Titanium Market Weekly
1. Titanium Market Analysis
1.1 Titanium Series Market Price Analysis
Titanium Ore
This week, the titanium ore market price remained weak and stable. As of now, the mainstream transaction price for 46% and 10% titanium ore from small and medium-sized manufacturers is 1550-1580 yuan/ton, the transaction price for 38% titanium ore (excluding tax) is 980-1080 yuan/ton, and the price for 47% and 20% titanium ore is 1750-1850 yuan/ton. Due to continued high cost pressure from downstream titanium dioxide producers, they are cautious in their titanium ore purchases and have a strong tendency to pressure for lower prices.
New order signings this week remained poor, and small and medium-sized miners faced significant pressure to sell. Prices for some new orders in the market have eased slightly. Because of persistently weak demand, some market participants are also pessimistic, making it difficult for titanium ore prices to remain firm. The market is expected to continue its weak trend in the short term.
The imported titanium ore market is operating weakly. 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 ore is 1700-1800 yuan/ton.
Recently, the imported titanium ore market has been affected by high international shipping costs, increasing transportation costs for imported titanium ore. However, due to weak domestic downstream demand, miners' enthusiasm has also weakened, and some transaction prices for imported titanium ore have been lowered.
The market is sluggish, with an imbalance between supply and demand for titanium ore. New order inquiries have decreased, and miners are mostly adopting a wait-and-see approach, maintaining a weak and stable market.
Titanium Slag
The high-titanium slag market is trending downwards with stability. 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. This month, the bidding price for 85% low-calcium magnesium high-titanium slag from southwestern enterprises was 5000 yuan/ton, also a decrease of 100 yuan/ton compared to February.
The continued decline in high-titanium slag prices is mainly due to the decline in raw material titanium ore prices and intense market competition. The continued sluggishness of the high-titanium slag market has resulted in a shortage of domestic slag plants, leading to production losses for some companies.
This further dampened market sentiment during the recent bidding process. High costs for raw materials and auxiliary materials for high-titanium slag continue to put pressure on the market, resulting in temporarily weak and stable prices.
The acid slag market is stable. As of now, the ex-factory price (including tax) in Yunnan is 3750 yuan/ton, and in Sichuan it is 3760 yuan/ton. With high raw material titanium ore prices and a weak supply-demand balance, the acid slag market is temporarily operating stably.
The titanium tetrachloride market remained stable this week, with prices currently ranging from 5300-5600 yuan/ton. High prices for raw material liquid chlorine have increased production costs for titanium tetrachloride.
Coupled with tight domestic spot supply, some companies still expect price increases. Downstream demand for titanium dioxide and pearlescent pigments are strong, maintaining a tight supply-demand balance in the titanium tetrachloride market. Companies are holding firm on their quotes, and with higher costs, further price increases are possible.
This week, the titanium dioxide market saw its second round of price increases. Led by leading companies, approximately 23 companies issued price increase notices. Currently, the ex-factory price (including tax) of rutile titanium dioxide in China is 13,500-14,500 yuan/ton, and the ex-factory price (including tax) of anatase titanium dioxide is 13,000-13,500 yuan/ton.
Due to the sharp rise in the price of raw material sulfuric acid, titanium dioxide companies are facing increased cost pressure and worsening losses. At the beginning of the week, Longbai Group issued a notice announcing a 500 yuan/ton increase in domestic titanium dioxide prices.
International prices were raised by $100/ton, and other companies in the market followed suit, ushering in a second round of price increases in the titanium dioxide market. Anatase supply was particularly tight, with its price increase exceeding that of rutile titanium dioxide.
Due to existing order backlogs extending into April, downstream acceptance of the price hikes is currently low, with many buyers remaining in a wait-and-see phase. However, the tight supply of raw material sulfuric acid is expected to continue, and its high price may lead to further increases, putting significant pressure on the titanium dioxide market. Further price adjustments in some areas are possible in the future.
Sulfuric Acid
This week, the sulfuric acid market continued its upward trend, with increases of around 100 yuan/ton. In Sichuan province, the increase reached as high as 200 yuan/ton. Currently, the delivered price of 98% smelting acid in Sichuan is 1400-1500 yuan/ton, in Hubei province it is 1250-1350 yuan/ton, and in Jiangsu province it is 1320-1400 yuan/ton. The price of raw material sulfur has risen to its highest level this year, providing significant cost support for sulfur-based acid production.
Coupled with low operating rates, acid producers are strongly inclined to maintain prices, further driving up sulfuric acid prices. Sulfuric acid prices continued to rise this week by 100-200 yuan/ton. Major acid plants in some domestic regions are gradually entering their maintenance periods, reducing spot market supply.
Coupled with high production costs, this continues to push up sulfuric acid prices. Downstream phosphate fertilizer and phosphate chemical industries maintained stable procurement, with companies gradually accepting new order prices.
However, the chemical industry is experiencing production losses due to high costs, putting pressure on companies. Currently, the fundamentals of sulfuric acid are strong, and March and April are the maintenance season for the sulfuric acid market, with many companies still having maintenance plans. The strong market trend for sulfuric acid is expected to continue in the short term, with market prices rising steadily.
Sponge Titanium
The sponge titanium market remained stable this week. Currently, the market price for Grade 1 sponge titanium is 46,000-47,000 yuan/ton, and the price for Grade 0 sponge titanium is 47,000-48,000 yuan/ton. Raw material costs remain high, and companies are holding firm on prices. Because sponge titanium plants still have some orders on hand, market inventory pressure is not high, and the supply of previously low-priced goods has decreased. The sponge titanium market 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 trend.
2. Significant increases in titanium dioxide costs 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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