TiO₂ Price Forecast: Order Backlog Supports Stable Prices as Weak Demand Caps Further Gains (2026-09-18 to 2026-09-25)

Buyer Summary: The China TiO₂ Market remained broadly stable this week. Producers continue to benefit from order backlogs extending into late October, supporting current quotations after the recent price increases. However, “Golden September” demand remains weaker than expected, new-order activity slowed as buyers became more cautious, and lower ilmenite and sulfuric acid prices provided some cost relief. Near-term TiO₂ prices are therefore expected to remain firm but stable, with limited support for another broad increase unless downstream demand improves.

1. Titanium Dioxide (TiO₂) Market Analysis

• The TiO₂ market remained broadly stable this week following the recent price-hike wave. Producers maintained firmer new-order quotations, while low-priced material became less common in the market.
• Many TiO₂ producers currently have production schedules and order backlogs extending into late October, providing support for current prices despite weaker-than-expected downstream demand.
• However, downstream buyers became more cautious after recent quotation increases, and new-order activity was relatively moderate this week. Overall TiO₂ production remained high, although selected plants in Jiangsu and Anhui operated below normal rates.
• As “Golden September” approaches its end without a strong demand recovery, the market is increasingly characterized by a balance between producer order support and cautious downstream purchasing.

Product	Previous Week (35th Week, 2026)	Current Week (36th Week, 2026)	Weekly Change
Anatase	129	129	0
Rutile	131	131	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 prices weakened during the week as downstream TiO₂ producers remained cautious on raw material purchases. Panzhihua 46% ilmenite traded at approximately USD 168–174/ton, while 47% ilmenite quotations were around USD 174–186/ton.
• Low-priced ilmenite cargoes continued to appear as weak downstream demand and high-cost pressure limited purchasing enthusiasm. Although supply and demand remain relatively balanced, the domestic ilmenite market has not yet established a clear price floor.
• Imported ilmenite also remained weak. Mozambique material was around USD 220–230/ton CIF, Vietnam B-grade material USD 200–215/ton FOB, and Australian material USD 220–240/ton CIF. Rising port inventories continued to pressure the imported market.
• Domestic sulfuric acid prices declined more rapidly this week as supply remained ample and pre-holiday restocking fell short of expectations. Current 98% smelting acid prices were approximately USD 203–244/ton in Shandong, USD 138–142/ton in Anhui, and USD 131–160/ton in Hunan.
• Lower ilmenite and sulfuric acid prices are providing some cost relief to sulfate-process TiO₂ producers. However, cost structures differ significantly between manufacturers, while existing order backlogs continue to support current TiO₂ quotations.

3. Market Forecast

• The near-term TiO₂ Price Forecast is expected to remain broadly stable. Existing order backlogs extending into late October provide support, while weak downstream demand limits the potential for another broad price increase in the immediate term.
• Recent price increases have encouraged stronger producer pricing discipline, but cautious downstream purchasing means that new quotations still need to be supported by actual order demand.
• Falling ilmenite and sulfuric acid prices may gradually reduce production costs for some sulfate-process manufacturers. However, this is unlikely to immediately trigger another broad round of TiO₂ price reductions while producers continue to hold substantial orders.
• The market is therefore likely to remain in a supply-demand tug-of-war: producers have order support and firmer quotations, while buyers remain cautious as the expected September demand recovery has been weaker than anticipated.
• For buyers, current conditions favor a balanced procurement strategy. Significant short-term price increases appear less likely without stronger demand, but substantial reductions may also be limited while producers maintain healthy order backlogs.

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