Last Week, the Overall Trend of the Titanium Industry Chain Was Weak, with Varying Price and Demand Performance Across Different Segments [SMM Titanium Weekly Review]

Titanium Concentrate

This week, mainstream quotations for domestic titanium concentrate (TiO2≥46%) were 1,580-1,650 yuan/mt, averaging 1,615 yuan/mt, while the TiO2≥47% grade was quoted at 1,900-2,050 yuan/mt, averaging 1,975 yuan/mt.

The titanium concentrate market was in the doldrums overall this week. Due to sluggish downstream demand, ore prices lacked upward momentum, and market transactions were sluggish. Currently, prices for domestic 46% grade titanium concentrate were quoted at 1,580-1,600 yuan/mt; the CIF price for Nigerian 50% grade titanium concentrate also pulled back to around 1,900 yuan/mt, indicating overall weak market performance. The titanium concentrate market is expected to remain in the doldrums.

Titanium Dioxide

This week, domestic titanium dioxide prices were as follows: anatase titanium dioxide was quoted at 11,800-12,200 yuan/mt, averaging 12,000 yuan/mt; rutile titanium dioxide was quoted at 12,700-13,500 yuan/mt, averaging 13,100 yuan/mt; and chloride process titanium dioxide was quoted at 14,700-15,700 yuan/mt domestically, averaging 15,200 yuan/mt.

The titanium dioxide market operated steadily overall this week. Cost side, titanium ore prices remained weakly stable, while sulphuric acid prices stayed high due to tight sulphur supply and low inventory, with the average delivery-to-factory price increasing to about 1,000 yuan/mt, putting production costs for the sulphuric acid process titanium dioxide under pressure and supporting high product prices. Demand side, domestic demand remained generally sluggish; externally, the removal of anti-dumping policies in the Indian market is expected to significantly increase orders from India, promoting a recovery in the export market. Current titanium dioxide prices remain stable with some upward expectations, but future trends still depend on actual downstream demand feedback in the latter half of the month.

Titanium Slag

This week, acid-soluble titanium slag (Sichuan) was quoted at 5,820-5,845 yuan/mt; mainstream quotations for regular 90-grade titanium slag were 5,200-5,400 yuan/mt.

Recently, high-titanium slag prices were under pressure. This week, the tender price for northern high-titanium slag was finalised at 5,400 yuan/mt, down 50 yuan/mt from the previous working day, further consolidating the current pattern of low-price consolidation. Supply side, recent production resumptions by some producers pushed up titanium slag production. Demand side, downstream procurement was mainly for essential needs in small orders, with limited new order volume. Overall, the current supply-demand imbalance is difficult to alleviate in the short term, and titanium slag prices are expected to remain in the doldrums in the near term.

Sponge Titanium

This week, Grade 0 sponge titanium was quoted at 46,000-48,000 yuan/mt, averaging 47,000 yuan/mt; the average FOB price for Grade 0 sponge titanium was $6,650/mt; Grade 1 sponge titanium was quoted at 45,000-47,000 yuan/mt, averaging 46,000 yuan/mt; Grade 2 sponge titanium was quoted at 44,000-46,000 yuan/mt, averaging 45,000 yuan/mt.

The sponge titanium market remained stable this week, with overall quotations edging up slightly. Currently, mainstream quotations for Grade 0 sponge titanium are holding steady in the range of 46,000-47,000 yuan/mt. As current market trading activity is moderate and producer inventory levels are not high, there is a strong willingness to hold prices firm on the supply side, supporting prices to maintain a firm stance.

Titanium Materials

This week, TA1 titanium ingot prices were 54-55 yuan/kg, TA2 titanium ingot prices were 53-54 yuan/kg, and TC4 prices were 60-61 yuan/kg. Hot-rolled titanium plate (3-8mm) quotations were 60-61 yuan/kg, titanium welded tube quotations were 115-125 yuan/kg, pure titanium bar quotations were 100-105 yuan/kg, and pure alloy bar quotations were 115-125 yuan/kg.

Weak end-use demand this week made it difficult to fully pass through increases in raw material prices. Current civilian market demand is weak, with only medical and military orders providing stable support for high-end titanium materials, leading to intense competition among enterprises. Overall, titanium material processing enterprises, facing year-end pressure to recoup funds, encountered strong resistance in following raw material price increases. It is expected that most titanium material products will continue to trade in a narrow range at low levels.

Weekly Summary

The titanium industry chain exhibited a pattern of "weak upstream, stable midstream, and pressured downstream" this week. On the raw material side, domestic titanium concentrate operated in the doldrums, while prices for related imported varieties from Nigeria also pulled back; titanium slag consolidated at low levels, with production resumptions by some producers pushing up output, but downstream procurement was primarily for rigid demand, resulting in a pronounced supply-demand imbalance. In the midstream, the titanium dioxide market operated steadily overall; sponge titanium quotations edged up slightly, with low enterprise inventory levels and a strong willingness to hold prices firm on the supply side. The downstream titanium materials market performance was under pressure, with weak civilian market demand; only orders in the high-end sector remained stable, and the pass-through of raw material price increases was hindered.

The titanium industry chain is expected to continue its structurally divergent and overall weak trend in the short term. On the raw material side, the weak downstream demand for titanium concentrate is unlikely to improve significantly in the near term, and prices are expected to remain in the doldrums; the supply-demand imbalance in the titanium slag market is difficult to alleviate quickly, and prices are likely to continue consolidating at low levels. In the midstream sector, titanium dioxide, supported by cost factors and expectations for foreign trade orders, has some potential for price increases, but the final trend will depend on feedback from actual downstream demand; sponge titanium, benefiting from low inventory and the supply side's firm price stance, will maintain stable operation. Pressure in the downstream titanium materials market persists, with weak civilian demand coupled with year-end fund recoupment pressure on enterprises; most products are likely to continue trading at low levels, with only high-end titanium materials supported by rigid demand maintaining stability. Long-term attention should be paid to the pace of recovery in downstream industries and variables affecting raw material supply and policies.