China's TiO2 Production Rises Slightly in August, Prices Decline Amid Market Weakness

[SMM Titanium Weekly Review: Peak-Season Expectations Not Yet Effectively Realised, Titanium Industry Chain Trends Diverge and Wrestle] This week, China's titanium industry chain showed a pattern of weak upstream pressure, stagnant midstream consolidation, and structural downstream divergence. Cost transmission across the chain was sluggish, and peak-season expectations have not yet materialised. Upstream titanium concentrates remained at low levels, imported ore declined, and new supply from Xinjiang increased domestic availability. Mine profits were thin, leaving limited downside room for prices. Titanium slag operating rates stayed low, enterprises were loss-making, and market trading was sluggish. Midstream titanium dioxide was in the doldrums and stagnant, with stable operating rates and new capacity being released. Inventory diverged, and some enterprises offered concessions to destock. The expiry of phosphate fertiliser export controls raised expectations of higher sulphuric acid costs, but weaker titanium concentrates undermined raw material support. Demand from real estate and coatings was sluggish, and price adjustments were mostly for order repairs, with insufficient actual follow-through, leaving the market stuck between upward and downward pressures. Downstream titanium sponge was suppressed by high capacity, with only rigid demand transactions. Titanium materials polarised: civil demand was sluggish, while high-end orders from aerospace and defence were ample. Titanium sponge costs formed a bottom support, and divergent trends across segments dominated short-term market movements.

China sulphuric acid index falls for nine consecutive weeks with a widening decline; sulphur domestic trade rebounds from lows, while sulphuric acid outside China stops falling and stabilizes [SMM Sulphuric Acid Weekly Review]

【SMM Titanium Flash】On August 27th, Rio Tinto's QIT Madagascar Minerals decided to temporarily suspend its mining operations due to multiple road blockages leading to the Mandena mining area. The company's main business in Madagascar is ilmenite mining, which is one of the important sources of global titanium raw material supply. Currently, basic safety-related services are still operating, and the resumption of production is pending further improvement in traffic conditions. This production halt may cause short-term disruptions to the regional supply of titanium ore.