The titanium market overall maintained a pattern in the doldrums, with the supply-demand imbalance between costs and demand intensifying. [SMM Titanium Weekly Review]

Titanium Concentrate

This week, domestic titanium concentrate (TiO2≥46%) was quoted at 1,580-1,650 yuan/mt, with an average price of 1,615 yuan/mt, while the TiO2≥47% specification was quoted at 1,900-2,050 yuan/mt, averaging 1,975 yuan/mt.

The titanium concentrate market remained in the doldrums overall this week. Downstream titanium dioxide industry operating rates held steady, but due to high sulphuric acid prices impacting the sulphuric acid process for titanium dioxide, production costs remained under pressure, leading buyers to push for lower prices on titanium concentrate purchases. Against this backdrop, imported ore prices also moved lower, with Mozambican titanium concentrate (TiO2≥46%) CFR prices around 1,580 yuan/mt and Nigerian titanium concentrate (TiO2≥50%) CFR prices around 1,900 yuan/mt. The overall market pressure persisted, and the weak trend in titanium concentrate was expected to continue.

Titanium Dioxide

This week, domestic titanium dioxide prices were quoted as follows: anatase titanium dioxide at 11,800-12,200 yuan/mt, averaging 12,000 yuan/mt; rutile titanium dioxide at 12,300-13,700 yuan/mt, averaging 13,000 yuan/mt; and chloride process titanium dioxide at 14,000-16,400 yuan/mt domestically, averaging 15,200 yuan/mt.

Titanium dioxide prices generally held steady this week, with mainstream quotations in the 13,100-13,300 yuan/mt range, but demand follow-through remained lackluster. Cost side, sulphur prices stabilized at highs, and with the implementation of national export control policies on phosphate fertilizers, pressure on downstream sulphuric acid demand was expected to ease, potentially slowing the rise in raw material prices. However, low-cost sulphuric acid previously stockpiled by titanium dioxide enterprises was largely depleted, keeping production cost pressure for the sulphuric acid process. Demand side, the domestic downstream market gradually entered the off-season, while the overseas market saw orders weaken due to the Christmas holiday. The market was caught between cost support and weakening supply-demand dynamics, with industry attention focused on whether leading enterprises would issue further price adjustment letters to stabilize market trends.

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 5,200-5,400 yuan/mt.

The high titanium slag market remained under pressure recently, with prices consolidating at low levels. Supply-demand analysis indicated some supply increments as some producers resumed production, pushing titanium slag output higher. Demand side performance was relatively mediocre, with downstream procurement mostly small-lot and necessity-based, new orders were limited in scale, and overall demand release was insufficient. Considering both supply and demand, the current supply-demand imbalance was difficult to resolve effectively in the short term, and high titanium slag prices were expected to remain in the doldrums.

Sponge Titanium

This week, the mainstream quotations for Grade 0 sponge titanium were 46,000-48,000 yuan/mt, with an average price of 47,000 yuan/mt; the average FOB price for Grade 0 sponge titanium was $6,650/mt. Grade 1 sponge titanium was priced at 45,000-47,000 yuan/mt, averaging 46,000 yuan/mt; Grade 2 sponge titanium was priced at 44,000-46,000 yuan/mt, averaging 45,000 yuan/mt.

The sponge titanium market operated steadily overall this week, with prices showing a slight firming trend. Currently, the mainstream quotations for Grade 0 sponge titanium remained in the range of 46,000-47,000 yuan/mt. Overall market trading activity was moderate. However, as producer inventory was generally at low levels, the supply side had a strong willingness to hold prices firm, providing solid support for current prices. End-use demand remained stable overall, with sponge titanium enterprises primarily fulfilling existing orders and maintaining steady production schedules. Market prices were expected to remain firm in the short term.

Titanium Products

This week, the price of TA1 titanium ingot was 54-55 yuan/kg, TA2 titanium ingot was 53-54 yuan/kg, and TC4 was 60-61 yuan/kg. The quotation for hot-rolled titanium plate (3-8mm) this week was 60-61 yuan/kg, titanium welded tube was 115-125 yuan/kg, pure titanium bar was 100-105 yuan/kg, and pure alloy bar was 115-125 yuan/kg.

End-use demand was weak this week, with the civilian market performing sluggishly; only orders from the medical and military sectors provided support for high-end titanium products. Concurrently, intensified industry competition coupled with enterprise pressure to recoup funds by year-end meant titanium product processing enterprises lacked the willingness to follow raw material price increases. Prices for most titanium products were expected to remain in a low consolidation pattern.

Weekly Summary

The titanium industry chain overall exhibited a weak consolidation pattern this week. The upstream titanium concentrate market continued its weak trend; influenced by downstream pressure for lower prices, both domestic and imported ore prices experienced minor adjustments. Midstream titanium dioxide prices remained stable, but the imbalance between cost and demand became prominent. The cost pressure from the sulfuric acid process persisted, while both domestic and external demand remained weak, leading to a strong wait-and-see sentiment in the market. Titanium slag supply saw some rebound, but lacked sufficient demand support, keeping prices under pressure. The sponge titanium market was relatively firm, with low inventory supporting a steady to slightly rising price trend. Downstream titanium products were affected by weak demand in the civilian sector, finding only limited support from high-end application areas, with overall prices maintaining a low consolidation pattern.