In October 2025, the domestic TiO2 market was characterized by widespread caution as producers faced mounting operational challenges. Downstream demand remained sluggish, making sales difficult—a situation exacerbated after several manufacturers initiated price reductions, further dampening market sentiment. Concurrently, a broad-based price rebound emerged in upstream raw materials, with sharp increases in some regions pushing costs to near-record levels. This has placed TiO2 producers in a reversal dilemma: while most have kept list prices temporarily steady, they are actively fulfilling earlier orders amid highly volatile spot transaction prices for new business.
The titanium slag sector continued its weak downward trend throughout the month. Downstream, the TiO2 industry—the primary consumer of titanium slag—confronted oversupply and falling product prices, leading to reduced procurement interest and sluggish new order placements. Upstream, ilmenite prices fell year-on-year in the third quarter, further eroding cost support for titanium slag. Squeezed by both weak demand and lower cost backing, profit margins at titanium slag producers narrowed significantly, with some manufacturers already in the red. As a result, industry-wide operating rates remained subdued.
Market conditions for titanium ore were largely stable, though spot transactions were limited and previously high-priced resources became scarce. Most miners prioritized earlier orders, with new order intake remaining moderate. Downstream inquiries were muted amid a pessimistic outlook, while a standoff between buyers and sellers over pricing fostered a strong wait-and-see sentiment. Although Pangang released some ore supply, it did not significantly lift overall market volume. High-quality titanium middling ore held firm in price; however, as the iron ore market improved, supply of titanium middling ore increased slightly. In contrast, high-phosphorus titanium middling ore prices softened, causing pricing confusion for aluminium middling ore and contributing to volatile ilmenite pricing overall.
Imported ilmenite spot prices at Chinese ports continued to decline, pressured by low operating rates at titanium slag and ferrotitanium plants. With buyers cautious and negotiating aggressively, even high-grade material faced sales challenges, and earlier price premiums largely disappeared.
Key Market Developments in October 2025
- In late September 2025, the Calcutta High Court in India overturned the government's anti-dumping duties on TiO2 imports from China.
- During the National Day holiday period, the TiO2 market saw its third price increase wave of the year.
- From July to September 2025, the average operating rate of domestic TiO2 producers was approximately 66%.
- On 16 October, LB Group announced plans to acquire titanium dioxide-related assets from Venator UK for a cash consideration of USD 69.90 million.
The USD/RMB exchange rate in this newsletter is USD1.00=RMB7.1102 on 8 Oct. 2025, sourced from the People's Bank of China. All the prices mentioned in this newsletter will include the VAT, unless otherwise specified. If you would like to cover any specific topics or investigate any covered subjects in more details, please contact us on +86-20-37616606, or econtact@cnchemicals.com
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