Titanium concentrates
This week, domestic titanium concentrates (TiO2≥46%) were quoted at 1,150-1,200 yuan/mt, averaging 1,175 yuan/mt, while TiO2≥47% material was quoted at 1,250-1,300 yuan/mt, averaging 1,275 yuan/mt. Mozambique-origin TiO2≥46% titanium concentrates were quoted at 1,100-1,200 yuan/mt, averaging 1,150 yuan/mt; Nigeria-origin TiO2≥50% titanium concentrates were quoted at 1,250-1,350 yuan/mt, averaging 1,300 yuan/mt; Australia-origin TiO2≥50% titanium concentrates were quoted at 1,300-1,350 yuan/mt, averaging 1,325 yuan/mt. Imported titanium concentrate prices edged down this week.
The titanium concentrate market was broadly in the doldrums this week, with the core logic still being oversupply compounded by weak demand. On the supply side, domestic titanium concentrate growth was released, and low-priced cargoes continued to hit the market. Although suspended mines have not yet resumed production amid the downturn, high imported ore inventories, coupled with persistent low-priced transactions, kept the market under pressure. On the demand side, downstream titanium dioxide enterprises showed insufficient willingness to procure and stockpile, with pronounced push for lower prices, leaving overall market transactions sluggish. In the short term, under the dual pressure of high inventories and weak demand, titanium concentrate prices are likely to remain under pressure.
Titanium dioxide
This week, anatase titanium dioxide quotations closed at 12,000-13,000 yuan/mt, averaging 12,500 yuan/mt; rutile titanium dioxide quotations closed at 12,500-14,800 yuan/mt, averaging 13,650 yuan/mt; chloride-process titanium dioxide prices closed at 15,300-16,800 yuan/mt. Prices for all titanium dioxide types were flat WoW.
The titanium dioxide market held steady this week. On the supply side, improved September orders and market expectations jointly drove some titanium dioxide producers to resume or increase production, with most enterprises maintaining normal operations. On the raw material side, titanium concentrates were weak, while sulphuric acid showed divergent trends due to supply tightness in some regions—prices edged up in a few provinces but continued to fall in others—leaving overall raw material support limited. On the demand side, earlier order-taking was favorable, and most producers destocked and produced against backlogs, but the actual "October peak season" effect did not materialize. Downstream enterprises remained largely wait-and-see, with few new orders and mostly order-by-order pricing, leaving actual transaction prices weak and pressure intact. In the short term, absent a clear and sustained release of demand, the titanium dioxide market is expected to remain in the doldrums.
Titanium slag
This week, acid-soluble titanium slag (Sichuan) was quoted at 3,600-3,800 yuan/mt; mainstream quotations for ordinary 90 titanium slag were 5,200-5,400 yuan/mt.
The titanium slag market continued to consolidate on a weak note this week. On the cost side, although raw material prices pulled back somewhat, enterprises' earlier high-priced inventories have not yet been cleared, and selling prices remain below costs, leaving the industry's loss-making pattern unrepaired. As a result, production enthusiasm was insufficient, operating rates stayed low, and the pace of new capacity additions slowed accordingly. The demand side also lacked incremental drivers, with downstream users making just-in-time procurement, showing weak willingness to chase rising prices, and actual transactions remaining sluggish. Currently, supply contraction provides some floor support for prices, but weak demand caps upside, with bullish and bearish forces roughly offsetting each other. In the short term, before cost-price inversions and weakening demand improve materially, titanium slag prices are expected to consolidate on a weak note, with attention needed on the extent of raw material price concessions and marginal changes in downstream demand.
Titanium sponge
This week, grade 0 titanium sponge was quoted at 44,000-45,000 yuan/mt, averaging 44,500 yuan/mt; grade 0 titanium sponge FOB averaged $6,800/mt; grade 1 titanium sponge was quoted at 43,000-44,000 yuan/mt, averaging 43,500 yuan/mt; grade 2 titanium sponge was quoted at 42,000-43,000 yuan/mt, averaging 42,500 yuan/mt.
The titanium sponge market showed a weak-but-stable trend this week. On the supply side, new capacity at titanium enterprises was gradually released, and previously idled maintenance units resumed production one after another, with market production continuing to increase and supply pressure mounting. On the demand side, downstream procurement pace was slow, with evident push for lower prices, and low-priced cargoes kept leaking into the market and disrupting sentiment, though overall transactions were thin. The supply-demand pattern has yet to improve significantly, and the titanium sponge market is expected to remain in the doldrums in the short term.
Titanium materials
This week, TA1 titanium ingot prices were 55-57 yuan/kg, TA2 titanium ingot prices were 54-55 yuan/kg, and TC4 prices were 64-66 yuan/kg. Hot-rolled titanium plate (3-8mm) was quoted at 64-68 yuan/kg, titanium welded pipe at 105-110 yuan/kg, pure titanium bar at 105-110 yuan/kg, and pure alloy bar at 120-125 yuan/kg.
The titanium materials market currently shows a clear divergence between hot and cold segments. The "September peak season" expectations fell through, and overall demand remained sluggish. On the civilian side, off-season characteristics were pronounced, with downstream users only making just-in-time small-batch restocking. Homogeneous competition in low-end products intensified, and producers competed on price to move shipments, highlighting oversupply pressure. The high-end segment moved relatively independently, with aerospace and military industries maintaining high prosperity. Top-tier players had full order books for aerospace-grade titanium materials, and high-end supply was generally tight. The current surplus in civilian products and shortage in high-end products is a structural capacity issue that is difficult to self-correct in the short term, while high-end tightness is reflected more in orders and capacity levels, providing limited boost to overall titanium material prices. On the cost side, upstream titanium sponge prices have approached the cost line, narrowing further downside room and providing staged bottom support for titanium materials—but cost floors can only curb declines, not generate upward momentum. Overall, titanium material prices are expected to remain at low levels in the short term, with attention needed on the pace of low-end capacity rationalization and the spillover of aerospace orders to mid-end grades.
Weekly summary
The titanium market was broadly in the doldrums this week. Titanium concentrate supply was ample, with domestic growth compounded by high imported inventories, low-priced cargoes weighing on the market, downstream users pushing for lower prices, and ore prices under pressure. Titanium dioxide held steady, with improved September orders driving production resumptions, but the "October peak season" did not materialize, new orders were few, transactions were weak, and raw material support was limited. Titanium slag consolidated on a weak note, with cost-price inversions unchanged, low operating rates, downstream just-in-time procurement, and supply contraction providing a floor but no upward momentum. Titanium sponge was weak but stable, with new capacity release compounded by maintenance-driven production resumptions, heavy supply pressure, downstream push for lower prices, and thin transactions. Titanium materials showed hot-cold divergence, with sluggish civilian demand and fierce price competition, while aerospace and military orders were full but provided limited boost. Overall, end-use demand has not fully recovered, and the market is expected to remain divergent and weak-but-stable in the short term, with attention on post-holiday restocking and low-end capacity rationalization.
Outlook
The titanium market is expected to remain in the doldrums in the short term. On the raw material side, titanium concentrates remain under pressure from inventories and supply, with persistent low-priced transactions continuously dragging down the transaction center, and upstream raw material cost support is weak. Titanium dioxide producers' order-taking has pulled back from earlier levels, downstream procurement and stockpiling willingness has weakened, and the earlier concentrated delivery of orders may have front-loaded demand, so caution is still needed regarding any rebound. The titanium sponge market is similarly constrained by the supply-demand pattern, with no clear signs of recovery yet. Overall, the titanium market is expected to continue its weak-but-stable trend in the short term.
