The titanium dioxide market remains in the doldrums, as cost support and weak demand are locked in a tug of war [SMM Titanium Spot Express]

Published: Jul 21, 2026 18:56

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[SMM Titanium Dioxide Spot Report: Titanium dioxide market remains in the doldrums, with cost support and weak demand in a tug-of-war] SMM, July 21: Currently, the titanium dioxide market remains in the doldrums. The actual order signing price in the Panxi region has fallen to around 14,000 yuan/mt, with deals negotiated on an individual basis. On the supply side, operating rates are diverging. High sulphuric acid costs provide support, but downstream sectors such as coatings and plastics are in their off-season, demand is sluggish, and purchasing remains largely wait-and-see. In the short term, July and August are unlikely to see significant improvement. A phased recovery is expected from mid-to-late August to September, but the rebound will be limited.

SMM July 21 news:

The current titanium dioxide market overall remains in the doldrums, with prices continuing to grind lower and transactions sluggish.

Price differentiation is obvious. The actual full truckload order signing price in Panxi area has been forced down to 14,000 yuan/mt, while some enterprises still quote at 14,500–16,000 yuan/mt, but actual transactions are negotiated on a case-by-case basis, resulting in varying prices. Most enterprises believe there is limited room for further price declines.

On the supply side, enterprise operating rates have diverged. Some maintain full production, achieving a balance between production and sales on a monthly basis, while others have seen their operating rates drop due to summer maintenance, with recovery expected in September. Cost side, sulphuric acid prices remain high, and sulphur prices stay high, providing strong cost support for sulphate-process titanium dioxide. Titanium ore fluctuations are relatively small, and the price spread between imported ore and domestic ore can no longer be widened significantly.

Demand side is sluggish overall. Traditional downstream sectors such as coatings and plastics are in their off-season, with low operating rates, mainly purchasing on rigid demand. Wait-and-see sentiment is strong. Some downstream users are shifting from high-end products to low and mid-end substitutes due to cost pressure, and demand in traditional sectors like architectural coatings has shrunk somewhat. In the short term, July and August are unlikely to see significant improvement. It is expected that from mid-to-late August to September, with the end of maintenance and recovery in downstream operating rates, market sentiment and orders may stage a phased improvement, but the overall recovery strength will be limited. Expanding into markets outside China has become an important direction for some enterprises to ease domestic pressure.

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