Titanium Dioxide China Monthly Report

In May, the domestic TiO₂ market was stable with strong wait-and-see sentiment. Some producers sporadically rose prices, but downstream buying interest was weak; actual deals were negotiated case by case. Sulphuric acid prices were slightly softer in some areas but remained high, providing strong cost support. Consequently, some plants cut or halted production, yet the overall operating rate stayed high, and inventories edged up at some sites. As the upstream-downstream game continues, the market is expected to hold steady in the short term.

The domestic titanium slag market continued to run steadily, with producers actively fulfilling existing orders. Cost pressures remained elevated, driven by persistently high prices of raw and auxiliary inputs—including petroleum coke, electrodes, and electricity—which in turn kept the overall operating rate relatively low.

In the Panxi ilmenite market, inquiries were moderate. Downstream buyers showed strong resistance to miners' high-priced new orders, and persistent price pressure has caused actual titanium concentrate transaction prices to weaken steadily. High-priced offers moved slowly, and occasional lower-priced deals occured. In the short term, the Panxi ilmenite market is expected to remain in range-bound consolidation, with no significant price fluctuations.

Key Market Developments in May 2026

• In Q1 2026, Lubei Chemical saw YoY growth in both revenue and net profit, with profitability rising.
• In Q1 2026, LB Group's net profit fell 72.74% YoY.
• In 2025, Gpro Titanium's net loss expanded to USD72.05 million (RMB494 million), while revenue dropped by 26.3% YoY.
• In late April 2026, Tianyuan Group, CITIC Titanium, Pangang Group, and other leading Chinese producers unveiled innovative TiO₂ products at CHINAPLAS in Shanghai.
• On 21 May, 2026, Xianghai Titanium's 60,000 t/a chloride process TiO₂ expansion project was successfully started up.

The USD/RMB exchange rate in this newsletter is USD1.00=RMB6.8562 on 6 May, 2026, sourced from the People's Bank of China.

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