[SMM Titanium Weekly Review: Supply-Demand Pattern Dominated the Market, Prices Across the Titanium Industry Chain Diverged Significantly This Week] This week, performance across the domestic titanium industry chain diverged, with price trends showing structural differences. Titanium concentrate prices remained stable, averaging 1,730 yuan/mt for the TiO2≥46% specification and 2,025 yuan/mt for the TiO2≥47% specification, as rigid downstream demand and ample supply formed a weak balance.

[SMM Titanium Monthly Data: October Titanium Market Shows Diverging Trends: Titanium Dioxide Supply and Demand Both Weak, Sponge Titanium Structural Contradictions Highlighted] In October 2025, China's titanium dioxide and sponge titanium markets exhibited different operating characteristics. Titanium dioxide side, production fell 2.40% MoM, with the cumulative YoY decline reaching 8.28%. Domestic October peak season demand fell short of expectations, prices were under pressure, enterprise inventory diverged, external demand was stable but driving down prices, and the market outlook is expected to be pessimistic. Sponge titanium production, however, increased slightly by 2.18% MoM, with cumulative production up 3.03% YoY. High-end demand remained robust but civilian orders contracted, low-price shipments increased in the latter part of the month, the market faced short-term pressure, and long-term challenges remain from capacity expansion and insufficient demand follow-through.

[SMM Titanium Spot Report: Titanium Tetrachloride Market Remains Firm at Low Levels Amid Dual Impact of Costs and Demand] SMM October 28 – Today, the quotation for titanium tetrachloride was 5,000-5,300, with an increase in low-priced sources in the market.

[SMM Adds Grade 0 Sponge Titanium FOB Price] To facilitate downstream enterprises in the sponge titanium industry to better monitor market fluctuations, promptly reflect spot cargo prices, reduce transaction risks and costs in the sponge titanium market, and continuously improve and deepen research on the titanium industry chain, SMM, after a period of observation and market surveys, will begin publishing the Grade 0 sponge titanium FOB price point starting November 4 for market reference.

[SMM Titanium Spot Report: Export Recovery Fails to Mask Weak Domestic Demand, Market Continues Divergence] October 27, sponge titanium prices remained generally stable, with Grade 0 offers at 47,000-48,000 yuan/mt, while downstream procurement remained cautious. September export data showed sponge titanium exports up 26.68% MoM and titanium materials exports up 6.78% MoM, with high-end sector demand providing significant support, but the civilian market remained under pressure due to high inventory. Titanium dioxide market operated in the doldrums, with anatase type offers at 12,000 yuan/mt; September exports rose 12.68% MoM, but cumulative exports still fell 6.48% YoY, with insufficient new orders after the September peak season. Overall, the titanium industry chain sees coexisting export recovery and weak domestic demand, maintaining a structurally divergent market trend.

[SMM Titanium Weekly Review: Divergence in the Titanium Industry Chain This Week, Rising Sentiment for Titanium Concentrate, While Titanium Dioxide Remains Weak] This week, the titanium industry chain in China showed significant divergence across different segments. Titanium concentrate prices continued to rise, supported by the demand boost from the September-October peak season and tight supply, leading to increased market optimism. Titanium dioxide remained weak, with insufficient new orders in October and weakening demand support, although high costs and low inventory kept it in the doldrums. Titanium slag continued to underperform, as enterprises faced dual pressures from high costs and sluggish demand, exacerbating losses. The sponge titanium market was weak, characterized by high inventory and weak demand, with sluggish civilian demand and reduced cost support. The titanium materials market exhibited structural divergence, with high-end segments performing strongly due to demand boosts from sectors like military applications, while the low-end market experienced oversupply, keeping overall prices low and under downward pressure.

In September, Chinese titanium industry exhibited a combination of overall growth and internal divergence in imports and exports. On the upstream raw material side, titanium ore imports reached 447,400 tons, a month-on-month increase of 8.16%, with robust demand driven primarily by the price advantage of imported ore and expanded production in the downstream titanium dioxide industry. On the midstream product side, titanium dioxide exports grew 12.68% month-on-month to 156,300 tons, reflecting the peak season effect. However, cumulative exports still declined by 6.48% year-on-year, indicating that while supply gaps overseas created opportunities, anti-dumping measures and weak downstream demand continued to constrain overall demand. During the same period, sponge titanium and titanium product exports grew by 26.68% and 6.78% month-on-month, respectively, but the market showed significant polarization, with strong demand in high-end sectors like aerospace, while the civilian market faced pressure from high inventory and expanded production capacity.

[SMM Titanium Weekly Review: Titanium Industry Chain Driven by Costs: High Sulphuric Acid Prices Intensify Market Divergence] This week, the titanium industry chain showed divergent trends driven by high raw material costs such as sulphuric acid. Titanium dioxide enterprises maintained their stance of refusing to budge on prices, supported by the continued strength in sulphuric acid prices. However, cost pressure could not be effectively passed down to downstream sectors, and weak industry orders in the coatings sector led to prominent price inversions. The titanium slag market was squeezed by both high raw material costs, including sulphuric acid, and sluggish demand, with enterprises maintaining low operating rates. Although the sponge titanium and titanium materials markets were generally under pressure, the high-end segment remained relatively resilient, supported by specific demand. Currently, raw material prices, such as sulphuric acid, have become a core factor affecting the profitability of various segments in the titanium industry chain. Amid the struggle between high costs and weak demand, the market is expected to remain in the doldrums in the short term.

[SMM Titanium Spot Market Update: Weak Magnesium Demand Hinders Recovery, Short-Term Prices Struggle to Rise] SMM October 14 news, mainstream quotations for rutile type were 12,900-13,700 yuan/mt, with FOB export prices at $1,875/mt; anatase type quotations were 11,800-12,200 yuan/mt; chloride process quotations were 14,700-15,700 yuan/mt, with FOB export prices at $2,125/mt.

In September 2025, China's titanium market demonstrated a "weak-stable" operational trend with persistent structural divergence across sectors. Titanium concentrate prices remained subdued despite minor adjustments, reflecting continued weak terminal demand. The titanium dioxide market was primarily driven by overseas orders, with the European supply chain shift and India's temporary removal of anti-dumping duties providing support, though domestic demand recovery remained limited. The sponge titanium market maintained its divergence pattern, where robust aerospace sector demand contrasted with continued weakness in civilian applications. Looking ahead to the fourth quarter, the titanium industry chain is expected to maintain this weak equilibrium, with overseas demand sustainability becoming the crucial factor determining price trajectories across all segments, while domestic market conditions are likely to continue constraining significant upward momentum.