[SMM Analysis] After Sulfur Breaks Through $1,200: How Far Is the Ceiling? — The Ultimate Game Under International Supply Disruptions, Discussing China's Sulfur Policies and International Supplementary Supply Pathways

[SMM Vanadium Flash News] In April, Phase I of Jiaozuo Scandium-Vanadium New Materials Industrial Park was officially put into operation, with a total investment of 1.08 billion yuan. Relying on the by-product resources of titanium dioxide, the project has an annual production capacity of 2,500 tons of high-purity vanadium pentoxide + 20,000 cubic meters of vanadium electrolyte, directly supporting long-term energy storage orders. High-purity vanadium is entering the high-end alloy and vanadium battery markets, while the electrolyte has established the industrial chain of "titanium dioxide - vanadium electrolyte - energy storage", significantly increasing the added value of by-products..

SMM Titanium Dioxide Output TiO₂ production fell 4.86% month-on-month in April 2026, with cumulative year-on-year decline of 10.08%. Producer inventories dropped 9.87% month-on-month. The SMM China TiO₂ Index rose 6.94% from early April, driven by high sulfuric acid raw material costs and low inventory levels, fueling strong upward momentum from producers. SMM Sponge Titanium Output Sponge titanium production rose 3.49% month-on-month in April 2026, with cumulative year-on-year growth of 11.3%. Prices edged up to RMB 48,000-50,000/t this month, but remain under pressure from industry inventories and weak buying momentum in the downstream titanium materials market. The market is expected to continue narrow range-bound trading.

[SMM Titanium Express] LB Group has issued another titanium dioxide price increase notice. Effective April 15, domestic prices will rise by RMB 1,500/ton and international prices by USD 200/ton, marking a significant acceleration in the pace of hikes amid persistent cost pressures and tightening supply-demand dynamics.

[SMM Titanium Spot Brief: Titanium Dioxide Prices Rose, Titanium Slag Prices Fell, Titanium Ore Prices Held Steady] On April 10, acid-soluble titanium slag prices fell, while reduced titanium and high-titanium slag prices held steady. Titanium tetrachloride prices rose, and titanium ore prices remained largely stable overall. Titanium dioxide prices saw a broad rise this week, with anatase and rutile grades posting notable gains, while chloride-process titanium dioxide edged up. High-titanium slag prices are expected to hold steady, and titanium concentrate prices are likely to see limited fluctuations.

[SMM Spot Titanium Brief: Sulphuric Acid Price Increases Drive Up Costs, Titanium Dioxide Market Prices Continue to Rise] On April 9, driven by the continued rise in sulphuric acid prices and growing cost pressure, inquiry prices in the titanium dioxide market increased. Anatase and rutile titanium dioxide prices are expected to rise slightly, while chloride-process titanium dioxide prices are expected to remain stable.

[SMM Titanium Spot Flash: Cost Support Strengthens, Bullish Sentiment Heats Up in Titanium Dioxide Market] On April 8, inquiry prices in the titanium dioxide market rose. Due to higher sulphuric acid prices, cost support strengthened, and rutile titanium dioxide prices are expected to rise slightly.

[SMM Titanium Spot Brief: Rutile Titanium Dioxide Prices Rose, Cost Support Remained Strong] China's titanium dioxide market prices were basically flat today, with rutile grades raised by 100 yuan/mt. Multiple enterprises closed their order books and held back from selling, and bullish sentiment was strong in the market. Sulphuric acid prices continued to rise, providing strong cost support on the cost side, and the market showed a divergent trend.

[SMM Titanium Spot Daily: Cost Support Strengthens, Rutile Titanium Dioxide Prices Rise Slightly] On April 7, titanium dioxide market prices rose slightly. High sulphuric acid prices coupled with expectations of supply tightening supported titanium dioxide prices. Enterprises operated at high rates, but demand was mediocre. Domestic trade was driven mainly by rigid demand, while export trade was divergent. In the short term, prices are expected to hold up well, but further rises depend on demand improvement.

[SMM Titanium Spot Flash: Titanium Dioxide Prices Surged Strongly, Titanium Concentrate Came Under Pressure and Pulled Back, with Cost Support and Inventory Dynamics Dominating the Market] This week, prices in China’s titanium dioxide market continued to rise, with anatase and rutile grades raised by 400 yuan/mt and 150 yuan/mt, respectively. Multiple enterprises withheld sales after closing orders, and bullish sentiment remained strong in the market. Sulphuric acid prices continued to climb, with the SMM smelting acid index reaching 1,235.5 yuan/mt, providing strong cost support. Meanwhile, titanium concentrate prices dropped back slightly, as elevated inventory in the Panxi region, combined with titanium dioxide enterprises pushing for lower prices, led ore prices for 46% and 47% grades to be cut by 50 yuan/mt, respectively. Overall, titanium dioxide remained firm on cost support, while titanium concentrate was constrained by inventory and price-cut pressure, leaving the market in a diverging trend.