According to SMM, China's sponge titanium production in June was 23,700 mt, up 2.3% MoM.
In June, the new capacity of some major sponge titanium producers was gradually released, while the production of other companies held basically stable. Therefore, the sponge titanium production showed a slight increase.
The overall demand in the sponge titanium market did not meet expectations, and the spot market failed to reach end-users in a timely manner. After being smelted into titanium ingots, sponge titanium accumulated in the warehouses of titanium ingot producers, resulting in an unexpected increase in titanium ingot inventory and a continuous decline in titanium ingot prices. The increasing supply of sponge titanium and the negative feedback from the titanium ingot market together put significant pressure on sponge titanium prices. Additionally, the firm quotations of titanium ore and magnesium ingots further exacerbated cost pressures. Under the dual pressures of inventory and costs, sponge titanium producers may choose to reduce production. SMM expects sponge titanium production in July to decrease to 21,000 mt.
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