【Mise à jour éclair du marché du tungstène】

[SMM Titanium Weekly Review: Titanium Dioxide Showed Signs of Recovery; Diverging Strength Across the Titanium Industry Chain Market This Week] This week, the titanium industry chain in China showed pronounced structural divergence, with the tug-of-war between sellers and buyers across upstream and downstream segments intensifying and cost pass-through facing obstacles. Overall, the sector was characterized by a combination of weak recovery and localized strong support. Trading in upstream titanium ore and titanium slag was sluggish. Downstream processing enterprises tightly controlled costs, with procurement consistently maintained at a pace driven by rigid demand. Coupled with inventory at high levels across the industry, the raw material end remained under pressure, enterprises’ willingness to operate stayed weak, capacity release was constrained, and the supply-demand imbalance continued to stand out. In the midstream titanium dioxide segment, pressure from elevated costs of raw materials and energy sharply increased production-side strain. Enterprises held prices firm and showed a strong willingness to sell, and while domestic trade demand did not see a noticeable increase in volume—relying only on rigid-demand support—overseas markets still demonstrated a certain degree of resilience, leaving the overall market running relatively strong. The downstream sponge titanium and titanium products segments performed impressively: sponge titanium inventories remained low, and, together with robust downstream restocking demand, top-tier enterprises proactively adjusted prices, with enterprises showing strong confidence in holding prices firm. The titanium products market saw stable supply and demand: the supply-side operating rate was steady, while demand-side differentiation was evident. Civilian applications were mainly driven by rigid-demand restocking, while orders in high-end fields such as aerospace and military industries were steady. The market recovered steadily, and differences in the pace across segments of the industry chain also set the tone for subsequent market dynamics.

Cette semaine, le marché intérieur chinois des matériaux de batteries à base de manganèse a affiché une évolution différenciée. Le prix du tétroxyde de manganèse de qualité batterie a légèrement reculé, celui du dioxyde de manganèse électrolytique a légèrement augmenté, et le manganate de lithium a maintenu un faible équilibre entre l’offre et la demande.

Contrairement aux baisses de prix habituellement observées pendant la basse saison traditionnelle de la Fête du Printemps, de janvier à février les années précédentes, le marché intérieur chinois du sulfate de manganèse a récemment connu une hausse autonome, affichant une « forte performance en basse saison », les prix progressant régulièrement tout au long de la période.