Weak demand, titanium dioxide market was in the doldrums this week [SMM Titanium Weekly Review]

This week, the overall market price of titanium dioxide remained stable, but downstream demand continued to slump, resulting in insufficient market activity. Affected by this, some titanium dioxide enterprises have successively reduced or suspended production, with the industry's operating rate dropping to around 80%. Some enterprises are still in a wait-and-see mode, formulating maintenance plans, and market expectations are relatively cautious.​

In addition to supply-side fluctuations, the international trade environment has also brought new challenges to the industry. On May 10, the Department of Revenue under India's Ministry of Finance issued Notification No. 12/2025-Customs (ADD), officially adopting the final anti-dumping recommendation made by India's Ministry of Commerce and Industry on February 12, 2025, regarding titanium dioxide produced in China. It decided to impose anti-dumping duties ranging from 460 to 681 US dollars per mt on relevant products, with a validity period of up to five years. According to customs data, from January to March 2025, China's total exports of titanium dioxide to India reached 97,600 mt, surging by 50.46% YoY. After the implementation of this policy, export pressure will further intensify.​

SMM analyzed that the low prices of raw materials provided bottom support for the titanium dioxide market. However, considering that there has been no significant improvement in the demand side for titanium dioxide and the current market prices of titanium dioxide are relatively chaotic, it is expected that buyers and sellers will remain in a bargaining phase in the short term, with titanium dioxide prices in the doldrums.​