TiO2 prices remain stable in March 2025
Summary: In March 2025, the domestic TiO2 market had a strong atmosphere of watchfulness.
Titanium dioxide (TiO2)
In March 2025, the domestic TiO2 market was characterized by a strong watching atmosphere. On one hand, the continuous increase in downstream raw material costs was driving up corporate costs, leading to a strong expectation of factory price increases. On the other hand, domestic sales were less than satisfactory, with many manufacturers not optimistic about price increases. In late March, leading enterprises announced a price increase, with domestic titanium dioxide market quotations being raised by RMB500/t, and international market prices being raised by USD70/t. This announcement of a price increase was not only the result of raw material drivers but also aimed to invigorate market confidence and stimulate new order demand, with expectations that other factories would also announce price increases in succession.
Titanium slag
This month, the titanium slag market continued to operate sluggishly, with weak downstream demand and low operating rates at titanium slag factories. Manufacturers mainly maintained a small amount of shipments to regular customers. After all, the production cost remains high, but the market price is unlikely to improve in the short term, as factories have a strong wait-and-see attitude and are not very motivated.
Ilmenite
In the Panxi Area, the ilmenite market continues to operate in a stable yet weakening trend. On one hand, downstream factories face significant cost pressures, leading to a strong sentiment to push back on raw material purchases, with severe bargaining; on the other hand, the gradual release of raw materials from Pansteel and the miners’ difficulty in selling their goods make it difficult for prices to remain firm. Even though there are rumors that Pansteel may continue to raise its quotations for new orders, the invigorate effect on the local ilmenite market is currently limited. In Yunnan Province, influenced by policies and procedures, operating rates for ilmenite remain low, and thus, with a continued shortage in ilmenite supply, miners’ quotations are firm, and the overall exercise price is relatively high.
TABLE 7: Average prices of major titanium products in China in March 2025
| Product | Spec | Region | USD/t | RMB/t | MOM | |
| Titanium dioxide | Anatase titanium dioxide | Central China | 1907.73 | 13687 | 2.28 | |
| Titanium dioxide | Anatase titanium dioxide | Southwest China | 1946.62 | 13966 | 0.87 | |
| Titanium dioxide | Anatase titanium dioxide | East China | 1973.52 | 14159 | -0.75 | |
| Titanium dioxide | Anatase titanium dioxide | South China | 1868.84 | 13408 | 0.79 | |
| Titanium dioxide | Rutile titanium dioxide | East China | 2132 | 15296 | -0.82 | |
| Titanium dioxide | Rutile titanium dioxide | Southwest China | 2242.66 | 16090 | -3.09 | |
| Titanium dioxide | Rutile titanium dioxide | Central China | 2156.11 | 15469 | 1.02 | |
| Titanium dioxide | Anatase titanium dioxide | China | 1924.18 | 13805 | 0.78 | |
| Titanium dioxide | Rutile titanium dioxide | China | 2176.92 | 15618.33 | -1.02 | |
| Ilmenite | Grade 40%-46% | Sichuan Province | 303.94 | 2180.64 | -5.02 | |
| Ilmenite | Grade 45%-47% | Yunnan Province | 253.81 | 1820.99 | -5.49 | |
| Ilmenite | Grade 50%-52% | Guangxi Zhuang Autonomous Region | 356.4 | 2556.96 | 1 | |
| Ilmenite | Grade 45%-47% | Hainan Province | 341.87 | 2452.77 | -1.6 | |
| Titanium slag | Grade 73%-74% | Yunnan Province | 634.19 | 4550 | -0.98 | |
| Titanium slag | Grade 73%-74% | Sichuan Province | 818.18 | 5870 | 1.6 | |
| Titanium slag | Grade 90% | Yunnan Province | 933.31 | 6696 | 1.02 | |
| Titanium slag | Grade 92% | Yunnan Province | 973.59 | 6985 | 0.58 | |
| Titanium slag | Grade 92% | Liaoning Province | 1004.95 | 7210 | 2.33 | |
| Titanium slag | Grade 90% | Sichuan Province | 997.42 | 7156 | 0.93 | |
| Note: (1)Ilmenite grading: 45% in Yunnan Province, 46% in Sichuan Province, 45%–54% in Hainan Province and 50%–52% in Guangxi Zhuang Autonomous Region(2)From Jan. 2024, grade 74%–76% titanium slag in Yunnan and Sichuan provinces changes to grade 73%–74%, because the producers in both regions currently rarely produce grade≥74% titanium slag and quotation information is unavailable. | ||||||
Source: China Informatics
