Titanium Dioxide Market Analysis

As December 2024 approaches its end, the mainstream titanium dioxide (TiO2) market remains in a state of weak stability. This week is also known as the "Golden Week" for the coatings industry, with the exhibition centered around the coatings industry and bringing together the entire upstream and downstream industrial chain. Different producers have adopted varying market strategies. Some have adjusted their prices in advance to seize the initiative and secure orders at the exhibition; others are focused on understanding the situation and waiting to make price decisions after the exhibition, which is the majority approach; a few have adjusted their prices at the exhibition to intercept orders and intentionally spread the news to influence other users to place orders with them. The situations of various producers differ, as do the extents of their price adjustments.

The main raw material, titanium concentrate, remains weakly stable in price, while sulfuric acid prices are firm (especially in the southwestern region, where sulfuric acid prices have reached 600-700 yuan/ton). Combined with the current titanium dioxide market prices, the situations of various producers are also different. Some are still operating with a slim profit even after price adjustments; some are hovering near the cost line; and some are already in a loss-making situation, with the common factor being significant pressure. Recently, the production rates of producers have been relatively stable, with no excessive adjustments or production limits/shutdown plans for the time being, as they are all waiting for the latest price policies from the main large-scale producers after the coatings exhibition.

Through on-site communication with upstream and downstream users, it has been understood that some stockholders hope that this exhibition will bring some favorable momentum to the price market, promoting a bottoming out and rebound in the market trend. However, the actual situation is still realistic and does not shift according to our will; there is still no sufficient, powerful momentum to drive the market, so it remains highly probable that the market will continue to operate weakly.

China's Coating Market Overall Stabilizes - 2024 Projected Output Growth of 3% and Profit Growth of 5%

Recently, the China Coating Industry Association released an analysis report on the development of China's coating industry in the first three quarters of 2024. According to the association's forecast, China's coating market will gradually stabilize in 2024, with the output of coatings expected to maintain a growth rate of about 3%, and the profit growth rate is basically maintained at around 5%. According to data released by the Coating Association, the overall development of China's coating industry in the first three quarters of 2024 showed a stable and progressive trend. From January to September, the total output of coatings was 26.398 million tons, which was on par with the same period of the previous year; the main business income was 298.27 billion yuan, a year-on-year increase of 0.6%; the total profit was 19.33 billion yuan, a year-on-year increase of 3.1%. In the first three quarters, China's coating export volume was 244,700 tons, a year-on-year increase of 27.80%; the export value was $774 million, a year-on-year increase of 16.34%; the import volume was 120,700 tons, a year-on-year increase of 11.00%; the import value was $1.33 billion, a year-on-year increase of 14.23%.

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Currently, the mainstream quotes for most domestic sulfate process rutile and anatase titanium dioxide in China are between 15,000-16,000 yuan/ton and 13,500-14,500 yuan/ton, respectively. The mainstream prices for domestic and imported chloride process rutile titanium dioxide, differentiated by use, are between 18,500-21,000 yuan/ton and 31,000-35,000 yuan/ton, respectively (all of the above are tax-inclusive cash ex-warehouse prices).