Buyer Summary: The China TiO₂ Market remained weak but broadly stable this week. “Silver October” demand has been weaker than expected, with downstream buyers mainly purchasing on a need basis and new-order activity remaining limited. Existing orders and export demand continue to support major producers, while inventory pressure is becoming increasingly differentiated across manufacturers. Lower ilmenite prices and mixed sulfuric acid trends have provided some cost relief, but have not yet triggered broad price reductions. Meanwhile, the UK’s proposed anti-dumping measures on Chinese rutile TiO₂ add further uncertainty to export markets. Near-term TiO₂ prices are therefore expected to remain weak and stable, with limited room for a meaningful rebound without stronger demand.

1. Titanium Dioxide (TiO₂) Market Analysis

• The TiO₂ market remained broadly stable this week, with producers generally maintaining current quotations despite cautious downstream demand.
• “Silver October” demand has remained weaker than expected. Downstream buyers continued to focus mainly on essential purchases, while new-order growth remained limited and transactions were largely negotiated on a case-by-case basis.
• Major producers and chloride-process manufacturers continue to benefit from existing orders and export demand, while some smaller producers are facing greater pressure as their order backlogs decline.
• Producer inventories are increasingly differentiated. Manufacturers with stronger order support remain relatively stable, while others are under greater pressure to secure new orders and shipments.
• The property interest subsidy policy implemented on October 1 may eventually support construction, renovation, and coatings demand, but its impact on TiO₂ consumption is expected to take time to materialize.

Price Index Methodology: The Price Index is calculated based on the average prices of the top 10 producers in China, with the base value set at 100 as of January 1, 2026.

2. Titanium Dioxide Pigment Market Trends