit margin
STA Business Highlights2
11
STA’s Global Presence
(7,200 hectares) of rubber
plantations
NR processing plants
procurement centers
sales & distribution centers
45,000 rai
51
36
6% share of global
glove consumption in FY18
26%of NR production in Thailand
6
4Gloves production facilities
in Thailand
USA
Vietnam
Indonesia Singapore
China
Myanmar
Thailand
1,336,649 tons in NR’s sales volume in FY18
12
10% share of global
NR consumption in FY18
16,937 m.pcs.in
Glove’s sales volume in FY18
Infrastructure13%
Immature Area81%
Tapping Area6%Approx.
45,000 rai
7,200 HA
Upstream Operations – Rubber Plantations
Lampang
Sukothai
Pichit
Phitsanulok
Petchaboon
Chiang Rai
Chiang Mai
Sakon Nakhorn
Utaradit
Sakaeo
Phrae
Kalasin
Phayao
Nan
Songkhla
Surat Thani
Krabi
Chumporn
Bungkan
Provinces in Thailand
19
Note: Information as of 31 December 2018
Area of Rubber Plantations
Estimated Mature Plantations
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
20
18
F
20
19
F
20
20
F
20
21
F
20
22
F
20
23
F
20
24
F
20
25
F
20
26
F
20
27
F
Production, tons (LHS) Tapping, trees (RHS)
Thoen 1, Lampang
Watbot, Phitsanulok
Mae Khao
Tom,
Chiang Rai
13
Note: The green provinces are where
Technically Specified Rubber
[TSR]
Ribbed Smoked Sheet
[RSS]
Midstream Operations – NR Processing
processing facilities
36
Note: *Total engineering capacity
Production Capacity (mil. tons)
1.1
1.5
1.82.1
2.2 2.2 2.2 2.2
1.3
1.9
2.42.6
2.9 2.9 2.9 2.9
10%
12%
15% 14%
16% 15%15% 15%
10%
13%
15%15%
16% 15% 15% 15%
0%
3%
6%
9%
12%
15%
18%
21%
0.4
0.8
1.2
1.6
2.0
2.4
2.8
3.2
2011 2015 2016 2017 2018F 2019F 2020F 2021F
Optimum capacity (LHS)
Engineering capacity (LHS)
% optimum capacity to global NR production (RHS)
% optimum capacity to global NR consumption (RHS)
24 processing facilities
Capacity*: 2.10 mil. tons/annumTSR
RSS
LTX
5 processing facilities
Capacity*: 0.21 mil. tons/annum
7 processing facilities
Capacity*: 0.55 mil. tons/annum
[Information as at 31 December 2018]
Capacity*: 2.86 mil. tons/annum
Concentrated Latex
[LTX]
14
STA’s Tire Manufacturer Customers
15
Downstream Operations – Finished Products
6%Global
Market Share
Exporting to
120+Countries
17.2billion pieces
per annum in
production
capacity
Since
1989
The world’s
5th
Largest
No.
1in Thailand
8
STA’s Gloves Products
17
Examination/ Non-Examination Gloves
Latex
Powdered Powder-Free
Nitrile
Powder-Free
- Comfort 4.8 g - Balance 5.0 g- Premium 5.8 g
- Comfort 5.0 g - Balance Comfort 5.5 g- Balanced Plus 5.6 g- Balance 5.8 g
- Premium 6.2 g
- Heavy 6.2 g- Balance 4.8 g
- Comfort 3.5 g- Comfort Plus 3.0 g
Remark: FY2018 data
Product Range
Latex
61%
Nitrile
39%
OEM
85%
Own Brands
15%
Product Mix
STA’s Glove Markets by Volume
18
Note: *Asia excluding Thailand, China, Japan and India
**ASEAN excluding Thailand
America28%
Thailand
11%
Japan
9%
China
8%
India4%RoW
9%
Asia*
7%
ASEAN**4%
EU
24%
Encourage a wide variety of applications
Foods Industry
Medical Industry
Lifestyle
Remark: 12-month data as of 31 December 2018
Widely Used in Developed Markets, Gaining Ground in Emerging Markets
Global Glove Market Outlook
150 148 160 171 180194
201233
268287
370
0
50
100
150
200
250
300
350
400
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
F
20
18
F
20
19
F
20
20
F
Average growth at 8-10% per annum 150
100
76
11 8 6
0
20
40
60
80
100
120
140
160
USA EU Japan Asia India China
Global Glove Demand
Source: MARGMA Industry Brief 2018 on the Rubber Glove Industry
19
+7%
Gloves Consumption Per Capita
Golden Opportunity for Growth
[bn. pcs.]
Demand Keeps Growing & Hidden Consumption in Emerging Markets
Key Drivers
20
USP800: Double gloves usage
US-China Trade war
Emerging and lower-income countrieswill drive the rise in health care expenditures through 2020 as well as the expansion of
services in developed countries.
USA
South Korea
Increased usage in non-medical sectors
Impose tariffs on Nitrile Rubber from Korea and Japan - a boon to Latex GlovesChina
IndonesiaThe Ministry of Health launched a new regulation– to define the minimum standard of services
Cambodia
India
Increasing awareness of health and hygiene around the world
Health Strategic Plan 2016-2020 –
to improve coverage, quality, equity
National Health Protection Scheme –to provide coverage over 100 mill. vulnerable families.
Saudi Arabia
Saudi Food & Drug Authority Strategic Plan 2018-2022 – to protect & promote
public health
Japan
The world’s largest elderly populationThe Government passed the Seguro Integral de Salud (SIS)– to provide free basic
health care
Peru
Vision: Universal health coverage by 2020–
to establish an effective social health security system & speed up public hospital reform
52 61 69 75
2829
39 452227
3238
2324
2831
1417
23
30
233
268287
370
0
50
100
150
200
250
300
350
400
FY2017 FY2018 FY2019f FY2020f
Sri Trang Gloves
Supermax
Kossan
Hartalega
Top Glove
Global Gloves Demand
Capacity Expansion
Robust growth in demandprovides large producers with opportunities for expansion.
Note: Information as disclosed by each company
21
139157
191218
+13%
+22%
+14%
Malaysia69%
Thailand23%
China5%
Indonesia3%
Global Market Share
Highlights:• The expansion will focus on “Nitrile Gloves.”
• Old & inefficient machines will be decommissioned and replaced by new capacity.
• The publicly-listed glove producers together account for 70% of Malaysia’s glove production capacity.
• Thailand has a competitive advantage in the production of “Latex Gloves” as it is the source of the main raw material.
• The Gov’t promotes domestic consumption of natural rubber by giving 3% in interest rate subsidy to any manufacturers consuming more natural rubber, including glove producers.
[bn. pcs.]
Top 5 Capacity
Remark: FY2018 data
STA’s Capacity Expansion Plan
22
1214 14 14
17
2123
30
0
5
10
15
20
25
30
35
en
d-2
012
en
d-2
014
en
d-2
016
en
d-2
017
en
d-2
018
1H
-201
9f
en
d-2
019
f
en
d-2
020
f
+23%
+114%
[bn. pcs.]
Capacity Expansion
Note: Inorganic Growth [The Amalgamation Process] Organic Growth
Suratthani
Trang
Songkhla
Processing Facilities Location
STGT TKNew
Merge Co.
23
The Amalgamation in Gloves Business
Location: 85 Moo 6, Khuan Thani, Kantang District, Trang, Thailand
Production Capacity: 4 billion pieces per annum
Product Type: Natural Rubber Gloves - Powdered
Revenue from Sales in FY2017: Baht 1,508.62 million
Net Profit in FY2017: Baht 66.35 million
The amalgamation is expected to be completed by April 2019.
Background of Thaikong Co.,Ltd.
The Amalgamation by Share Swap
24
STA’s Gloves Marketing Activities
Food & Hotel Thailand 2018 Africa Health Exhibition, South Africa
Hospitalar Fair, BrazilMedical Fair India 2018
9th International Rubber Glove Conference and Exhibition 2018, Malaysia
Medical Fair Asia, Singapore
MEDICA 2018, Germany
25
NATURAL RUBBER MARKET SITUATION
3
Global NR Situation
10.8 11.0 11.0 11.412.1 12.1 12.6 13.2
13.9
14.2
14.6 14.8 15.1 15.4 15.8 16.1 16.4 16.7
10.4 11.2 11.7 12.3 12.1 12.3 12.5 13.6 13.9 14.3 14.6 14.8 15.2 15.4 15.8 16.1 16.5 16.8
(356)
205
612
911
(22)
129
(136)
341
34 31 24 36 22
(34) (31)6
42 50
-400
0
400
800
-5
0
5
10
15
20
201
0
201
1
201
2
201
3
201
4
201
5
201
6
201
7
201
8F
201
9F
202
0F
202
1F
202
2F
202
3F
202
4F
202
5F
202
6F
202
7F
(Unit : million tons)Demand (LHS) Supply (LHS) Supply Surplus / (Deficit) (RHS)
Natural Rubber Demand & Supply
Global NR demand is expected to be 14.23 million tons, +2.6% in 2019 and average +2.2% in the next 3 years
Demand
Global NR supply is expected to be 14.26 million tons, +2.6% in 2018 and average +2.2% in the next 3 years.
Supply
(Unit : ‘000 tons)
26
Increased tapping frequency to maintain the same levels of income
Increased untapped mature trees
Lack of good agro-management
Skilled labour shortages [shifting from rubber farming to other jobs]
Source : IRSG, December 2018
Short-term impact Long-term impact
Discouragement of new planting
Delay of replanting schedule
Uprooting of rubber trees & replacing with other crops
74% of NR consumption comes from the tire industry, whose demand is expected to grow by 1.9% in 2019, in line with global tire production.
26% of NR consumption comes from non-tire consumers, whose demand is expected to increase sharply by 4.4% in 2019, driven by increased consumption by gloves producers.
NR Supply
Source : IRSG, December 2018
Indonesia 26%
Thailand 36%
Vietnam 5%
China 5%
India 8%
Malaysia 6%
CAMAL 4%
Others 11%
14.26mil. tons
2019F global production growth = 2.6%
2019F Major Producers by Country
5,193
3,547
648 6601,139
834 658 1140
1,000
2,000
3,000
4,000
5,000
6,000
Thailand Indonesia Vietnam China India Malaysia CAMAL Phillipines
NR Production (000'tons)
+0.9%
+1.7%
+3.7% +7.1%+3.5% +2.8%
+11.3%+4.6%
2019F NR Production
(Unit: ‘000 tons) %growth from 2018
27
10,000
11,000
12,000
13,000
14,000
0
200
400
600
800
2010
2011
2012
2013
2014
2015
2016
2017
2018F
2019F
2020F
2021F
2022F
2023F
2024F
2025F
2026F
2027F
New planting (LHS) Replanting (LHS) Total area (RHS)
NR Plantations Area, in 11 countries(Unit: ‘000 H.A.)
0
4,000
8,000
12,000
16,000
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
NR:Tire NR: Non-Tire
66
5
50
9
46
8
38
4
39
8
68
5
58
3
47
8
41
4
40
6
-
1,000
2,000
3,000
4,000
5,000
China Malaysia Indonesia India USA
2018 2019
China 39%
EU 9%India 9%
USA 7%
Indonesia 4%
Japan 5%
Thailand 6%
Malaysia 4%
Others 16%
2019F Major NR Consumers
2019F global growth in consumption = 2.6%
14.23mil. tons
NR Demand
(Unit: ‘000 tons)
NR Consumption [2017-2027F]
28Source : IRSG, December 2018
4,8
40
88
8
82
9
62
5
64
2
4,9
09
90
1
89
7
64
4
64
4
-
1,000
2,000
3,000
4,000
5,000
China EU India USA Japan
2018 2019
NR Consumption in Tire Industry
China49%
EU9%
India9%
USA6%
Japan6%
Others21%
10.09mil. tons
(+1.9%)
NR Consumption in Tire Industry
China16%
Malaysia14%
Indonesia12%
India10%
USA10%
Others38%
4.14mil. tons
(+4.4%)
(Unit: ‘000 tons)
(Unit: ‘000 tons)
Rubber Consumption Trend & Qingdao and SHFE Stocks
29
Synthetic Rubber
Natural Rubber
Consistent demand for NR
Heat
resistance Elasticity
NR & SR are substitute and complimentary products.
The substitution between NR & SR is limited (around 10%).
Rubber Consumption Trend
Source : IRSG, December 2018 and Bloomberg
0
10,000
20,000
30,000
40,000
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
NR:Tire SR:Tire NR: Non-Tire SR: Non-Tire
Qingdao & SHFE Stocks, China [tons]
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Ja
n-1
4
Feb
-14
Mar-
14
Ap
r-14
May
-14
Ju
n-1
4
Ju
l-14
Au
g-1
4
Sep
-14
Oc
t-14
No
v-1
4
De
c-1
4
Ja
n-1
5
Feb
-15
Mar-
15
Ap
r-15
May
-15
Ju
n-1
5
Ju
l-15
Au
g-1
5
Sep
-15
Oc
t-15
No
v-1
5
De
c-1
5
Ja
n-1
6
Feb
-16
Mar-
16
Ap
r-16
May
-16
Ju
n-1
6
Ju
l-16
Au
g-1
6
Sep
-16
Oc
t-16
No
v-1
6
De
c-1
6
Ja
n-1
7
Feb
-17
Mar-
17
Ap
r-17
May
-17
Ju
n-1
7
Ju
l-17
Au
g-1
7
Sep
-17
Oc
t-17
No
v-1
7
De
c-1
7
Ja
n-1
8
Feb
-18
Mar-
18
Ap
r-18
May
-18
Ju
n-1
8
Ju
l-18
Au
g-1
8
Sep
-18
Oc
t-18
No
v-1
8
De
c-1
8
Ja
n-1
9
Feb
-19
SHFE QD QD & SHFE
Note: There is no QD data announced since 20/10/18.
30
TSR20 Historical Prices Movement [2004 – 2019]
-
100
200
300
400
500
600
Jan
-04
May
-04
Sep
-04
Jan
-05
May
-05
Sep
-05
Jan
-06
May
-06
Sep
-06
Jan
-07
May
-07
Sep
-07
Jan
-08
May
-08
Sep
-08
Jan
-09
May
-09
Sep
-09
Jan
-10
May
-10
Sep
-10
Jan
-11
May
-11
Sep
-11
Jan
-12
May
-12
Sep
-12
Jan
-13
May
-13
Sep
-13
Jan
-14
May
-14
Sep
-14
Jan
-15
May
-15
Sep
-15
Jan
-16
May
-16
Sep
-16
Jan
-17
May
-17
Sep
-17
Jan
-18
May
-18
Sep
-18
Jan
-19
575 cent/kg.
102 cent/kg.
AET
: 1 M
arc
h 2
016 –
31 A
ug
ust
201
6
AET
: 1 J
an
ua
ry 2
018 –
31 M
arc
h 2
018
AET
: 1 O
cto
ber
201
2 –
Ma
rch
201
3
Source : Bloomberg
ABBREVIATION
AET : Agreed Export Tonnage Scheme
228 cent/kg.
TSR20 (US cent : Kg.)
