TiO₂ Market Update – End of October

In late October, the titanium dioxide market remained largely stable with mainstream prices holding steady. A small number of manufacturers adjusted their prices within a range of RMB 100–300 per tonne, and price gaps are widening gradually. Overall new orders in October were somewhat disappointing. A large portion of shipments were fulfilments carried over from September orders. The rest were mostly small and medium-sized orders. Buyers are aggressive on price negotiation and comparison. Suppliers quote inconsistently to secure orders, which leads to rumors of low offers in the market.

Recently, titanium ore prices have stayed weak with high port inventories, while sulfur prices have also declined. This means the key raw material costs for titanium dioxide producers have come down. Coupled with a lull between old and new orders on the demand side and ample ready stock at manufacturers, suppliers are facing mounting shipment pressure. The traditional peak season of "Silver October" failed to sustain the momentum of "Golden September", and the oversupply situation has worsened.

Manufacturers fall into three camps: those with abundant stock cut prices, those with moderate inventory stay on the sidelines, and those with tight supply hold prices unchanged. These are only short-term moves, and most market participants hold a bearish outlook. Current order volume is mainly supported by export business and spot demand from some end users. If manufacturers see a broad build-up of inventory, titanium dioxide prices may face a risk of mild declines.