Gulf Resources Discussed the Increasing Bromine Price Trend in China
April 15 2015 - 4:30PM
Gulf Resources, Inc. (Nasdaq:GURE) ("Gulf Resources" or the
"Company" or "GURE"), a leading manufacturer of bromine, crude salt
and specialty chemical products in China, today discussed the
likelihood of an increasing bromine price trend in China.
The United States, Israel, and China are the three largest
producers of bromine. The two of largest companies in the industry
are Albemarle Corporation and Israel Chemical. In recent months,
both Albemarle and ICL have announced substantial price increases
for bromine.
On March 26, 2015, Albemarle Corporation, announced that it will
increase global prices for elemental bromine and bromine
derivatives by 30%. 1 On November 4, 2014, ICL Industrial Products,
a segment of ICL, announced that it has increased its prices
for elemental bromine and hydrobromic acid that it sells in the Far
East by 20%. 2
Gulf Resources is one of the largest bromine producers in China.
Bromine has been Gulf's largest business segment. At the 2014, it
accounted for 51% of sales and 61% of assets.
The Company's CEO Xiaobin Liu Stated, "The
significant price increases by the two largest companies in the
bromine industry will have a positive effect on the Chinese
domestic bromine market. It is difficult to predict when these
price increases will be fully reflected in China. However, we
believe when customers work through their current inventories, we
will see significant increases in prices."
"At the same time," Mr. Liu continued, "The Chinese government
is putting more policy incentives toward stimulating the economy.
This could further increase demand. We believe we are on the right
path to significantly increase shareholder value."
About Gulf Resources, Inc.
Gulf Resources, Inc. operates through two wholly-owned
subsidiaries, Shouguang City HaoyuanChemical Company
Limited ("SCHC") and Shouguang Yuxin Chemical
Industry Co., Limited ("SYCI"). The company believes that it is one
of the largest producers of bromine in China. Elemental Bromine is
used to manufacture a wide variety of compounds utilized in
industry and agriculture. Through SYCI, the company manufactures
chemical products utilized in a variety of applications, including
oil and gas field explorations and papermaking chemical agents. For
more information, visit www.gulfresourcesinc.com.
1 Source:
http://investors.albemarle.com/phoenix.zhtml?c=117031&p=irol-newsArticle&ID=2029057
2 Source:
http://www.icl-group.com/newsevents-pressreleases/Article/af24751c-d3a0-42dc-a345-edaf8f892c30.aspx
Forward-Looking Statements
Certain statements in this news release contain forward-looking
information about Gulf Resources and its subsidiaries business and
products within the meaning of Rule 175 under the Securities Act of
1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and
are subject to the safe harbor created by those rules. The actual
results may differ materially depending on a number of risk factors
including, but not limited to, the general economic and business
conditions in the PRC, future product development and production
capabilities, shipments to end customers, market acceptance of new
and existing products, additional competition from existing and new
competitors for bromine and other oilfield and power production
chemicals, changes in technology, the ability to make future
bromine asset purchases, and various other factors beyond its
control. All forward-looking statements are expressly qualified in
their entirety by this Cautionary Statement and the risks factors
detailed in the company's reports filed with the Securities and
Exchange Commission. Gulf Resources undertakes no duty to revise or
update any forward-looking statements to reflect events or
circumstances after the date of this release.
CONTACT: Gulf Resources, Inc.
Web: http://www.gulfresourcesinc.com
Director of Investor Relations
Helen Xu
beishengrong@vip.163.com
IR Manager
Max Ma
Max_vx@163.com
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