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Base Titanium exports stable despite coronavirus effect on key China market

Mar.20 2020      Source:net

Keywords:titanium market

Australian mining company-Base Titanium says it exports to China which is its largest market has been stable despite the effect of the coronavirus.

The virus has disrupted the Chinese economy, the largest in the world, leading a shutdown of key sectors and industries in the last two months.

According to the Kwale based miner, exports remain stable amid a projected increase in production of all the three key minerals-ilmenite, rutile and zircon this year.

 Base's general manager external affairs, Simon Wall, has said Chinese companies dealing with titanium are far from the affected areas, hence business has not been hit.

This is on the back of long-term sales contracts entered with its buyers.

“Nothing has changed. There is no disruption on our exports,” Wall said in an interview.

“Export of minerals continue as normal,”he said

China accounts for more than 55 per cent of Base's exports. 

This comes as the Chinese government reported positive changes in consumption despite the epidemic.

According to the Chinese Ministry of Commerce, the average daily sales of retail companies increased 5.6 per cent in late February compared to mid-February.

In late February, sales of automobiles increased 14.8 per cent month-on-month, followed by communication equipment and home appliances, which increased 11.7 per cent and 11.1 per cent respectively.

The growth is attributed to the effective control of the epidemic and the fast-paced work resumption.

"Market sales are expected to rise steadily as companies restore production and the lives of common people return to normal,” according to an update by the Chinese Embassy in Nairobi.

Base Titanium's stable business is among few positive dealings in the wake of the coronavirus pandemic which has cut down global supply chain, with Kenya's import-export business being hurt.

Base Titanium accounts for 65 per cent of Kenya’s minerals output value contributing about Sh20 billion annually to the country’s exports.

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