SMM, July 1: On July 1, the spot price of titanium dioxide in China fell for a second consecutive day, with the spot market and the secondary market showing a clear divergence. After an earlier correction, the titanium dioxide concept sector rallied for two straight days. As of the market close that day, the titanium dioxide concept index rose 4.85%, with individual stocks performing strongly: Jinputai Titanium hit the daily limit up, while Guocheng Mining, Anning Co., Zhenhua Chemical, and Vanadium Titanium Co. all gained over 6%. The spot market weakness reflects subdued downstream procurement sentiment in China, but capital in the stock market is trading on the logic of forward-looking improvement repair: expectations of tightening supply in July due to production cuts and maintenance, the realization of overseas price hikes, low downstream inventory restocking expectations together provided support, while some market capital inflows helped lift the entire sector. Spot Market Spot market side, high-priced sulphuric acid raw materials provided rigid support for titanium dioxide prices, but downstream end-use demand continued to weaken, with thin trading sentiment in the market, and spot titanium dioxide offers fell for the second consecutive day. According to SMM data, on July 1, SMM quoted rutile titanium dioxide spot prices at 14,500–16,500 yuan/mt, with the average price reported at 15,500 yuan/mt, down 1.59% from the previous trading day. Compared with the average price of 13,500 yuan/mt on December 31, 2025, rutile titanium dioxide has risen by 2,000 yuan/mt this year, an increase of 14.81%. Fundamental dimensions show a divergent picture between supply and demand: Supply side: June titanium dioxide production edged down MoM. Export side: According to customs data, China exported 152,800 mt of titanium dioxide in May 2026, down 21.05% MoM, with cumulative growth up 12.55% YoY. Looking ahead, summer concentrated maintenance coupled with high production cost pressure are likely to lead to significant production cuts across the industry, tightening overall market supply. Demand side currently remains focused on destocking, and the wait-and-see sentiment downstream is unlikely to dissipate quickly amid a gradual spot price decline; however, raw material inventories in the coatings and plastics industries are low, with restocking expectations later on. On balance, the titanium dioxide market in July is highly likely to operate in a pattern of both weak supply and demand, with short-term prices expected to mainly move sideways. Recommended Reading:

[SMM Titanium Weekly Review: Titanium Dioxide Showed Signs of Recovery; Diverging Strength Across the Titanium Industry Chain Market This Week] This week, the titanium industry chain in China showed pronounced structural divergence, with the tug-of-war between sellers and buyers across upstream and downstream segments intensifying and cost pass-through facing obstacles. Overall, the sector was characterized by a combination of weak recovery and localized strong support. Trading in upstream titanium ore and titanium slag was sluggish. Downstream processing enterprises tightly controlled costs, with procurement consistently maintained at a pace driven by rigid demand. Coupled with inventory at high levels across the industry, the raw material end remained under pressure, enterprises’ willingness to operate stayed weak, capacity release was constrained, and the supply-demand imbalance continued to stand out. In the midstream titanium dioxide segment, pressure from elevated costs of raw materials and energy sharply increased production-side strain. Enterprises held prices firm and showed a strong willingness to sell, and while domestic trade demand did not see a noticeable increase in volume—relying only on rigid-demand support—overseas markets still demonstrated a certain degree of resilience, leaving the overall market running relatively strong. The downstream sponge titanium and titanium products segments performed impressively: sponge titanium inventories remained low, and, together with robust downstream restocking demand, top-tier enterprises proactively adjusted prices, with enterprises showing strong confidence in holding prices firm. The titanium products market saw stable supply and demand: the supply-side operating rate was steady, while demand-side differentiation was evident. Civilian applications were mainly driven by rigid-demand restocking, while orders in high-end fields such as aerospace and military industries were steady. The market recovered steadily, and differences in the pace across segments of the industry chain also set the tone for subsequent market dynamics.

The titanium market continues to be in the doldrums, awaiting a recovery in the peak season [SMM Weekly Titanium Review] Last week, the overall titanium market remained weak, with most product prices holding steady. The average price of titanium ore remained stable, and the wait-and-see sentiment in the market was strong, with the off-season extending somewhat; it is expected that there may be a slight rebound when the peak season arrives in September. Although titanium dioxide producers raised their quotations, downstream acceptance was limited, and actual transactions remained weak. Competition for rutile products intensified, while anatase products led the gains slightly. Titanium slag continued to be in the doldrums due to losses and insufficient demand. Sponge titanium quotes were stable, but inventory levels increased slightly, and the weak and stable trend continued. The titanium materials and ingot market, under pressure from sluggish end-users and high inventory, saw processing fees generally under pressure. Many companies resorted to lowering prices to secure orders to alleviate the pressure. Overall, the titanium market remains in a state of weak supply and demand, fluctuating at lows, and any future recovery still depends on the actual revival of demand during the traditional peak season in September.

[SMM Titanium Spot Report: Approaching the September Peak Season, Titanium Dioxide Market Supply and Demand Improves, Price Hike Trend Heats Up!] On August 19, SMM reported that the titanium dioxide market showed a comprehensive upward trend. Rutile mainstream quotations were at 12,500-13,000 yuan/mt, with FOB export prices at $1,825/mt; anatase quotations were at 11,300-11,600 yuan/mt; and chloride process quotations were at 14,300-15,300 yuan/mt, with FOB export prices at $2,090/mt.

[SMM Titanium Weekly Review: Titanium Market Products Show Differentiated Performance This Week, Overall Supply and Demand in a Stalemate with a Mediocre Atmosphere] This week, titanium market products showed differentiated performance. The price of domestically produced titanium concentrate slightly rebounded due to the increase in the operating rate of downstream enterprises and the stabilization of titanium dioxide prices. Titanium dioxide, however, maintained a low consolidation, with enterprises having high inventory, low operating rates, and weak downstream demand. Titanium slag was in the doldrums, with manufacturers being cautious. The price of 90% high-titanium slag from a certain manufacturer hit a new low for the year, and production declined. Sponge titanium continued to be weak, with capacity expansion and weak demand leading to oversupply, and cost reductions driving prices down. Titanium materials were consolidating at the bottom of the price range due to weak chemical demand and supported by military demand. Overall, the market was in a stalemate between supply and demand, with a mediocre atmosphere.

[SMM Spot Titanium Report: Sponge Titanium Prices Fall, Titanium Material Market in the Doldrums] SMM reported on August 6 that the average price of grade 0 sponge titanium was 50,500 yuan/mt, down 1,000 yuan from the previous working day; the average price of grade 1 sponge titanium was 49,000 yuan/mt, down 500 yuan from the previous working day; the average price of grade 2 sponge titanium was 47,500 yuan/mt, down 500 yuan from the previous working day; and the average price of titanium ingot (TA1) was 57,000 yuan/mt, down 500 yuan from the previous working day.

[SMM Titanium Spot Cargo Update: Weak Demand Leads to Pressure on Titanium Metal Prices Today] SMM reported on July 30 that the quoted price for TA1 titanium ingot was 57,000-58,000 yuan/mt, for TA2 titanium ingot was 55,000-56,000 yuan/mt, and for TC4 titanium ingot was 63,000-65,000 yuan/mt today.

[SMM Titanium Spot Cargo Update: Prices Consolidate at Low Levels, Titanium Enterprises Adjust to Market Pressures] SMM reported on July 21 that the titanium dioxide market continued to operate at a low level today, with the price range remaining stable. The average market price of rutile titanium dioxide was 13,050 yuan/mt, anatase titanium dioxide was 11,750 yuan/mt, and chloride-process titanium dioxide was 15,900 yuan/mt. The average market price of Grade 0 titanium sponge was 52,500 yuan/mt, showing characteristics of consolidation at a high level. Currently, the titanium dioxide market continues to face pressure, with some enterprises adjusting supply through maintenance or production suspension. Titanium sponge prices have experienced a correction due to downstream titanium material demand. SMM will continue to track changes in market supply and demand as well as price trends, providing timely references for the industry.

[SMM Titanium Spot Cargo Report: Prices of Sponge Titanium Generally Fall, Market Under Pressure] Today, domestic prices of sponge titanium fell across the board, with the average price of mainstream grades dropping by 1,000 yuan compared to yesterday. Affected by the downward trend in the titanium material market, the transaction price of sponge titanium continued to pull back. Currently, the market supply is stable, with new capacity gradually being released, while end-use demand shows mediocre performance. It is expected that prices will remain weak and consolidate in the short term.

[SMM Titanium Spot Cargo Update: Titanium Material Market Remains Weak, High Prices of Sponge Titanium May Be Difficult to Maintain] SMM reported on July 15 that the titanium material market continued to be sluggish, with quotes for titanium pipes (TA2/25*2mm) and pure titanium rods (TA1/20-40mm) both falling by 5 yuan/kg. Demand remained weak due to the drag from the chemical industry, while the price of sponge titanium remained high, with the average price of Grade 0 sponge titanium at 53,500 yuan/mt. Market analysis suggests that the current price of sponge titanium is inflated, and with the impact of downstream demand weakening, the market may face downward pressure in the future.