Titanium Market Diverged After the Holiday, Titanium Dioxide Leads the Gains While Titanium Products Steadily Recover [SMM Titanium Weekly Review]

Titanium Concentrate

This week, domestic titanium concentrate (TiO2≥46%) mainstream quotations were 1,580-1,630 yuan/mt, with an average price of 1,605 yuan/mt; the TiO2≥47% specification was quoted at 1,900-1,950 yuan/mt, averaging 1,925 yuan/mt.

Post-holiday, the titanium concentrate market operated steadily overall, with no significant adjustments in quotations yet. Currently, most mines adopted a wait-and-see attitude, awaiting the finalization of new orders in March, while the overall operating rate remained stable. With downstream enterprises resuming work successively, demand is expected to be gradually released, which is anticipated to provide further support to mine prices.

Titanium Dioxide

This week, domestic titanium dioxide prices were as follows: anatase titanium dioxide was quoted at 12,000-12,400 yuan/mt, averaging 12,200 yuan/mt; rutile titanium dioxide was quoted at 12,800-14,500 yuan/mt, averaging 13,650 yuan/mt; and chloride process titanium dioxide domestic quotations were 13,600-17,000 yuan/mt, averaging 15,300 yuan/mt.

Post-holiday, the titanium dioxide market was characterized by strong bullish sentiment. Recently, several chloride process enterprises took the lead in issuing price hike notices, leading the gains, resulting in an overall increase in quotations. Cost side, sulfuric acid prices remained high after the holiday, with slight increases in regions like Henan and Shandong, further exacerbating the cost pressure on sulfuric acid process enterprises. Supply side, influenced by active pre-holiday orders and maintenance at some enterprises during the holiday, the pace of order fulfillment accelerated post-holiday, boosting market activity. However, the actual implementation of this round of price increases still depends on the follow-through of new orders in March and the pace of downstream resumption of work.

Titanium Slag

This week, acid-soluble titanium slag (Sichuan) was quoted at 5,820-5,870 yuan/mt; the mainstream quotation for regular 90-grade titanium slag was 5,200-5,400 yuan/mt.

This week, the titanium slag market operated in the doldrums. High raw material costs prompted titanium slag enterprises to maintain low operating rates. Downstream demand consisted of purchasing as needed, providing weak support for market demand. High-titanium slag prices were under pressure. Subsequent developments still require attention to the recovery of downstream demand. The titanium slag market is expected to consolidate at the bottom in the short term.

Sponge Titanium

This week, Grade 0 sponge titanium was quoted at 46,000-47,000 yuan/mt, averaging 46,500 yuan/mt; the FOB average price for Grade 0 sponge titanium was $6,950/mt; Grade 1 sponge titanium was quoted at 45,000-46,000 yuan/mt, averaging 45,500 yuan/mt; Grade 2 sponge titanium was quoted at 44,000-45,000 yuan/mt, averaging 44,500 yuan/mt.

Post-holiday, the sponge titanium market trended relatively steadily. Currently, manufacturers generally had low willingness to adjust prices, with most quotations maintained at pre-Chinese New Year levels. Supply side, sponge titanium production was not significantly affected by the holiday, maintaining normal operation overall. From the supply-demand pattern perspective, the current market exhibited weak supply and demand, with prices struggling to rise. The future market trend will primarily depend on whether the downstream work resumption pace can bring substantial order boosts.

Titanium Products

This week, TA1 titanium ingot prices were 55-57 yuan/kg, TA2 titanium ingot prices were 54-55 yuan/kg, and TC4 prices were 62-64 yuan/kg. Hot-rolled titanium plate (3-8mm) quotes were 64-65 yuan/kg, titanium welded tube quotes were 115-125 yuan/kg, pure titanium rod quotes were 100-105 yuan/kg, and pure alloy rod quotes were 115-125 yuan/kg.

The titanium market operated steadily this week. On the supply side, leading titanium enterprises fully resumed work and maintained full-capacity operation, while small and medium processing enterprises gradually resumed production, with the workforce return rate continuously improving. Demand side, civilian sectors such as chemical and anti-corrosion industries mainly restocked based on rigid demand, with purchasing mostly in small orders and as needed; orders in high-end sectors like aerospace and military remained stable, providing strong support for high-end titanium demand. Overall demand is still in a steady recovery phase, with large-scale concentrated procurement yet to emerge. The titanium market is expected to operate steadily next week, with rigid demand continuing to dominate. As downstream demand gradually releases, market sentiment is expected to strengthen.

Weekly Summary

The titanium industry chain showed divergence this week. Titanium concentrate operated steadily, with mines awaiting new March orders. Titanium dioxide sentiment was bullish, with the chloride process leading gains; high sulphuric acid costs supported price hike expectations, but realization still depends on demand follow-up. Titanium slag was weak and stable, under cost pressure, with prices consolidating at the bottom. Sponge titanium saw weak supply and demand, with stable prices; future trends rely on downstream work resumption boosts. The titanium market steadily recovered, mainly driven by rigid demand restocking, and is expected to operate steadily next week.