The domestic TiO2 market was in its seasonal low period, with overall trading activity remaining muted. While most producers have maintained listed prices, persistent cost pressures—primarily from rising sulphuric acid expenses—continued to squeeze margins. Some manufacturers have temporarily suspended order acceptance as severe cost-price inversion has made production economically unviable, leading to growing consideration of price increases.
The Chinese titanium slag market continued to operate within a narrow range, with no significant shift in the overall supply-demand dynamic. Most producers were focused on delivering against existing contracts for regular clients, while new order intake remained limited. Persistently weak price levels continued to suppress production enthusiasm across the sector.
The titanium ore market in the Panxi region was locked in a stalemate, with spot availability tight and very few actual transactions being concluded. Downstream titanium dioxide producers, already facing severe margin pressure from high sulphuric acid costs, have become extremely cautious in purchasing ilmenite and were pushing aggressively for lower prices. Meanwhile, the supply of medium-grade titanium ore in the region has been further tightened by Pangang Group's control over raw material resources, keeping local prices elevated.
Key Market Developments in November 2025
- On 27 Oct., 2025, Saudi Arabia made an affirmative final ruling on anti-dumping regarding TiO2 originating from China.
- On 3 Nov., 2025, Dawn Polymer announced its plans to acquire a 100% stake in Dawn Titanium.
- LB Group and Tinergy Chemical recorded net profit drop in Q3 results.
The USD/RMB exchange rate in this newsletter is USD1.00=RMB7.0867 on 3 Nov. 2025, sourced from the People's Bank of China.
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