Titanium Concentrate
This week, domestic titanium concentrate (TiO2≥46%) was quoted at 1,200-1,250 yuan/mt, with an average price of 1,225 yuan/mt, while the TiO2≥47% grade was quoted at 1,300-1,350 yuan/mt, with an average price of 1,325 yuan/mt. Mozambique-origin TiO2≥46% titanium concentrate was quoted at 1,220-1,300 yuan/mt, with an average price of 1,260 yuan/mt; Nigeria-origin TiO2≥50% titanium concentrate was quoted at 1,380-1,450 yuan/mt, with an average price of 1,415 yuan/mt; Australia-origin TiO2≥50% titanium concentrate was quoted at 1,450-1,500 yuan/mt, with an average price of 1,475 yuan/mt. The titanium concentrate market remained stable this week compared with last week.
The titanium concentrate market held steady this week. On the supply side, beneficiation plants were affected by ore prices approaching costs, with small and medium-sized beneficiation plants maintaining low operating rates. Overall domestic supply showed no significant increase or decrease, with existing inventory circulation as the main activity. Some miners showed willingness to hold prices firm, but there were no proactive production control or cut actions. Imported supply remained ample, exerting clear price pressure on domestic ore. Port inventories of imported ore stayed at high levels, and combined with in-factory inventories at domestic ore producers, overall social supply remained sufficient. On the demand side, although the titanium dioxide market held prices firm and recovered, with procurement demand improving, titanium dioxide enterprises did not engage in large-scale restocking or sweeping purchases, maintaining only just-in-time procurement. The loose supply pattern remained unchanged, and the price increase had not yet transmitted upstream to raw materials. In the short term, the tug-of-war between sellers and buyers persists, and the market is expected to remain in the doldrums.
Titanium Dioxide
This week, anatase titanium dioxide quotations closed at 12,000-13,000 yuan/mt, with an average price of 12,500 yuan/mt; rutile titanium dioxide quotations closed at 12,500-14,800 yuan/mt, with an average price of 13,650 yuan/mt; chloride-process titanium dioxide prices closed at 15,300-16,800 yuan/mt. Prices of all titanium dioxide types were flat WoW this week.
The titanium dioxide market remained firm overall this week. On the raw material side, titanium concentrate prices stayed stable, while sulphuric acid continued to grind lower. Although the decline narrowed, there was still no basis for a rebound, and sulphuric acid prices are expected to consolidate at lows. On the supply side, titanium dioxide enterprise supply rebounded somewhat, with producers actively taking orders. Previously low-priced cargoes were largely tightened, and bearish market sentiment visibly faded. On the demand side, the September peak season effect gradually emerged, with order-taking and shipments improving from earlier levels. However, downstream purchasing sentiment remained cautious, and actual transaction prices did not rise significantly, with overall market sentiment staying stable. In the short term, titanium dioxide prices are likely to remain stable, and whether they can improve further still depends on downstream procurement volume expansion.
Titanium Slag
This week, acid-soluble titanium slag (Sichuan) was quoted at 3,600-3,800 yuan/mt; mainstream quotations for ordinary 90-grade titanium slag were 5,200-5,400 yuan/mt.
The titanium slag market consolidated on a weak note this week, pressured overall by high costs, weak demand, and low profitability, with the short-term weak pattern unlikely to change. On the supply side, industry-wide profitability was under pressure, with enterprise losses persisting. As a result, overall operating rates remained low, and willingness to release new capacity was insufficient. On the demand side, downstream procurement was mostly just-in-time, market trading sentiment was sluggish, and overall demand lacked momentum. In summary, against the backdrop of low industry operating rates, stabilizing raw material prices but persistent losses, and weak downstream demand, the titanium slag market is expected to remain in the doldrums in the short term.
Titanium Sponge
This week, grade 0 titanium sponge was quoted at 44,000-45,000 yuan/mt, with an average price of 44,500 yuan/mt; the FOB average price for grade 0 titanium sponge was $6,800/mt; grade 1 titanium sponge was quoted at 43,000-44,000 yuan/mt, with an average price of 43,500 yuan/mt; grade 2 titanium sponge was quoted at 42,000-43,000 yuan/mt, with an average price of 42,500 yuan/mt.
The titanium sponge market remained under pressure this week. On the supply side, enterprises maintained high operating rates, with in-factory inventories accumulating and shipment pressure becoming prominent. On the demand side, the civil sector was generally weak, with downstream players mostly making just-in-time procurement, while aerospace orders provided partial support. On the cost side, magnesium ingot prices were in the doldrums, while firm titanium tetrachloride quotations provided some bottom support. However, the short-term oversupply pattern is hard to change, and spot prices still face slight downward pressure.
Titanium Materials
This week, TA1 titanium ingot prices were 55-57 yuan/kg, TA2 titanium ingot prices were 54-55 yuan/kg, and TC4 prices were 64-66 yuan/kg. This week, hot-rolled titanium plate (3-8mm) was quoted at 64-68 yuan/kg, titanium welded pipe at 105-110 yuan/kg, pure titanium bar at 105-110 yuan/kg, and pure alloy bar at 120-125 yuan/kg.
The titanium materials market currently shows prominent structural divergence, with September peak season expectations falling through and overall demand remaining sluggish. On the supply side, capacity release in the civil sector was constrained, with small and medium-sized casting ingot plants operating at less than 50% and showing weak production willingness. Aerospace-grade titanium material capacity was concentrated among top-tier players, with full order books, extended delivery cycles, and tight high-end supply. On the demand side, the civil market showed clear off-season characteristics, with shrinking procurement, only small-batch just-in-time restocking, strong wait-and-see sentiment, and intense price competition for low-end products. The aerospace and military sectors maintained high prosperity. The polarized pattern of civil oversupply and high-end undersupply is unlikely to change in the short term. Upstream titanium sponge prices are approaching the cost line, providing bottom support for the industry chain, while titanium material prices remain at low levels.
Weekly Summary
This week, the titanium industry chain continued to diverge. On the supply side, titanium concentrate was in the doldrums, with small and medium-sized beneficiation plants operating at low rates. Domestic ore relied on inventory circulation, while imported ore supply was ample and high port inventories pressured ore prices. Titanium slag faced high costs but weak demand. Titanium dioxide remained firm overall, with low-priced cargoes tightening and bearish sentiment fading, though raw material cost support was limited. Titanium sponge operating rates stayed high, with inventories accumulating and shipments under pressure. Titanium materials showed clear divergence, with civil casting ingot enterprises operating at insufficient rates, while top-tier players had ample aerospace-grade orders and extended delivery cycles. On the demand side, the titanium dioxide September peak season showed some effect, with order-taking and shipments improving MoM, but downstream procurement remained cautious and just-in-time, with no large-scale restocking. Titanium slag, titanium sponge, and civil titanium materials saw sluggish trading, with only aerospace and military demand showing resilience. Overall end-use demand has not substantively recovered, the civil market remains weak, and the industry chain is expected to maintain a divergent and weak-stable pattern in the short term. Future attention should focus on downstream procurement volume expansion and actual order transactions.
Outlook
The upstream titanium concentrate market is expected to maintain a weak-stable pattern, with supply release combined with weak end-use demand making it difficult for ore-side prices to improve significantly in the short term, and prices are expected to remain in the doldrums. In contrast, the titanium dioxide market has shown positive signals, with downstream orders gradually being released, the September peak season effect continuing to emerge, and producers showing strong willingness to hold prices firm. Titanium dioxide has a basis for upward movement in the short term. However, prices are unlikely to rebound quickly or sharply, and are more likely to drift higher. Continued attention should be paid to downstream purchase willingness and titanium dioxide enterprises' order-taking and production schedules.
![China's sulphuric acid weekly decline narrowed significantly, with Shanxi falling by a further 330 yuan/mt [SMM Sulphuric Acid Weekly Review]](https://imgqn.smm.cn/usercenter/UhBXJ20251217171724.jpeg)
![Price Increase Letters Issued Successively; Titanium Dioxide Market Consolidates in Stalemate [SMM Titanium Spot Express]](https://imgqn.smm.cn/usercenter/XUnxM20251217171723.jpeg)
