[SMM Titanium Weekly: Titanium Dioxide Leads the Gains, Sponge Titanium Under Pressure, Overall Demand Awaits Realization in September Peak Season] This week, the titanium industry chain showed a divergent trend. Upstream titanium concentrate, driven by downstream titanium dioxide, edged up slightly with offers rising by 5 yuan/mt, and market sentiment was generally stable with a slight rise. Titanium dioxide rose sharply boosted by multiple factors, with sulphuric acid process products posting significant gains. Low enterprise inventory and sudden supply tightening both domestically and overseas jointly pushed up price expectations, and some enterprises have issued second price adjustment notices. However, midstream and downstream products performed weakly: titanium slag remained weak due to high costs and sluggish demand, with tender prices down MoM; sponge titanium offers fell by 1,000 yuan/mt as the weak supply-demand pattern persisted, production cuts have yet to take effect, and September peak season demand fell short of expectations; the titanium materials market was generally stable but transactions were sluggish, with downstream mostly purchasing as needed, and although prices were supported by costs, they struggled to break upward. Overall, the market remains in a structure of "strong raw materials, weak processing," and the extent to which actual September peak season demand materializes will be key to the subsequent trend.

[SMM Titanium Spot Market Update: Tight Supply and Cost Support Underpin Titanium Dioxide Price Hikes, Awaiting Demand Verification] SMM, September 16 – The titanium dioxide market showed signs of recovery. Mainstream quotations for rutile titanium dioxide were 12,800–13,200 yuan/mt, with FOB export prices at $1,860/mt; anatase titanium dioxide was quoted at 11,500–11,800 yuan/mt; and chloride process titanium dioxide was quoted at 14,500–15,500 yuan/mt, with FOB export prices at $2,100/mt.

[SMM Titanium Weekly: Northern Titanium Slag Tender Prices Continue to Decline, Titanium Market Remains Stable Overall] This week, domestic titanium industry chain prices were generally stable, with some regional divergence. The titanium concentrate market operated steadily; although imported ore prices showed some divergence, they were basically flat overall 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. Among these, the sulfuric acid method remained firm with strong bullish sentiment, supported by production line shutdowns at leading enterprises and high sulfuric acid prices; the chloride method only achieved stabilization after stopping declines, due to high inventory and sluggish exports. The titanium slag market continued to be weak in some areas, with enterprise quotations declining in certain regions, increasing pressure on manufacturers' losses, and insufficient follow-through in transactions; prices for some specifications of titanium slag remained stable. Sponge titanium prices were generally stable industry-wide, with production cuts to address capacity pressure, but raw material cost support was relatively weak. The titanium materials market continued in the doldrums, with sluggish trading activity on the spot side, low market activity, and procurement primarily focused on short-term rigid replenishment.

[SMM Titanium Spot Market Update: Supply Disruptions Boost Titanium Dioxide Strength, Sponge Titanium Maintains Weak Balance] This week, the titanium market showed a divergent pattern of "strong titanium dioxide, stable sponge titanium." For titanium dioxide, supported by unexpected production halts at major enterprises and high sulfuric acid costs, sulfuric acid-based titanium dioxide prices rose steadily, with market sentiment turning bullish, and subsequent demand is expected to recover. Sponge titanium, however, remained stable overall due to weak supply and demand and insufficient cost support, continuing its rangebound fluctuating trend. As of this week, the average price of anatase titanium dioxide was 11,650 yuan/mt, and rutile titanium dioxide averaged 13,000 yuan/mt; grade 0 sponge titanium averaged 50,500 yuan/mt, while grade 1 averaged 49,000 yuan/mt.

[SMM Titanium Spot Market Update: Sulphuric Acid Cost Drives Titanium Dioxide Prices to Continue Rising] Today, domestic titanium dioxide prices rose across the board, with rutile-type quotations at 12,600-13,200 yuan/mt and chloride-process quotations at 14,500-15,500 yuan/mt. The FOB export averages were $1,850/mt and $2,090/mt, respectively. High sulphuric acid prices on the cost side continued to support sulphate-process titanium dioxide producers' refusal to budge on prices, while coatings exhibitions boosted expectations of a September demand recovery. Coupled with sustained inventory drawdowns, market bullish sentiment strengthened. Recently, LB Group's Xiangyang Titanium Industry suspended 150,000 mt of capacity due to a safety incident, further tightening short-term supply and pushing prices higher. Titanium dioxide prices are expected to have further upside potential in September.

[SMM Titanium Spot Market Update: Demand Under Pressure Awaiting New Round of Titanium Slag Tender Prices] SMM reported on September 8 that the mainstream quotations for standard 90 titanium slag remained flat from the previous working day at 6,300-6,500 yuan/mt.

[SMM Titanium Weekly: Domestic Demand Stabilizes While Export Pressure Awaits Breakthrough] This week, the titanium industry chain exhibited a "domestic stability with external weakness, divergent operation" pattern. Titanium concentrate prices held steady, benefiting from stockpiling demand during the September peak season, with the market generally stable with slight rise. Domestic titanium dioxide prices rose by 200-250 yuan/mt, but exports remained under pressure, especially for chloride-process products where inventory pressure was prominent. Future trends will depend on order intake and destocking progress. High-titanium slag tenders are about to commence, with prices weakly stabilized by cost support. Sponge titanium faced severe inventory buildup in the civilian sector, and the effectiveness of production cuts remains to be verified, with actual demand still reliant on titanium product recovery. The titanium product market continued sluggish, dominated by just-in-time procurement, with no signs of demand recovery yet. Overall, domestic policies and peak season expectations provided some psychological support to the market, but tangible transaction recovery still requires substantive downstream demand release.

[SMM Titanium Spot Market Update: Minor Price Increase in Titanium Dioxide Market, Future Trend Awaits Demand Test] SMM, September 4 - The mainstream quotation range for rutile titanium dioxide stood at 12,600-13,200 yuan/mt, with the average FOB export price at $1,850/mt. Anatase titanium dioxide was quoted at 11,500-11,800 yuan/mt, while chloride-process titanium dioxide was priced at 14,500-15,500 yuan/mt, with an average FOB export price of $2,090/mt. In early September, the domestic titanium dioxide market witnessed a minor price increase, with product prices across all lines rising by approximately 200-250 yuan/mt. However, the export dollar quotations did not follow suit, remaining generally stable, closely linked to intense international market competition and the ongoing pressure from anti-dumping policies in various countries.

According to SMM data and market research, the titanium market showed a differentiated trend in August. For titanium dioxide, prices first declined and then rose. In the middle of the month, many enterprises announced a price increase of 500 yuan/ton for domestic sales and 70 US dollars/ton for exports, with actual transactions steadily picking up at the end of the month. Both output (326,700 tons) and inventory (388,800 tons) decreased month-on-month, as the effects of previous production cuts and inventory destocking became apparent, stabilizing the market's downward trend. Sponge titanium, however, continued to consolidate at low levels. Major enterprises responded to the "anti-involution" policy by announcing a 30% production cut, leading to a 9.39% month-on-month drop in output to 20,900 tons. The decline in sponge titanium prices has eased, but weak demand and high inventory have restricted its rebound. On the export front, titanium dioxide saw a 7.14% year-on-year decrease in cumulative exports, while sponge titanium's export scale remained limited but recorded a 31.59% year-on-year growth in cumulative volume. Both were affected by shrinking overseas demand and the summer break. The market generally expects the traditional peak season in September to drive demand release.

[SMM Titanium Weekly Review: Divergent Price Trends Across Titanium Industry Chain This Week, Titanium Dioxide Prices Rise With Inventory Relief, Multiple Sectors Expected to Gradually Recover in September] This week witnessed divergent price movements across the titanium industry chain, characterized by "partial stabilization with selective follow-up increases." Domestic mainstream titanium concentrate quotations remained unchanged from the previous week, reflecting strong market resistance to further declines. Titanium dioxide prices increased by 200 yuan/mt for anatase grade and 250 yuan/mt for rutile grade, while chloride-process prices held steady, with enterprise inventories alleviated by prior production cuts. Titanium slag prices were flat, though northern high-titanium slag tender prices dropped 450 yuan/mt earlier, leaving most manufacturers in wait-and-see mode. Sponge titanium stabilized after minor earlier reductions, with some producers initiating output cuts. Titanium material prices stayed unchanged, with spot transactions sluggish and procurement primarily driven by rigid demand.