Domestic Demand Stabilized and Accumulated Strength, While Exports Remained Under Pressure Awaiting a Breakthrough [SMM Titanium Weekly Review]

Titanium Concentrate

This week, mainstream quotations for domestic titanium concentrate (TiO2≥46%) stood at 1,680-1,750 yuan/mt, averaging 1,715 yuan/mt, while TiO2≥47% specifications were quoted at 1,950-2,100 yuan/mt, averaging 2,025 yuan/mt, with prices remaining flat WoW.

The titanium concentrate market entered the September peak season, a traditional period of strong demand. While titanium dioxide producers actively promoted downstream product sales, they also gradually increased ore stockpiling efforts, signing new quarterly procurement agreements. Driven by this, both imported and domestic ore prices showed a slight upward trend, with the overall market currently in a generally stable with slight rise phase.

Titanium Dioxide

This week, domestic titanium dioxide prices were quoted as follows: anatase titanium dioxide at 11,500-11,800 yuan/mt (avg. 11,650 yuan/mt), rutile titanium dioxide at 12,600-13,200 yuan/mt (avg. 12,900 yuan/mt), and chloride-process titanium dioxide at 14,500-15,500 yuan/mt (avg. 14,800 yuan/mt).

The domestic titanium dioxide market saw widespread price increases this week, with various grades rising by approximately 200-250 yuan/mt. However, export prices in US dollars did not follow suit with significant hikes, remaining largely stable overall. This was mainly due to intense international competition and the ongoing impact of anti-dumping policies in multiple countries. To maintain overseas market share, producers generally adopted profit concession strategies, coupled with overall weak external demand, keeping export prices under pressure. Domestically, whether this round of price increases can sustain during the September peak season still depends on actual order follow-up and inventory reduction progress. Currently, chloride-process titanium dioxide faces particularly acute inventory pressure, becoming the primary source of industry-wide stock accumulation. The Shanghai "International Coatings Exhibition" was held as scheduled this week, with multiple titanium dioxide producers actively participating, boosting market attention. If traditional peak season demand can be effectively released and drive sustained inventory digestion, domestic prices may gain support and extend their upward trend; otherwise, the market may still face downward pressure.

Titanium Slag

This week, acid-soluble titanium slag (Sichuan) was quoted at 5,820-5,845 yuan/mt, while mainstream quotations for standard 90 titanium slag stood at 6,300-6,500 yuan/mt, unchanged from the previous working day.

Domestic high-titanium slag prices maintained stability this week, with relatively subdued market trading activity. Entering September, a new round of titanium slag tenders officially commenced, with market focus on the final tender results, whose pricing will provide crucial guidance for future trends. Supply side, most titanium slag producers adopted a wait-and-see approach, refraining from active price adjustments. Demand side remained relatively weak, with limited procurement demand release, leading to increased difficulty in product shipments and overall low market transaction activity. Cost side, prices of raw and auxiliary materials required for titanium slag production remained firm with no signs of easing, keeping producers under significant cost pressure, which to some extent limited the downside room for titanium slag prices. Overall, the high-titanium slag market is expected to maintain a weakly stable trend in the short term, with price movements still awaiting new tender results and downstream demand release.

Sponge Titanium

This week, grade-0 sponge titanium was quoted at 50,000-51,000 yuan/mt, averaging 50,500 yuan/mt, while grade-1 sponge titanium was priced at 48,000-50,000 yuan/mt, averaging 49,000 yuan/mt, with prices remaining stable.

The sponge titanium market continued in the doldrums this week, with inventory pressure remaining significant in the civilian sector and inventory buildup widespread. Although production cuts have been implemented, their effects are unlikely to materialize in the short term, and the actual scale and sustainability of these cuts still need market validation. Currently, the "anti-rat race" policy has played a limited role in stabilizing market sentiment and expectations, but actual transaction recovery still depends on demand revival in downstream titanium products.

Titanium Products

This week, TA1 titanium ingot prices stood at 54-55 yuan/kg, TA2 at 53-54 yuan/kg, and TC4 at 61-63 yuan/kg. Hot-rolled titanium plates (3-8mm) were quoted at 60-61 yuan/kg, titanium welded pipes at 115-125 yuan/kg, pure titanium bars at 95-105 yuan/kg, and pure alloy bars at 120-130 yuan/kg.

The domestic titanium metal market remained generally sluggish this week, with the overall titanium industry still in a downward trend. Spot trading activity stayed subdued, and market liquidity remained low. Buyers mainly focused on just-in-time procurement to meet short-term production needs, lacking large-scale or sustained purchasing actions, with no substantial demand growth yet visible.

Weekly Summary

This week, the titanium industry chain exhibited a "domestic stability amid external weakness, divergent trends" pattern. Titanium ore prices held steady, supported by stockpiling demand during the September peak season, showing generally stable with slight rise. Domestic titanium dioxide prices rose by 200-250 yuan/mt, but exports were under pressure, with chloride-process inventory pressure prominent—future trends depend on order intake and destocking progress. High-titanium slag tenders are imminent, with prices weakly stable under cost support. Civilian sponge titanium faced severe inventory buildup, and production cut effects await verification, while actual demand still hinges on titanium product recovery. The titanium product market remained sluggish, dominated by just-in-time procurement, with no clear demand rebound. Overall, domestic policies and seasonal expectations provided some psychological support, but tangible transaction recovery requires substantive downstream demand release.