Titanium Industry Chain Prices Diverged This Week, Titanium Dioxide Prices Rose With Inventory Relief, Multiple Sectors Expected to Gradually Recover in September [SMM Titanium Weekly Review]

This week, the titanium market showed minor fluctuations, with the trend awaiting a September restart:

Titanium Concentrate

This week, domestic titanium concentrate (TiO2≥46%) was quoted at 1,680-1,750 yuan/mt, averaging 1,715 yuan/mt, while TiO2≥47% specifications were quoted at 1,950-2,100 yuan/mt, averaging 2,025 yuan/mt, with prices flat WoW.

Domestic titanium concentrate prices remained stable overall this week. Due to weak downstream production, the off-season for titanium concentrate this year extended by 1-2 months compared to previous years. Currently, the market shows strong reluctance to let prices fall further, and with demand expected to recover in September, ore prices are anticipated to rise slightly, while imported ore prices may also rebound.

Titanium Dioxide

This week, domestic titanium dioxide prices were quoted as follows: anatase titanium dioxide at 11,500-11,800 yuan/mt, averaging 11,650 yuan/mt; rutile titanium dioxide at 12,600-13,200 yuan/mt, averaging 12,900 yuan/mt; and chloride-process titanium dioxide at 14,300-15,300 yuan/mt, averaging 14,800 yuan/mt.

Anatase titanium dioxide led the price increase this week, rising by 200 yuan/mt, followed by rutile titanium dioxide with a 250 yuan/mt hike, while chloride-process prices remained flat WoW. Influenced by leading enterprises' price adjustments and new order signings, the titanium dioxide market generally followed the upward trend. However, downstream demand has not fully recovered, and just-in-time procurement is expected to gradually pick up in September. According to SMM statistics, China's titanium dioxide production in August 2025 fell 2.10% MoM, while inventories decreased by 1.21%. The effects of earlier production cuts are gradually becoming evident, significantly easing inventory pressure for producers. Coupled with sustained downstream demand recovery, titanium dioxide prices stopped falling and stabilized. Looking ahead to September, as just-in-time procurement further resumes, titanium dioxide prices are expected to enter a steady upward trajectory.

Titanium Slag

This week, acid-soluble titanium slag (Sichuan) was quoted at 5,820-5,845 yuan/mt, while mainstream quotations for standard 90 titanium slag stood at 6,300-6,500 yuan/mt, unchanged from the previous working day.

Titanium slag prices remained in the doldrums this week. In August, the tender price for high-titanium slag in north China was 5,850 yuan/mt, down 450 yuan/mt from earlier levels, with no new tender launched yet. Supply side, downstream titanium dioxide producers showed reluctance to budge on prices, while titanium slag producers mostly adopted a wait-and-see approach. Demand side, limited downstream procurement made it difficult to move titanium slag products. Given persistently firm prices of raw and auxiliary materials, titanium slag producers face significant cost pressure, and the high-titanium slag market is expected to maintain weak stability in the short term.

Sponge Titanium

This week, Grade 0 sponge titanium was quoted at 50,000-51,000 yuan/mt, averaging 50,500 yuan/mt, while Grade 1 sponge titanium was quoted at 48,000-50,000 yuan/mt, averaging 49,000 yuan/mt. Prices stabilized after a slight decline last week.

This month, in the sponge titanium market, some companies actively responded to the national "anti-rat race" policy by implementing production cuts, with planned reductions reaching 30%, aiming to proactively control market capacity. Another key factor was the significant expansion of sponge titanium capacity in the earlier period, which led to downstream demand struggling to absorb the surplus supply, pushing market prices into a downward trend. According to SMM survey data, the actual production cuts this month were slightly lower than the announced plans, with China's sponge titanium output dropping 9.39% MoM. This phenomenon primarily stemmed from the multifaceted cost-side adjustments involved in the production cuts, as the implementation and transmission of related measures require a certain period and cannot be fully realized immediately. However, it is noteworthy that the decline in sponge titanium prices this month has gradually moderated. Based on the current market situation, sponge titanium prices are expected to remain low in September.

Titanium Products

This week, TA1 titanium ingot prices stood at 54-55 yuan/kg, TA2 titanium ingot at 53-54 yuan/kg, and TC4 at 61-63 yuan/kg. Hot-rolled titanium plates (3-8mm) were quoted at 60-61 yuan/kg, titanium welded pipes at 115-125 yuan/kg, pure titanium bars at 95-105 yuan/kg, and pure alloy bars at 120-130 yuan/kg.

The titanium metal market continued its sluggish trend this week, with the overall titanium products sector remaining in a downward trajectory. Spot trading activity remained sluggish, and market procurement demand was primarily driven by rigid replenishment, with no substantial increase observed. Affected by the off-season, the weak demand fundamentals have yet to improve, and future price fluctuations will largely depend on the follow-through of actual transactions. If trading remains weak, prices may face further pressure.

Weekly Summary

This week, prices across the titanium industry chain diverged, showing a pattern of "partial stabilization and localized follow-up increases." Domestic mainstream titanium concentrate quotations held steady from last week, with a strong willingness to halt declines. Anatase and rutile titanium dioxide prices rose by 200 yuan/mt and 250 yuan/mt, respectively, while chloride-process prices remained stable, and company inventories eased due to earlier production cuts. Titanium slag prices were unchanged, but northern high-titanium slag tender prices dropped by 450 yuan/mt earlier, leaving most manufacturers in a wait-and-see mode. Sponge titanium prices stabilized after a slight earlier decline, with some companies initiating production cuts. Titanium product prices remained stable, but spot trading was sluggish, with procurement driven mainly by rigid demand.

Looking ahead to September, the titanium industry chain may see "gradual recovery with continued divergence." Titanium concentrate prices may rise slightly as demand recovers, with imported ore following suit. Titanium dioxide prices are expected to climb steadily, supported by leading companies' price adjustments and the release of rigid demand. Titanium slag is likely to remain weak but stable in the short term, pending demand improvements. Sponge titanium price declines have moderated but are expected to stay low in September. Titanium product demand remains weak in the near term, with price fluctuations still tied to transaction volumes, and recovery is expected to lag behind upstream sectors.