TiO₂ Price Forecast: Weak September Demand but Firmer Costs and Price-Hike Intentions Support Stabilization (2026-08-28 to 2026-09-04)

Buyer Summary: The China TiO₂ Market remained cautious this week as “Golden September” demand continued to underperform expectations. However, market sentiment became firmer as shipments improved at some producers, selected order books extended to 15–20 days, domestic ilmenite supply tightened, and leading TiO₂ manufacturers showed an intention to raise prices during September. While a broad rebound has not yet been confirmed, resistance to further price reductions is clearly strengthening.

1. Titanium Dioxide (TiO₂) Market Analysis

• The TiO₂ market remained weak but increasingly stable during the week. Demand was still below traditional September expectations, while overall market inventories remained relatively high and competition among producers continued.
• At the same time, shipments improved at selected manufacturers, with some producers reporting approximately 15–20 days of orders on hand. Low-end quotations also became firmer as production costs remained under pressure.
• Market sentiment strengthened after reports from a meeting of leading TiO₂ manufacturers indicated an intention to raise prices during September. Several other producers also showed stronger price-support or price-increase intentions, although actual transactions remained largely negotiated on a case-by-case basis.
• By September 3–4, TiO₂ quotations were broadly stable. Some producers in Panzhihua temporarily suspended production due to low prices, cost pressure, and weak demand, while overall industry operating rates remained relatively high.
• The market therefore remains divided between weak end-user demand and increasingly firm producer resistance to further price reductions.

Product	Previous Week (32nd Week, 2026)	Current Week (33nd Week, 2026)	Weekly Change
Anatase	127	127	0
Rutile	129	129	0

Price Index Methodology: The Price Index is calculated based on the average prices of the top 10 producers in China, with the base value set at 100 as of January 1, 2026.

2. Titanium Dioxide Pigment Market Trends

• Domestic ilmenite supply tightened during the week. Production reductions and shutdowns at some mines in Xinjiang, together with previous inventory reductions, strengthened miners’ resistance to further price cuts. Panzhihua new-order quotations generally remained above approximately USD 174/ton.
• The Panzhihua ilmenite price index increased from 1255.00 to 1261.25 on September 2 and then remained stable, indicating firmer domestic feedstock sentiment. Imported ilmenite remained weak and disordered, however, due to rising port inventories and cautious downstream purchasing.
• The domestic sulfuric acid market remained weak overall. Current 98% smelting acid prices were approximately USD 157–203/ton in Henan, USD 196–232/ton in Hubei, and USD 232–247/ton in Sichuan.
• Regional sulfuric acid prices continued to diverge. Weak phosphate fertilizer and chemical demand pressured quotations in several markets, while lower inventories supported small rebounds in selected low-price regions.
• Although sulfur prices have declined from earlier highs, they remain at relatively elevated levels. Together with firmer domestic ilmenite prices, this continues to provide cost support and limits the potential for a significant reduction in TiO₂ production costs.

3. Market Forecast

• The near-term TiO₂ Price Forecast remains cautious, as “Golden September” demand has not yet delivered a broad recovery and overall market supply remains relatively sufficient.
• However, stabilization signals are becoming stronger. Improved shipments, 15–20 days of order coverage at selected producers, firmer raw material prices, and temporary production reductions are reducing the incentive for further aggressive price competition.
• Domestic ilmenite supply may remain relatively tight due to mine production cuts and earlier destocking. If feedstock prices remain firm, upstream cost support for TiO₂ producers could strengthen further.
• Reports that leading TiO₂ manufacturers intend to raise prices during September are supporting market sentiment. If leading producers implement higher quotations, other manufacturers may gradually follow, particularly as current prices are already low and producer margins remain under pressure.
• Although seasonal demand remains weaker than expected so far, September–October is still traditionally a stronger consumption period. If downstream restocking improves later in the month, firmer costs, production adjustments, and stronger producer pricing intentions could support a gradual rebound in TiO₂ prices.
• For buyers, current market conditions still provide negotiation opportunities, but the probability of another substantial market-wide decline appears lower than in previous weeks. A staggered purchasing approach may help balance current pricing opportunities against the risk of firmer quotations later in September.

Market Notice: Due to high market volatility, prices are subject to frequent adjustments. For the most accurate and up-to-the-minute data, please consult info@tinoxchem.de.

• For more reports: TiO₂ Market Report