According to SMM data, China's titanium dioxide production in May 2024 was 405,000 mt, down 7.3% MoM.
In May, titanium dioxide production saw both increases and decreases. As the industry entered its traditional off-season, the shipment pace of titanium dioxide producers gradually slowed, leading to a significant increase in inventory pressure. Some titanium dioxide producers began maintenance due to inventory and cost pressures. The increase in titanium dioxide production in May was due to two main reasons: first, producers that had previously halted production for environmental reasons resumed production; second, new capacity increased.
As the titanium dioxide market was affected by the sentiment of "buying on the rise and not on the fall," downstream procurement slowed. Major titanium dioxide producers are gradually accumulating inventory, and producers all have a certain level of stock. In the short term, the orders on hand support the current titanium dioxide prices, leading prices to plateau. However, downstream producers are increasingly adopting a wait-and-see attitude, even delaying purchases. Under inventory pressure, titanium dioxide producers may make concessions. Affected by the high costs of titanium raw materials, they may consider maintenance to alleviate inventory pressure. SMM expects titanium dioxide production in June to remain at 370,000 mt.
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