Jiutian Chemical plans RMB1.6 billion investment to diversify into synthetic ammonia

The Edge Singapore01-13

By making its own synthetic ammonia, Jiutian is aiming for better efficiencies to give it an advantage in cost and qualityJiutian Chemical Group plans to spend RMB1.6 billion ($296.96 million) in a ...

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Jiutian says one of its key operating units, Anyang Jiutian is one of the world's largest producers of DMF, used in the production of acrylic fibers and plastics.\nBy making its own synthetic ammonia, Jiutian is aiming for better efficiencies to give it an advantage in cost and quality.\nAt the same time, it can reduce its reliance on third parties for supply, and instead, sell excess production elsewhere.\nSynthetic ammonia is used by the chemical synthesis industry in plastics and polymers manufacturing, metallurgy\nIn its business update for its 3QFY2023 ended Sept 30 on Nov 7, Jiutian reported a net loss of RMB68.6 million, from earnings of RM93.5 million recorded in the year-earlier period. Sales in the same period plunged by 85% y-o-y to RMB80.2 million.\nThe company attributed the poorer showing to a decrease in both sales volume and average selling prices of DMF, its main product.\nThe poorer sales, in turn, were because of \"industry-wide softening of demand\" due to the slower-than-expected economic recovery in China. Additional capacity introduced by a new competitor since 4QFY2022, Jiangxi Xinlianxin Chemical Industry, put further pressure.\nJiutian shares last traded at 2.6 cents. 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