Double constraints from raw materials and demand: titanium dioxide market remains weak [SMM Spot Titanium Cargo Report]

[SMM Titanium Spot Express: Titanium Dioxide Market Remains in the Doldrums, Supply Divergence Persists as Prices Creep Upward Slowly] On September 2, the SMM titanium dioxide index stood at 14,080 yuan/mt, with quotes for all grades unchanged. Supply-side cargo divergence was evident in the market, with some enterprises offering discounts to move inventory. Downstream demand remained weak with no concentrated restocking yet, and the effectiveness of price adjustments still needs to be verified. In the short term, prices are expected to consolidate.

【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