Limited Price Adjustment Repair; Titanium Dioxide Market Remains in the Doldrums [SMM Titanium Spot Express]

[SMM Titanium Spot Express: Inventory Pressure Weakens Demand, Titanium Dioxide Price Changes Limited] Quotes for rutile, anatase, and chloride-process titanium dioxide remained flat WoW. Enterprise inventory stayed at mid-to-high levels, with a focus on price stability and destocking. The September peak season has been slow to materialize, with downstream buyers only restocking on rigid demand and showing insufficient willingness to stockpile. Costs and supply contraction provided a floor underneath, but demand showed no significant release, leaving the market stuck between gains and losses. In the short term, the market is expected to remain in a stagnant consolidation.

[SMM Titanium Weekly Review: Peak-Season Expectations Not Yet Effectively Realised, Titanium Industry Chain Trends Diverge and Wrestle] This week, China's titanium industry chain showed a pattern of weak upstream pressure, stagnant midstream consolidation, and structural downstream divergence. Cost transmission across the chain was sluggish, and peak-season expectations have not yet materialised. Upstream titanium concentrates remained at low levels, imported ore declined, and new supply from Xinjiang increased domestic availability. Mine profits were thin, leaving limited downside room for prices. Titanium slag operating rates stayed low, enterprises were loss-making, and market trading was sluggish. Midstream titanium dioxide was in the doldrums and stagnant, with stable operating rates and new capacity being released. Inventory diverged, and some enterprises offered concessions to destock. The expiry of phosphate fertiliser export controls raised expectations of higher sulphuric acid costs, but weaker titanium concentrates undermined raw material support. Demand from real estate and coatings was sluggish, and price adjustments were mostly for order repairs, with insufficient actual follow-through, leaving the market stuck between upward and downward pressures. Downstream titanium sponge was suppressed by high capacity, with only rigid demand transactions. Titanium materials polarised: civil demand was sluggish, while high-end orders from aerospace and defence were ample. Titanium sponge costs formed a bottom support, and divergent trends across segments dominated short-term market movements.

China sulphuric acid index falls for nine consecutive weeks with a widening decline; sulphur domestic trade rebounds from lows, while sulphuric acid outside China stops falling and stabilizes [SMM Sulphuric Acid Weekly Review]