Domestic Trade Demand Remains Weak, Titanium Dioxide Prices Fluctuate Downward [SMM Analysis]

This week, the titanium dioxide market prices remained relatively stable overall. Currently, the price of sulphuric acid process rutile titanium dioxide is quoted at 14,000-14,900 yuan/mt, while anatase titanium dioxide is quoted at 12,500-13,000 yuan/mt.

In terms of raw materials: Panzhihua Iron and Steel Group has suspended external shipments of raw ore, leading to an increasingly tight supply of Sinomine Resource Group in the market. Many gravity beneficiation plants have been forced to halt operations for maintenance due to this impact, and the availability of concentrate resources in the market has also begun to shrink. It is expected that titanium ore prices will remain stable in the future.

In the foreign trade market: According to customs data, from January to November 2024, China's titanium dioxide exports reached 149,300 mt, down 3.23% MoM and up 19.54% YoY. During the same period, China's cumulative titanium dioxide exports totaled approximately 1.7433 million mt, up 16.35% YoY.

As the year-end approaches, affected by high raw material prices and sluggish sales of finished products, some titanium dioxide factories plan to suspend production. The titanium dioxide market is showing a trend where some enterprises are halting production and increasing destocking efforts. However, considering that the overseas market is entering the pre-holiday stockpiling period, it is expected that the export market will still mitigate the impact of declining domestic demand. SMM expects titanium dioxide prices to continue to be negotiated on a case-by-case basis, with the overall market showing a stable yet slightly weak operating trend.