Titanium Market Weekly (March 26th)
1. Titanium Market Analysis
1.1 Titanium Series Market Price Analysis
Titanium Ore
This week, the price of small and medium-sized titanium ore from Panzhihua Mining Group remained stable with a slight downward trend. As of now, the mainstream transaction price for 46% and 10% titanium ore from small and medium-sized manufacturers is 1520-1560 yuan/ton, the transaction price for 38% titanium ore (excluding tax) is 950-1030 yuan/ton, and the price for 47% and 20% titanium ore is 1750-1850 yuan/ton. The downstream titanium dioxide market is rising, but cost pressures have surged simultaneously, putting immense pressure on factory production.
Factories remain cautious in their titanium ore purchases. Although market inquiries increased this week, there was strong downward pressure on new orders, leading to a weakening of some small and medium-sized titanium ore transaction prices and a chaotic market.
Furthermore, under high cost pressure, some titanium dioxide companies have plans to reduce production later, potentially reducing future titanium ore demand. With raw material prices remaining high, the room for price adjustments for 10% titanium ore is limited, and prices are mostly negotiated on a case-by-case basis. In the short term, the titanium ore market will remain under pressure and operate with a weak and stable trend.
The imported titanium ore market remained weak and stable. As of now, the CIF price of Mozambique titanium ore is $230-250/ton, the FOB price of Vietnamese B ore is $230-245/ton, the CIF price of Australian titanium ore is $240-255/ton, and the mainstream ex-factory price (including tax) of Nigerian 48-50 grade titanium ore is 1700-1800 yuan/ton.
Downstream demand is weak, and demand-side support has eased, with new orders slowing down. Currently, international shipping costs are high, increasing import costs. In addition, there is still considerable uncertainty regarding the arrival of imported ships in the future, which may reduce import volumes. However, the overall supply in the domestic market is relatively abundant, and most importers are adopting a wait-and-see approach. In the short term, the imported ore market price is expected to remain weak and stable.
Titanium Slag
The high-titanium slag market remained weak and stable. In March, the price of 90% low-calcium-magnesium high-titanium slag from northern enterprises was 5200 yuan/ton, a decrease of 100 yuan/ton compared to February. The bidding price for 85% low-calcium-magnesium high-titanium slag from southwestern enterprises was 5000 yuan/ton this month, also a decrease of 100 yuan/ton compared to February. The domestic high-titanium slag market continued to face increasing pressure.
Due to lower domestic prices this month, slag plants were operating at a significant loss, and the supply of high-titanium slag had been continuously contracting for the past two years. Downstream demand had not seen any significant improvement, and the cost of auxiliary materials was also increasing, further exacerbating cost pressures. The high-titanium slag market experienced weak supply and demand, resulting in low prices.
The acid slag market remained stable. As of now, the ex-factory price (including tax) in Yunnan was 3750 yuan/ton, and in Sichuan it was 3760 yuan/ton. With high raw material titanium ore prices and generally weak downstream demand, the acid slag market was sluggish, with only a few enterprises operating. The acid slag market remained weak and stable.
Titanium tetrachloride
The price of titanium tetrachloride rose by 100-300 yuan/ton this Thursday, currently trading at 5500-5700 yuan/ton. The market maintained its upward trend this week, supported by high raw material chlorine prices, which increased production costs.
In addition, domestic spot supply of titanium tetrachloride was tight, with some factories experiencing reduced operating rates, while downstream industries remained at high operating levels, supporting the price increase. The titanium tetrachloride market is performing well, with supply and demand maintaining a tight balance. Further price increases are expected in the near future.
This week, the titanium dioxide market saw its third round of price increases, with 25 companies issuing notices announcing price hikes. Domestic prices generally increased by 1000 yuan/ton, while international prices rose by 150 USD/ton. Currently, the ex-factory price (including tax) of rutile titanium dioxide in China is 14500-15500 yuan/ton, and the ex-factory price (including tax) of anatase titanium dioxide is 13800-14200 yuan/ton.
The reasons for this week's significant price increase in the titanium dioxide market are: 1. A surge in domestic sulfuric acid prices, leading to a continuous and substantial increase in titanium dioxide costs; 2. Tight inventory at titanium dioxide factories. Zhang, the company has a backlog of orders awaiting delivery; 3. Supported by export orders, coupled with production cuts by international titanium dioxide companies, the domestic market is benefiting; the titanium dioxide market has seen three consecutive price increases this month, mainly due to soaring costs, leaving titanium dioxide factories without profit margins.
Following the market price hikes, some companies have begun quoting new orders, with mainstream market prices generally exceeding 15,000 yuan/ton. However, some companies are still holding off on quotations; due to the need to consume previously stockpiled inventory, the market is currently largely observing the new prices, with companies exhibiting cautious sentiment, putting upward pressure on the titanium dioxide market.
Sulfuric Acid
The sulfuric acid market saw a strong upward trend this week. The cumulative increase in smelting acid prices was 100-200 yuan/ton, while sulfuric acid and ore acid prices increased by approximately 300 yuan/ton. Currently, the delivered price of 98% smelting acid in Sichuan is 1450-1600 yuan/ton, and 98% sulfuric acid is 1950-2200 yuan/ton.
In Shandong, the delivered price of 98% smelting acid is 1000-1400 yuan/ton. This week's price increase was driven by a significant rise in raw material sulfur prices, leading to a substantial increase in costs. Most domestic acid plants are currently undergoing maintenance, resulting in limited market supply. The tight supply situation has become more pronounced, further supporting this price increase.
Downstream demand remains strong; the fertilizer industry is operating stably, with only essential purchases of sulfuric acid. While the chemical industry has experienced significant cost increases, it is also maintaining procurement and production, providing some support on the demand side.
The sulfuric acid market, driven by multiple positive factors, maintains a tight supply-demand balance, boosting business confidence and leading to a strong bullish sentiment. However, with raw material prices for sulfur and pyrite remaining high, there is little room for sulfuric acid cost reduction. Supported by this, the sulfuric acid market is expected to continue its high-level operation in the short term, with further price increases anticipated in some regions.
Sponge Titanium
The sponge titanium market remained stable this week. Currently, the price of Grade 1 sponge titanium is 46,000-47,000 yuan/ton, and Grade 0 sponge titanium is 47,000-48,000 yuan/ton. Supported by high costs, companies continue to hold firm on their quotations.
However, the downstream market is generally weak, with most companies finding it difficult to accept the increased raw material prices and remaining cautious in their procurement, mostly adopting a wait-and-see approach. The sponge titanium market price is expected to remain stable in the short term.
Market Outlook:
1. Weak demand for titanium ore will keep prices stable with a slight downward bias;
2. Soaring costs of titanium dioxide will drive prices upward;
3. High raw material prices for sponge titanium will keep prices firm.
1.2. Price Comparison of Titanium Products This Week
1.3. Titanium Market Analysis Charts
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