As May comes to an end, the titanium dioxide market has remained stable, with no major price movement overall.

Following a few scattered price increase notices last week, there maybe no more further increases this week. While each producer is facing a different order book and inventory situation, the pressure behind these announcements is largely the same: tight sulfur and sulfuric acid supply, combined with persistently high raw material prices.

This is still the core driver behind the current cost-push cycle.

China Market: Stability with Negotiation Room

China has a high dependence on imported sulfur. In 2025, China imported around 5.4 million tons of sulfur from the Middle East, accounting for about 56% of total sulfur imports. At the same time, around half of China’s sulfuric acid capacity is based on sulfur-burning production. With reduced shipments and longer vessel schedules from the Middle East, sulfur prices have surged by more than 40%.

In other words, China is not short of sulfuric acid itself. The real pressure comes from its deep reliance on imported sulfur as a feedstock for sulfuric acid production. When overseas sulfur supply tightens, producers relying heavily on sulfur-burning acid are the first to feel the impact.

Recently, the advantages of pyrite-based sulfuric acid and smelter acid have become more visible, especially in Southwest China and nearby regions. Some producers have already adjusted their feedstock sources, and the earlier shortage of sulfuric acid has eased. Even so, sulfur and sulfuric acid prices remain firm, and the cost floor for titanium dioxide is still in place.

Global Market Landscape

Beyond the domestic market, overseas TiO₂ producers have also continued to issue price increase notices. This is likely to support the export competitiveness of Chinese titanium dioxide, and the favorable export environment may continue for some time.

Since May, the main direction of the market has been high-level stability. Most producers are still defending their price levels, delivering earlier orders. However, new orders at current high price levels have been weaker than expected. A few producers have started to make small downward adjustments from high offers, and some room for negotiation has appeared in the market, although the scale remains very limited.

As a result, downstream users have become more cautious. Most buyers are focusing on essential-demand procurement, comparing prices more actively, and waiting for clearer direction.

Without stronger demand support, it will not be easy for TiO₂ prices to continue rising. But with sulfur, sulfuric acid, and other raw material costs still holding firm, sulfate-process TiO₂ prices are also unlikely to fall sharply. The market is now in a suspended state: difficult to move up, but also difficult to go down.

The latest pricing policies from leading producers next week will be very important.

With the traditional off-season approaching, downstream purchasing interest is weakening. Buyers are becoming more price-sensitive, and expectations for lower prices are growing. Some have already started to adopt a more defensive procurement strategy, buying only when necessary and waiting for possible downside opportunities.

For TiO₂ producers, the pressure is coming from both ends of the value chain: raw material costs remain high, while seasonal downstream demand is softening. New orders are limited, prices are under pressure, and most deals are still driven by immediate needs rather than active restocking.

The supply side wants to stabilize the market. The demand side is waiting for prices to fall.

Outlook

Under this kind of market, the current suspended state may not last much longer. The risk of either a renewed increase or a downward correction objectively exists.

In the short term, bullish and bearish factors remain clearly balanced. The market should pay close attention to the latest price policies from major producers. Before the trend becomes clearer, buyers may prefer to purchase based on essential demand. Final transaction prices will still depend on order size, payment terms, delivery schedule, and supplier position.