Market Report

1. Titanium Dioxide (TiO₂) Market Analysis

China’s TiO₂ market became increasingly volatile this week as cost pressure surged and mixed signals emerged regarding production cuts and pricing intentions.
Rising sulfuric acid and ilmenite costs pushed TiO₂ production into deeper losses, with estimated negative margins of $210–$280/ton per ton of pigment produced.
Despite weak demand, major producers kept quotations firm, and some plants in Shandong and Jiangsu raised prices by $28–$42/ton due to cost pressure.
Meanwhile, a few producers issued small price cuts earlier in the week, reflecting the ongoing tug-of-war between cost-push pressure and declining demand.

Product	Price Range (USD/MT)	Change vs Last Week
Rutile-grade TiO₂	$1,830 – $1,910	No change
Anatase-grade TiO₂	$1,660 – $1,750	No change

Sulfuric acid prices surged sharply again this week, driving production costs to new highs and worsening the cost imbalance for sulfate-route TiO₂ producers.
Ilmenite supply tightened domestically, keeping ore prices firm even as imported ilmenite weakened; this reinforced upward cost pressure.
With cost increases exceeding $210/ton for many producers, several plants temporarily closed order books, and top TiO₂ manufacturers introduced aggressive distributor rebate policies to stabilize the market.

Cost Support: Costs for sulfuric acid and domestic ilmenite remain the strongest forces in the market, and continued increases may push more producers to attempt price hikes.
Price Outlook: Increased costs may lead to future production cuts or shutdowns, and potentially higher titanium dioxide prices.
Demand Outlook: Downstream sectors show no sign of recovery; Q4 remains the weakest demand period of the year.
Producer Behavior: Top manufacturers are likely to defend pricing via rebates, controlled supply, and tighter order acceptance.