For the Quarter Ending December 2025
North America
• Ilmenite Price Index in North America trended softer through Q4 2025, as downstream TiO2 pigment producers and industrial end-users maintained cautious procurement amid ample inventory levels and mixed demand conditions.
• Ilmenite Spot Price showed downward pressure late in the quarter, reflecting moderate downstream demand from key sectors like paints & coatings and titanium metal alloys, even as cargo flows from major exporting regions remained steady.
• Ilmenite Production Cost Trend remained relatively stable, with steady mining and transport cost structures limiting cost-push inflation and contributing to subdued pricing momentum.
• Ilmenite Demand Outlook was subdued, as TiO2 pigment manufacturers and welding electrode producers prioritized inventory drawdowns and shorter contracts rather than aggressive new buying.
• Ilmenite Price Forecast signals limited upside near term, with the market expected to remain range-bound unless downstream pigment manufacturing and aerospace alloy demand strengthen materially.
• Elevated inventory positions and import competition continued to weigh on regional offers, keeping the North American Price Index under downward pressure by quarter-end.
Why did the price of Ilmenite change in December 2025 in North America?
• Cautious downstream procurement amid adequate inventory levels reduced demand pull, contributing to a softer Price Index.
• Steady import and domestic supply flows maintained market balance, preventing any significant upward price movement.
• Muted production cost pressures meant limited justification for higher offers, reinforcing price softness.
APAC
• In Malaysia, the Ilmenite Price Index fell by 2.75% quarter-over-quarter, driven by supply exceeding demand.
• The average Ilmenite price for the quarter was approximately USD 294.33/MT, reported by FOB Klang market participants.
• Ilmenite Spot Price weakened as comfortable dredging output and Australian concentrate arrivals increased available cargoes.
• Ilmenite Production Cost Trend rose due to energy tariff surcharges, but higher costs were not fully passed to customers.
• Ilmenite Demand Outlook remains mixed as pigment and coatings pockets support prices while broader industrial buying stays subdued.
• Inventories and export demand influenced Ilmenite Price Index movements as elevated stocks constrained seller pricing power.
• Major Malaysian dredgers moderated runs for tailings audits, limiting spot availability and supporting modest upward pressure.
• Ilmenite Price Forecast indicates rangebound-to-soft near-term movement absent significant export order recovery or logistical easing.
Why did the price of Ilmenite change in December 2025 in APAC?
• Supply marginally exceeded demand during quarter-end as steady dredging and Australian concentrate arrivals added available tonnage.
• Energy tariff increases raised conversion costs, pressuring margins while buyers resisted passing higher offers to exporters.
• Port Klang logistical frictions and intermittent weather delays raised lead times, constraining exports and spot liquidity temporarily.
Europe
• Ilmenite Price Index in Europe showed softening in Q4 2025, driven by weak pigment sector activity and cautious industrial demand, despite efforts by producers to discipline supply.
• Ilmenite Spot Price exhibited modest declines, as buyers in coatings, plastics, and speciality alloys delayed purchases amid inventory cushions and competitive import offers.
• Ilmenite Production Cost Trend was broadly stable, with limited volatility in extraction and logistics costs, reducing the incentive for producers to push higher prices.
• Ilmenite Demand Outlook remained muted, with slow activity in TiO2 pigment production and modest growth in metal/alloy sectors insufficient to absorb incremental volumes.
• Ilmenite Price Forecast suggests a continued bearish bias into early 2026, unless demand from high-growth segments such as automotive coatings or advanced alloys picks up.
• Competitive import flows from major suppliers and elevated inventories in European ports contributed to the easing of the regional Price Index as the quarter closed.
Why did the price of Ilmenite change in December 2025 in Europe?
• Weak downstream demand from TiO2 pigment and coatings sectors reduced immediate buying interest, softening the Price Index.
• Ample inventories and competitive import offers limited producers’ pricing power and contributed to downward pressure on spot levels.
• Stable production costs gave no strong cost-push support, reinforcing a declining price trend.
MEA
• In Mozambique, the Ilmenite Price Index fell by 7.43% quarter-over-quarter, reflecting weaker pigment demand trends.
• The average Ilmenite price for the quarter was approximately USD 274.00/MT, reflecting FOB Moma levels.
• Ilmenite Spot Price showed limited upside as muted pigment mill buying and restocking constrained liquidity.
• Ilmenite Price Forecast anticipates mild recovery if shipment cadence tightens and pigment mills resume restocking.
• Ilmenite Production Cost Trend reflected higher diesel and maintenance spend, marginally pressuring mine-level netbacks domestically.
• Ilmenite Demand Outlook stayed subdued as Chinese pigment producers prioritized existing inventories over spot purchases.
• Ilmenite Price Index movements were moderated by balanced inventories, production, and port throughput at Nacala.
• Export demand supported contractual liftings, limiting declines in FOB quotations.
Why did the price of Ilmenite change in December 2025 in MEA?
• Steady export demand absorbed output, while lack of speculative buying kept pressure minimal on netbacks.
• Port scheduling and vessel allocation constrained shipment cadence, influencing spot liquidity and FOB price formation.
For the Quarter Ending September 2025
North America
• The Ilmenite Price Index in North America was largely stable to mildly soft in Q3 2025, reflecting moderate headwinds and cautious downstream consumption.
• Ilmenite Spot Price showed limited upside. While tightened logistics and port premiums supported occasional upward pressure, overall spot volume remained subdued given weak pigment manufacturing offtake.
• Ilmenite Price Forecast suggests a neutral to slightly bearish near-term outlook unless TiO2 demand rebounds; pricing is expected to oscillate within a narrow range.
• The Ilmenite Production Cost Trend remained relatively stable. Input costs (mining, transport, energy) held steady, so cost pressures were limited.
• Ilmenite Demand Outlook in North America stayed weak to moderate. TiO2 pigment plants and coating/paints sectors remained cautious in procurement, aligning orders with immediate consumption.
• Inventory levels across distributors and pigment producers were elevated, limiting upward price pressure; this exerted negative influence on the Ilmenite Price Index.
• Import competition from lower cost Asian and African suppliers put additional downward pressure on North American offers, especially at the spot market.
Why did the price of Ilmenite change in September 2025 in North America?
In September, a slight softening in the Price Index occurred due to continuing weak downstream TiO2 demand, elevated inventories, and competition from imports.
APAC
• In Malaysia, the Ilmenite Price Index fell by 4.92% quarter-over-quarter, reflecting weak export demand and higher inventories.
• The average Ilmenite price for the quarter was approximately USD 302.67/MT, FOB Klang reflecting subdued buying conditions.
• Ilmenite Spot Price softened as buyers delayed purchases amid elevated port inventories and competitive ex-quay offers.
• Market participants referenced the Ilmenite Price Index when adjusting offers across Southeast Asia export tenders.
• Ilmenite Price Forecast indicates modest upside risk over coming months if restocking by pigment producers accelerates.
• Ilmenite Production Cost Trend remained stable despite input inflation easing, supporting sellers' willingness to hold offers.
• Ilmenite Demand Outlook shows selective restocking from TiO2 plants in China and India supporting limited price support.
• Export volumes and Klang stockyards influenced the Ilmenite Price Index movements as logistics remained broadly reliable.
Why did the price of Ilmenite change in September 2025 in APAC?
• Weak overseas procurement from China and India lowered offtake, thereby pressuring FOB Klang offers further.
• Accumulated inventories at Klang port increased seller urgency, thereby prompting competitive pricing and reduced premiums.
• Eased input cost inflation and steady freight reduced cost pressures, but demand weakness dominated dynamics.
Europe
• The Ilmenite Price Index in Europe held generally steady in Q3 2025, as supply-side balance and cautious demand offset swings.
• Ilmenite Spot Price saw only marginal fluctuations, with buyers and sellers largely operating on contract volumes and limiting aggressive spot actions.
• Ilmenite Price Forecast anticipates a stable to mildly soft trend ahead, unless downstream pigment or titanium metal demand picks up significantly.
• Ilmenite Production Cost Trend remained relatively flat — energy, mining, and logistics costs were stable enough that they imposed minimal upward pressure.
• Ilmenite Demand Outlook in Europe remained weak to moderate: TiO2 pigment and coatings demand was soft, while titanium metal applications saw restrained growth.
• Import competition from lower-cost suppliers (e.g. Africa, Asia) pressured European offers, particularly in price-sensitive regions, restraining upward momentum in the Price Index.
• Inventory cushion held by distributors and pigment plants limited volatility; surplus stock prevented sharp rises in spot pricing.
Why did the price of Ilmenite change in September 2025 in Europe?
In September, a slight softness in the Price Index emerged, driven by continued weak downstream demand, steady import inflows, and inventory overhang limiting upward movement.
MEA
• In Mozambique, the Ilmenite Price Index fell by 2.4% quarter-over-quarter, reflecting exporter-led oversupply and discounting.
• The average Ilmenite price for the quarter was approximately USD 296/MT based on FOB Moma.
• Ilmenite Spot Price volatility eased as port inventories rose, pressuring offers despite stable production rates.
• Ilmenite Price Forecast points to modest recovery if downstream restocking persists and inventories gradually normalise.
• Ilmenite Demand Outlook remains weak as TiO2 pigment offtake slows across key Asian import markets.
• Ilmenite Price Index movements reflected export competition and inventory accumulation at transshipment hubs, pressuring offers.
• Logistics efficiency at Moma port limited deeper declines, helping exporters maintain flows despite softer demand.
Why did the price of Ilmenite change in September 2025 in MEA?
• Surging exports from Mozambique and other producers created oversupply, pressuring FOB offers and Price Index.
• Weak TiO2 pigment demand in China reduced procurement, dampening Ilmenite Spot Price and ordering activity.
For the Quarter Ending June 2025
North America
• The Ilmenite Price Index in North America fell moderately in Q2 2025, reflecting weaker demand from downstream pigment and welding rod sectors, especially in the industrial heartland. The soft construction outlook and high raw material inventories weighed heavily on spot activity.
• The Ilmenite Production Cost Trend remained flat during the quarter, with no major disruptions in mining or logistics. Stable energy costs and steady labour conditions supported a consistent cost structure across domestic and imported material.
• The Ilmenite Demand Outlook remained restrained, with end-users preferring inventory drawdowns over fresh procurement. Importers showed reduced interest in forward contracting, citing cost pass-through resistance from pigment manufacturers and supply chain caution.
Why did the price of Ilmenite change in July 2025 in North America?
• The Ilmenite Spot Price in July 2025 saw a marginal decrease from June levels, driven by weak demand from titanium dioxide processors and continued availability of cheaper Asian-origin material. Market sentiment remained soft, prompting price flexibility among suppliers.
• The Ilmenite Price Forecast for North America suggests stable-to-weak pricing unless there's a pickup in construction-related coatings demand or a rebound in pigment plant operating rates.
APAC (Asia-Pacific)
• The Ilmenite Price Index in APAC declined slightly in Q2 2025, driven by competitive pricing pressure among Malaysian exporters and tepid procurement from key buyers in China and India. This was despite a 0.5% quarter-over-quarter rise in Malaysia in April.
• The Ilmenite Spot Price on an FOB Klang basis dropped sharply by 3.1% in June due to elevated inventories, weak pigment sector demand, and stronger USD weighing on Indian import appetite.
• The Ilmenite Production Cost Trend remained largely unchanged, with Malaysian producers maintaining output near full capacity amid high stock levels. Freight costs stayed stable, but sellers had to offer discounts to clear volumes.
• The Ilmenite Demand Outlook remains bearish in the short term, as Chinese pigment plant audits and India’s monsoon season curtailed industrial offtake.
Why did the price of Ilmenite change in July 2025 in APAC?
• The Ilmenite Spot Price in July declined further, as buyers in China and India continued to defer purchases amid high inventory positions and cautious downstream sentiment. Malaysian sellers, pressured by stock build-up, reduced offers to stay competitive.
• The Ilmenite Price Forecast points to continued softness in Q3 unless there is a notable revival in pigment and welding consumables demand or seasonal restocking begins.
Europe
• The Ilmenite Price Index in Europe remained broadly flat in Q2 2025, supported by stable input costs but tempered by weak demand from the pigment and ceramics industries. Import dependency and cautious procurement behaviour shaped the quarter’s price movements.
• The Ilmenite Spot Price in July held steady across most ports, with marginal softening reported in Southern Europe due to inflows of discounted Asian cargoes. Northern Europe saw limited change as buyers stuck to contract volumes.
• The Ilmenite Production Cost Trend remained unchanged, given Europe’s reliance on imported feedstock and consistent logistics. However, energy cost relief in select markets helped offset shipping cost burdens.
• The Ilmenite Demand Outlook remained muted amid declining coatings activity and slow TiO2 plant restarts in Western Europe. Ceramic-grade ilmenite buyers in Eastern Europe also reported lower offtake.
Why did the price of Ilmenite change in July 2025 in Europe?
• The Ilmenite Spot Price in July was largely stable with isolated declines in price-sensitive regions due to aggressive offers from Asian exporters. Weak demand prevented upward movement, but stable supply conditions avoided steep price drops.
• The Ilmenite Price Forecast for Europe points to sideways-to-soft trends, with little upside unless export-driven pigment production revives or regional TiO2 inventory destocking accelerates.
MEA
• The Ilmenite Price Index in MEA (Mozambique) declined by 0.5% quarter-over-quarter in Q2 2025. The fall reflected a global oversupply scenario caused by increased output from Mozambique, Vietnam, and Australia, even as downstream TiO2 demand remained weak.
• The Ilmenite Spot Price on an FOB Moma basis dropped by 3.3% in June, as pigment producers in Asia reduced operating rates, curbing raw material demand. Despite steady mine operations, excess availability led to price competition.
• The Ilmenite Production Cost Trend was steady, with efficient logistics and uninterrupted output at Moma. However, oversupply forced sellers to lower FOB offers to attract buyers.
• The Ilmenite Demand Outlook weakened due to sluggish activity in downstream coatings, plastics, and construction industries across China and India.
Why did the price of Ilmenite change in July 2025 in MEA?
• The Ilmenite Spot Price in July continued to fall, pressured by oversupply and limited interest from pigment producers. Despite healthy production, global inventory excess prompted exporters like Mozambique to adjust prices downward to maintain dispatch volumes.
• The Ilmenite Price Forecast suggests prices may stabilize in Q3 if pigment plant restocking resumes or industrial demand strengthens in East Asia.
For the Quarter Ending March 2025
North America
• The Ilmenite Price Index in North America region sustained downward trajectory in Q1 2025 owing to high inventory levels and oversupply conditions lasting from Q4 2024.
• Why did the price of Ilmenite change in April 2025? In early April 2025, prices declined further, bolstered by sluggish downstream demand, particularly from the titanium dioxide (TiO2) sector.
• The Ilmenite Spot Price trended downward as the TiO2 sector—the primary end-use industry—struggled with reduced consumption.
• Stability in demand from paints and coatings was insufficient to offset weak market fundamentals.
• Strategic investments and efforts to enhance production capacities indicate a potential medium- to long-term rebound.
• The Ilmenite Production Cost Trend remained stable, but high inventories and weak market sentiment pressured margins.
• The Ilmenite Demand Outlook remains uncertain due to ongoing economic fluctuations and underperformance in the TiO2 industry.
• The Ilmenite Price Forecast for Q2 2025 remains bearish unless a notable recovery in downstream sectors occurs.
Europe
• The Ilmenite Price Index in Europe showed continued weakness in Q1 2025 due to poor TiO2 demand and sustained oversupply conditions.
• Why did the price of Ilmenite change in April 2025? In early April 2025, Ilmenite prices are declined, as downstream sectors like automotive, construction, and coatings remain under strain.
• The Ilmenite Spot Price failed to gain momentum as destocking activity persisted and end-use demand stayed weak.
• High inventory levels and limited improvement in industrial consumption capped any recovery attempts.
• Low export volumes from key producers such as China and geopolitical headwinds added further complexity to market recovery.
• The Ilmenite Production Cost Trend remained controlled, but producers showed hesitancy in scaling up output.
• The Ilmenite Demand Outlook is subdued, with buyers exercising caution amid economic and industrial stagnation.
• The Ilmenite Price Forecast suggests continued pricing weakness unless supported by a resurgence in TiO2 consumption.
APAC
• The Ilmenite Price Index in APAC (focused on Malaysia) concluded Q1 2025 at USD 325/MT for ilmenite sand IP-3 grade FOB Klang, marking a moderate increase from Q4 2024.
• Why did the price of Ilmenite change in April 2025? During early April 2025, prices were expected to remain stable or marginally increase, supported by constrained supply and gradual shifts in the EV and manufacturing sectors.
• January began with a 5% rise in the Ilmenite Spot Price, propelled by supply shortages and stable industrial usage.
• February saw a 1.6% price uptick, supported by marginal demand from TiO2 and reduced ilmenite availability.
• March closed with a 3% price increase, as inventory levels fell due to reduced mining output and a cautious industrial rebound.
• The Ilmenite Production Cost Trend rose slightly due to input shortages and higher logistics expenses.
• The Ilmenite Demand Outlook remains cautiously optimistic, with growing EV production and infrastructure development counterbalancing softness in paints and coatings.
• The Ilmenite Price Forecast for Q2 signals sustained strength if TiO2 demand gradually improves and supply tightness persists.
MEA
• The Ilmenite Price Index in MEA (focused on Mozambique) ended Q1 2025 at USD 310/MT for ilmenite sand IP-3 grade FOB Moma, up slightly from Q4.
• Why did the price of Ilmenite change in April 2025? In April 2025 prices remained flat, driven by steady production and early signs of downstream recovery.
• January saw a 1.7% rise in the Ilmenite Spot Price, attributed more to cost-side factors than robust demand.
• February continued with a 1.7% increase, even as clients exercised caution due to protests and regional uncertainty.
• In March, prices rose another 1.6%, reflecting stable inventory levels and modest growth in sectors like mining and services.
• The Ilmenite Production Cost Trend held steady, though new investment in mining infrastructure hinted at future scaling.
• The Ilmenite Demand Outlook is tentatively positive, supported by gradual stabilization in agriculture and service industries despite weak manufacturing.
• The Ilmenite Price Forecast remains cautiously optimistic amid slow but steady sectoral recovery and stable supply.
