Titanium Market Sees Intensified Structural Divergence: Upper Segment Stable, Middle Segment Strong, Lower Segment Weak [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; the TiO2≥47% specification was quoted at 1,950-2,100 yuan/mt, averaging 2,025 yuan/mt.

The titanium concentrate market continued its stable trend this week. Supported by the traditional peak demand season in September, domestic ore producers maintained firm quotations, coupled with stable downstream demand, collectively reinforcing the market fundamentals.

Titanium Dioxide

This week, domestic titanium dioxide prices were as follows: anatase titanium dioxide was quoted at 11,700-12,000 yuan/mt, averaging 11,850 yuan/mt; rutile titanium dioxide was quoted at 12,800-13,400 yuan/mt, averaging 13,100 yuan/mt; and chloride process titanium dioxide domestic quotations were 14,700-15,700 yuan/mt, averaging 15,200 yuan/mt.

The titanium dioxide market remained firm this week. Benefiting from the demand recovery during the September peak season, most producers reported good order signing, generally operating at near full capacity with low inventory. As market capacity gradually recovered, spot supply remained tight, and by month-end, mainstream producers' quotations had risen to the 13,200-13,400 yuan/mt range. Notably, the growth momentum this month primarily came from the export side, with strong overseas orders. This price trend is expected to continue until mid-October. Looking ahead to Q4, with domestic demand still weak, titanium dioxide prices may face downward pressure.

Titanium Slag

This week, acid-soluble titanium slag (Sichuan) was quoted at 5,820-5,845 yuan/mt; mainstream quotations for standard 90 titanium slag were 5,500-5,600 yuan/mt.

The high titanium slag market continued its weak pattern recently. At the beginning of the month, the tender price from northern enterprises had fallen to 5,650 yuan/mt, down 200 yuan MoM. The market is currently squeezed by both high costs and weak demand. Upstream raw and auxiliary material costs continued to fluctuate at highs, significantly increasing pressure on the production side, while downstream demand remained persistently weak, failing to provide effective support. Under the weak supply-demand fundamentals, producers generally faced operational difficulties, and the high titanium slag market overall continued to be in the doldrums.

Sponge Titanium

This week, Grade 0 sponge titanium was quoted at 49,000-50,000 yuan/mt, averaging 49,500 yuan/mt; Grade 1 sponge titanium was 48,000-50,000 yuan/mt, averaging 49,000 yuan/mt; Grade 2 sponge titanium was 47,000-48,000 yuan/mt, averaging 47,500 yuan/mt, with prices maintaining stability.

The sponge titanium market continued its weakness this week, with prices under pressure. The pressure mainly stems from the ongoing softness in the downstream general titanium materials market, while stable demand from the high-end titanium processing sector provided some support. Coupled with falling raw material prices, the current sponge titanium market overall maintains a "weak balance" pattern.

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) prices were 60-61 yuan/kg, titanium welded tube prices were 115-125 yuan/kg, pure titanium bar prices were 95-105 yuan/kg, and pure alloy bar prices were 120-130 yuan/kg.

This week, the domestic titanium market exhibited a structural divergence, with significant differences in the trends between the high-end and low-end segments. The high-end titanium processing materials market performed robustly, with a significant increase in orders, boosted by strong demand from sectors such as military and deep-sea equipment. The low-end market remained under pressure, as the oversupply situation continued to intensify. Insufficient purchasing enthusiasm from downstream civilian products, coupled with high production and operating rates, made it difficult to alleviate the supply-demand imbalance in the short term. Overall, titanium market prices remained low, enterprise quotations softened slightly, social inventory increased modestly, and prices still faced downward pressure.

Weekly Summary

This week, the titanium industry chain overall displayed a structural divergence characterized by "stable upstream, strong midstream, and weak downstream." The upstream titanium concentrate market maintained steady operation, supported by demand from the September peak season, with firm quotations. In contrast, the titanium slag market remained weak due to the dual pressures of high costs and sluggish downstream demand. The midstream titanium dioxide market showed the strongest performance, benefiting from robust export orders; producers maintained near-full production and low inventory levels, with prices rising firmly. Downstream segments were generally under pressure. The sponge titanium market maintained a "weak balance" due to sluggish demand for general titanium materials. The titanium materials market exhibited significant internal divergence, with strong demand in the high-end segment, while the low-end segment faced downward price pressure due to oversupply. Overall, the structural characteristics of market demand have become the key factor driving the trends of various products.