Titanium Weekly (March 12)
1. Titanium Market Analysis
1.1 Titanium Series Market Price Analysis
This week, the price of titanium ore in the Panxi region saw a slight decline, ranging from 10-30 yuan/ton. Major manufacturers in Panxi lowered their March guidance prices by 20 yuan/ton. Currently, 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 1000-1100 yuan/ton, and the price for 47% and 20% titanium ore is 1750-1850 yuan/ton.
Price per ton; Downstream titanium dioxide costs are high, demand is weak, and there is strong downward pressure on titanium ore purchases. Additionally, major producers in the Panzhihua-Xichang region slightly increased their raw material shipments this month, maintaining an imbalanced supply and demand in the titanium ore market.
Some prices saw slight adjustments this week; Xinjiang titanium ore prices also declined by 30 yuan/ton, while Chengde titanium ore prices remained weak and stable. Overall, new orders were weak. Due to high raw material costs, titanium ore prices are caught in a dilemma, with intense supply and demand dynamics, and prices are expected to remain stable for now.
The imported titanium ore market is largely in a wait-and-see mode. Currently, the CIF price for Mozambique titanium ore is $280/ton, the FOB price for Vietnamese B ore is $280-295/ton, the CIF price for Australian titanium ore is $275-295/ton, and the mainstream ex-factory price (including tax) for Nigerian 48-50 grade titanium ore is 1700-1800 yuan/ton.
Affected by the international situation, international shipping costs have continued to rise recently, increasing the cost of imported titanium ore. Meanwhile, domestic market demand is weak, and purchasing sentiment is cautious. Domestic beneficiation plants have some inventory on hand, resulting in a sluggish market atmosphere and an imbalance between supply and demand, leading to a weak and stable market price.
Titanium Slag
The high-titanium slag market price remains stable. Northern enterprises did not issue any tenders in March, and the price of 90% low-calcium-magnesium high-titanium slag remained unchanged. Only about 5-6 slag plants in the north maintained production.
Due to weak downstream market demand, high-titanium slag is facing significant pressure to sell, coupled with continued production losses, leading to a pessimistic market sentiment. Some factories are also experiencing inventory pressure. Rising costs of auxiliary materials further exacerbate the pressure on slag plants, resulting in a weak market sentiment and a continued weak high-titanium slag market.
The acid slag market is temporarily stable. As of now, the ex-factory price (including tax) in Yunnan is 3750 yuan/ton, and in Sichuan it is 3760 yuan/ton. High raw material titanium ore prices, coupled with the impact of auxiliary material costs, have dampened the willingness to produce acid slag. With demand unlikely to recover, the market continues to operate weakly.
Titanium tetrachloride
The market price of titanium tetrachloride rose this Thursday, currently ranging from 4800-5600 yuan/ton. This increase is attributed to the significant rise in chlorine prices, leading to a substantial increase in the cost of titanium tetrachloride. Prices in Henan, Liaoning, and Hubei provinces have been raised.
Downstream sponge titanium production remains stable, and demand from industries such as pearlescent titanium is strong, resulting in firm new order prices for titanium tetrachloride. If the costs of raw materials and other auxiliary materials continue to rise, further price increases for titanium tetrachloride are expected.
The titanium dioxide market price continued to rise this week, with companies showing strong upward pressure on prices. As of now, the ex-factory price (including tax) of rutile titanium dioxide in China is 13,100-14,300 yuan/ton, and the ex-factory price (including tax) of anatase titanium dioxide is 12,300-12,600 yuan/ton.
The price of raw material sulfuric acid continues to rise, resulting in a significant increase in costs and putting immense pressure on titanium dioxide factories. Major manufacturers, including leading companies, raised prices by another 200 yuan/ton this week. Last week, the market saw a general increase of 300 yuan/ton, bringing the cumulative price increase for titanium dioxide over the past two weeks to over 500 yuan/ton.
Order intake for March was generally good, and this week, various factories adjusted their prices, with traders and other companies frequently raising prices. Downstream demand from end-users and distributors is picking up, resulting in a large backlog of titanium dioxide orders.
The supply of anatase titanium dioxide is particularly tight, with factories in Guangxi, Shandong, and Yunnan temporarily closing orders and refusing to quote prices. Currently, titanium dioxide production is still operating at a loss, and the market continues to favor further price increases. Titanium dioxide prices are expected to continue rising in the future.
Sulfuric Acid
The sulfuric acid market continued its upward trend this week, with price increases mostly ranging from 80-100 yuan/ton. As of now, the ex-factory price of 98% smelting acid in Shandong is 930-1250 yuan/ton, and the ex-factory price of 98% sulfuric acid is 1280-1550 yuan/ton.
In Sichuan, the ex-factory price of 98% sulfuric acid is 1450-1550 yuan/ton, and in Yunnan, the delivered price of 98% smelting acid is 1310-1400 yuan/ton. This week's price increase was mainly supported by higher costs and steady growth in downstream demand. Due to the conflict in the Middle East, the price of raw material sulfur climbed to a high level, increasing the production cost of sulfur-based sulfuric acid and further boosting market operating rates.
The supply of sulfuric acid in China was further strained in March due to maintenance shutdowns at several major domestic smelting sulfuric acid plants, leading to price increases for new orders. Downstream demand from industries such as phosphate fertilizers and chemicals remained stable, with companies maintaining their essential purchasing pace. The positive market trading atmosphere supported the upward trend in sulfuric acid prices.
Currently, the tight supply and demand situation persists, and with the continued sharp rise in acid prices, downstream companies are facing increasing cost pressures. Although some downstream product prices have increased, cost pressures remain significant, and many companies are adopting a wait-and-see approach. In the short term, the supply of raw material sulfur is unlikely to ease in the near future, and with sulfuric acid costs remaining high, bullish sentiment persists, and sulfuric acid prices are expected to remain high.
Titanium Sponge
This week, Yunnan Guotai issued a letter raising domestic prices by 2,000 yuan/ton and international prices by 300 USD/ton. Currently, the market price for Grade 1 titanium sponge is 45,000-47,000 yuan/ton, and Grade 0 titanium sponge is 46,000-48,000 yuan/ton. The price of raw material magnesium ingots continues to rise, putting significant cost pressure on titanium sponge production. Currently, titanium sponge companies still have orders on hand, market inventory is low, and new order prices are firm, resulting in an overall stable market.
Market Forecast:
1. Weak demand for titanium ore, prices remain weak and stable;
2. Significant increase in titanium dioxide costs, prices continue to rise;
3. Rising costs for titanium sponge, prices remain firm.
1.2. Price Comparison of Titanium Products This Week
1.3. Titanium Market Analysis Charts
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