Northern Titanium Slag Tender Prices Continue to Decline, Titanium Market Remains Stable Overall [SMM Titanium Weekly Review]

Titanium Concentrate

This week, domestic titanium concentrate (TiO2≥46%) mainstream quotations were 1,680-1,760 yuan/mt, with an average price of 1,720 yuan/mt; for the TiO2≥47% specification, quotations were 1,950-2,100 yuan/mt, with an average price of 2,025 yuan/mt, prices were basically flat WoW.

The titanium ore market remained generally stable this week. Imported ore prices currently showed a divergent trend, but overall were basically flat with domestic ore prices. Downstream demand in China has potential room for growth. Against the backdrop of stable ore supply, prices are expected to recover further.

Titanium Dioxide

This week, domestic titanium dioxide market prices: anatase titanium dioxide quotations were 11,500-11,800 yuan/mt, with an average price of 11,650 yuan/mt; rutile titanium dioxide quotations were 12,800-13,200 yuan/mt, with an average price of 13,000 yuan/mt; chloride process titanium dioxide domestic quotations were 14,500-15,500 yuan/mt, with an average price of 15,000 yuan/mt.

Titanium dioxide market prices rose slightly overall this week. Market acceptance of previous price adjustments improved, and transaction prices gradually rose. Specifically: For the sulphate process, a safety incident occurred this week at a sulphuric acid production line of a leading enterprise, which has now been completely shut down for maintenance. The annual capacity of this plant is about 150,000 mt. Against the backdrop of ongoing industry-wide production cuts, this incident is expected to lead to a significant reduction in national sulphate process titanium dioxide production this month. Coupled with high sulphuric acid prices, which further strengthen cost support, sulphate process titanium dioxide prices are expected to remain firm. As demand is expected to recover further by month-end September, market bullish sentiment has strengthened. For the chloride process, domestic inventory remains high, overcapacity issues have not yet eased, and exports are sluggish, leading to overall stable prices; currently, prices have only stopped falling and stabilized, with no clear upward trend yet.

Titanium Slag

This week, acid-soluble titanium slag (Sichuan) quotations were 5,820-5,845 yuan/mt; mainstream quotations for standard 90 titanium slag were 6,300-6,500 yuan/mt, flat compared to the previous working day.

The high titanium slag market continued weak recently. Tender prices from northern enterprises fell to 5,650 yuan/mt, down 200 yuan from August. Losses for titanium slag producers widened, transaction follow-up was insufficient, and coupled with weak downstream demand, the short-term market is unlikely to improve.

Sponge Titanium

This week, Grade 0 sponge titanium quotations were 50,000-51,000 yuan/mt, with an average price of 50,500 yuan/mt; Grade 1 sponge titanium 48,000-50,000 yuan/mt, average 49,000 yuan/mt; Grade 2 sponge titanium 47,000-48,000 yuan/mt, average 47,500 yuan/mt; prices remained stable.

Sponge titanium market prices remained generally stable this week. Supply side, the industry continued production cuts to address pressure from previous rapid capacity expansion, leading to a contraction in production; meanwhile, raw material titanium slag prices continued their downward trend, resulting in weak cost support. Demand side, the downstream titanium materials market remained sluggish. Although demand has been gradually released since September, the overall market is still characterized by weak supply and demand. Overall, sponge titanium prices are expected to continue fluctuating rangebound.

Titanium Materials

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

This week, the domestic titanium metal materials market continued its weak trend, with the industry still in a downward trajectory. Spot cargo trading remained sluggish, market activity stayed low, and interaction between sellers and buyers was insufficient. Buyers adopted a cautious approach, mainly making purchases based on immediate needs, with only rigid procurement for short-term production demands. There was a lack of large-scale, sustained procurement plans, and no substantial increase in demand emerged, making a significant boost unlikely in the short term.

Weekly Summary

This week, prices in the domestic titanium industry chain were generally stable, with some divergence in certain segments. The titanium concentrate market operated steadily; although imported ore prices showed some variation, they were basically flat compared to domestic ore prices. The titanium dioxide market rose slightly, with improved acceptance of previous price adjustments and a gradual upward trend in transaction prices. The sulfuric acid method, supported by production halts at leading enterprises and high sulfuric acid prices, remained firm with strong bullish sentiment. The chloride method, however, only stabilized after stopping declines due to high inventory and poor export performance. Part of the titanium slag market continued weak, with price declines in some regions, increased losses for manufacturers, and insufficient transaction follow-through; some specifications of titanium slag prices remained stable. Sponge titanium prices were generally stable, as the industry implemented production cuts to address capacity pressure, but raw material cost support was weak. The titanium materials market continued weak, with sluggish spot cargo trading, low market activity, and buyers focusing on short-term rigid replenishment.

In the short term, titanium concentrate prices are expected to recover further, supported by potential growth in downstream demand and stable ore supply. The titanium dioxide market may show divergence: the sulfuric acid method, influenced by reduced capacity, cost support, and expected demand recovery, will remain firm; the chloride method, due to high inventory, overcapacity, and export issues, is unlikely to see significant rises shortly. The titanium slag market faces challenges in improvement due to expanding manufacturer losses, weak downstream demand, and competition from other titanium-rich materials. Sponge titanium prices will continue fluctuating rangebound amid weak supply and demand. The titanium materials market, lacking large-scale sustained procurement and substantial demand increases, will remain in the doldrums with little prospect of a significant boost.