SMM analysis on China June ammonium paratungstate (APT) output and July forecast

[Cost Support Lifts Magnesium Ingot Quotations; Weak Demand in Domestic and Overseas Markets May Keep Prices Consolidating] Mainstream quotations for magnesium ingot in Fugu stand at 16,050-16,150 yuan/mt, with FOB prices at $2,280-2,380/mt. Domestic producers are actively holding prices firm on cost support, but downstream purchases remain cautious and high-price deals are hard to close. The overseas market is rising passively in tandem with China without any substantial improvement in ex-China demand. Magnesium prices are likely to consolidate within a range in the short term.

【SMM Titanium Flash】In August 2026, domestic titanium dioxide (TiO2) production in China saw a slight month-on-month (MoM) increase of 0.3%. However, manufacturers simultaneously accumulated inventories, resulting in a MoM growth of 0.34%. Regarding prices, TiO2 prices generally declined weakly in August. As of August 31, the average price of rutile-type TiO2 settled at 13,650 yuan/ton (down 6.5% month-on-month), the average price of anatase-type TiO2 was 12,500 yuan/ton (down 7.4% month-on-month), and the average price of chlorination-process TiO2 was 16,150 yuan/ton (down 0.62% month-on-month). The TiO2 market remained generally weak in August, with the price center of gravity continuing to shift downward. The monthly production reached 339,700 tons, a MoM increase of 0.3%, primarily due to the resumption of supply from enterprises that had previously suspended or reduced production, exerting incremental pressure on the market. Simultaneously, some enterprises chose to suspend production for maintenance to cope with uncertainties, resulting in a differentiated supply side. Leading enterprises and those with high-quality downstream customer resources maintained a relatively good balance between production and sales. However, many enterprises faced significant production and sales pressures. Considering market share capture, capital recovery, and fixed cost dilution, they did not actively limit production and continued to maintain operations