For the Quarter Ending September 2024
North America
In Q3 2024, the North American Titanium Dioxide market has experienced a consistent upward trend in prices, reflecting a positive pricing environment. This increase can be attributed to several key factors.
Firstly, there has been a steady rise in demand from various industries, particularly the construction and automotive sectors. This heightened demand has put upward pressure on prices as manufacturers seek to meet the increased need for Titanium Dioxide. Additionally, supply chain disruptions and limited availability of raw materials have further contributed to the price escalation.
In the USA, which has witnessed significant price changes, the overall trend has been reflective of the broader North American market. The quarter saw a 1% increase in prices from the first to the second half, indicating a gradual but consistent rise. There was a 1% change from the previous quarter in 2024, the latest quarter-ending price for Titanium Dioxide 93% CFR USGC in the USA stands at USD 2620/MT, signaling a positive market sentiment and sustained price growth.
APAC
In Q3 2024, the Titanium Dioxide market in the APAC region experienced a period of increasing prices. Several factors contributed to this trend. The consistent production of Titanium Ore, a key raw material in the production of Titanium Dioxide, played a crucial role in maintaining stable prices. A steady supply of Titanium Ore ensured that manufacturers had access to the necessary raw materials at relatively consistent prices. The absence of significant supply chain disruptions also contributed to the steadiness in Titanium Ore supplies. The construction sector, a major consumer of Titanium Dioxide, experienced moderate growth during Q3 2024. This steady demand helped to support Titanium Dioxide prices without creating excessive supply pressure. Manufacturers were cautious about making large bulk purchases of Titanium Dioxide, preferring to adopt a more measured approach to inventory management. Japan, in particular, witnessed the most notable price changes in the region. The overall trend in Japan reflected a positive pricing environment, with a 5% increase noted in the second half of the quarter compared to the first. The quarter-on-quarter change recorded a 1% decrease, indicating a recent upward price momentum. The latest price ending the quarter stood at USD 2760/MT for TIO2 Anatase Ex Nakanoshima in Japan, showcasing a consistent upward trajectory. This pricing environment in Japan signifies a favorable market sentiment with increasing prices and stable conditions.
Europe
Throughout Q3 2024, the Titanium Dioxide market in Europe has experienced an upward trend in prices, with France witnessing the most significant price changes. The decline in industrial activity, which has limited supply, has driven prices upward. The downstream construction industry's constant, modest demand over the last few months has also influenced pricing dynamics. Because of the construction industry's subdued activity, TiO2 manufacture has suffered decreased operating rates, necessitating pricing adjustments to match the present market situation. The persistence of restrictive monetary policy has also added to the pressure on TiO2 prices. High interest rates and general economic uncertainty have created a cautious investment climate that impacts several industries, including the chemicals company. In France specifically, the market has seen maximum price fluctuations. The quarter recorded a -3% decline from the previous quarter in 2024. Notably, there was a 4% price increase between the first and second half of the quarter. The latest quarter-ending price for Titanium Dioxide 93% FOB Le Havre in France was USD 3610/MT, marking a clear upward trajectory in pricing. Overall, the pricing environment has been characterized by positive momentum, reflecting a gradual increase in prices throughout the quarter.
South America
In Q3 2024, the Titanium Dioxide market in South America experienced a notable uptrend in prices, with Brazil showcasing the most significant price fluctuations. The quarter was marked by a convergence of factors that influenced market dynamics. Moderate demand from downstream industries, coupled with stable supply levels, created a delicate balance that supported price increases. The bullish sentiment was further reinforced by a gradual recovery in manufacturing activities and a reduction in inflationary pressures. Seasonal factors also played a role, with increased activity expected during this period. The quarter recorded a decline from the previous quarter in 2024. Notably, initially, the prices rose but eventually, they stabilized over some time in this quarter. Despite a slight decline from the previous quarter, the overall trend indicated a positive trajectory, with prices steadily climbing. The correlation between demand, supply, and external factors like freight costs and currency fluctuations contributed to the overall price movement. Ending the quarter on a high note, Titanium Dioxide Anatase Grade CFR Santos Port in Brazil was priced at USD 2060/MT, reflecting a robust pricing environment and a promising outlook for the sector.
For the Quarter Ending June 2024
North America
The second quarter of 2024 has been marked by a declining trend in Titanium Dioxide prices across the North American region. This downtrend is predominantly driven by several key factors. The primary influence has been weak demand from the downstream construction sector, traditionally the largest consumer of Titanium Dioxide, which has shown little signs of recovery.
This tepid demand has resulted in an oversupply situation, as manufacturers continue to produce at levels that exceed market needs. Additionally, global economic uncertainties, particularly concerns about slower growth and monetary tightening by central banks, have further dampened market sentiments. Focusing on the USA, which has experienced the most significant price reductions, the overall trend has been negative. Seasonality has also played a role, with weaker demand typically observed in this quarter.
The correlation between the construction sector's performance and Titanium Dioxide prices remains strong, with decreased construction activity leading to further price drops. According to market sources, the decline in demand has resulted in an oversupply of Titanium Dioxide in the market, as producers have been unable to sell their inventories at previous levels. Consequently, to stimulate buying interest and clear excess stock, suppliers have been compelled to lower their prices. The quarter concluded with Titanium Dioxide 93% CFR USGC prices at USD 2590/MT in the USA, reflecting a bearish pricing environment throughout the period.
APAC
In Q2 2024, the Titanium Dioxide (TiO2) market within the APAC region exhibited a tangible downturn in pricing, driven by multifaceted influences. The quarter was marked by a pronounced bearish sentiment, primarily fueled by moderate demand from downstream industries like construction and coatings. An oversupply of Titanium Dioxide, coupled with steady raw material prices, rendered the market's pricing environment negative. Additionally, logistical challenges, such as port congestion and escalating freight rates, further pressured Titanium Dioxide market fundamentals. Focusing on Japan, where TiO2 experienced the most significant price fluctuations, the market dynamics were notably impacted by seasonally weak demand and a sluggish recovery in the construction sector. The correlation between stagnant manufacturing activities and oversupplies accentuated the downward price trend. The latest quarter-ending price for TiO2 Anatase Ex Nakanoshima in Japan settled at USD 2580/MT, encapsulating a quarter rife with negative market sentiments. Overall, the pricing environment for Titanium Dioxide in Japan during Q2 2024 was decidedly negative, influenced by tepid demand, persistent oversupply, and logistical inefficiencies, cementing a challenging landscape for stakeholders.
Europe
In Q2 2024, the Titanium Dioxide market across Europe experienced a bearish trend, with prices persistently declining. The downward trajectory was primarily driven by tepid demand from downstream construction and automotive industries, exacerbated by economic setbacks in the manufacturing sector. This quarter was marked by sluggish procurement volumes, as economic uncertainties and high financing costs suppressed market activity. Additionally, reduced cost support from upstream raw materials, such as Titanium Ore, contributed to the diminishing prices. The overall sentiment in the Titanium Dioxide market leaned negative, influenced by a confluence of factors, including persistent inflationary pressures and labor shortages in the construction industry. Germany, in particular, witnessed significant price fluctuations, with the most pronounced changes in the region. The country's economic slowdown, signaled by a declining composite Purchasing Managers' Index (PMI), further depressed demand. Seasonality effects, coupled with a general downturn in industrial production, exacerbated the price decline. Trade activity was moderate, with a sufficient supply of raw materials available domestically. The construction sector demand remained subdued, although support from input material costs was minimal. Concluding the quarter, the price of Titanium Dioxide 93% FOB Hamburg in Germany was settled at USD 3380/MT. This persistent decrease highlights a predominantly negative pricing environment for Titanium Dioxide, driven by adverse market dynamics and reduced economic activity.
For the Quarter Ending March 2024
North America
In the US market, the prices of Titanium Dioxide have demonstrated an upward trajectory in the first quarter of 2024. As per the Market sources China, a major Titanium Dioxide manufacturer, raised its offers for importing countries. Reduced operating rates in the previous month amidst the holiday season have led to limited availability of finished stocks. Additionally, The Chemours Company has undergone force majeure In January due to the winter seasons in the USA.
Furthermore, in first half of Q1 2024, geopolitical tensions between Israel and Hamas have pushed Crude Oil prices higher, increasing manufacturing costs for Titanium Dioxide. Moreover, Shipping disruptions in the Red Sea, along with traffic constraints in the Panama Canal and adverse weather in the US, caused delays in supply. These delays, coupled with increased shipping costs, have led to transportation costs increases.
In March, The inflow of new orders from the downstream Paints and Coating industries has reinforced, strengthening the market fundamentals of Titanium Dioxide among the manufacturers. With improved market transactions, the Titanium Dioxide prices have sorted at high levels. The ChemAnalyst database has shown that the Titanium Dioxide 98% CFR USGC prices were settled at USD 2600 per ton in Q1-end.
APAC
In the first quarter of 2024, the Titanium Dioxide market in the APAC region experienced a shift in dynamics following the challenges faced in the previous quarter. The market saw improvements in availability and pricing as manufacturers took measures to address the limited supply and increased costs. During this period, production rates were gradually restored, and maintenance shutdowns were completed, leading to a more stable supply of Titanium Dioxide. As a result, manufacturers were able to adjust their prices to more reasonable levels, ensuring profitability while remaining competitive in the market. The demand from the downstream construction and automotive industries also showed signs of improvement, indicating a potential rise in demand in the coming months. This positive sentiment provided a boost to market confidence and further supported the stabilization of prices. In China, the Lomon Billions Group in Xiangyang, Hubei experienced a force majeure event due to technical glitches. This incident temporarily impacted production, and the duration of the shutdown and resume date were still uncertain at the time of writing. Such disruptions may have localized effects on the market, but overall, the market remained resilient. As of the current quarter, the latest price of Titanium Dioxide in Japan stands at USD 2940/MT of TIO2 Anatase Ex Nakanoshima.
Europe
During the first quarter of 2024, the Titanium Dioxide market in Europe continued to face difficulties. The availability of upstream Titanium Ore remained limited due to reduced mining activities in the region, resulting in higher prices for this essential material. As a result, manufacturing costs for Titanium Dioxide saw a significant increase. Furthermore, manufacturing firms struggled with reduced operating rates and a decline in demand from downstream sectors such as construction and automotive industries, further straining the supply side of the market. In addition to these challenges, the Titanium Dioxide industry was also impacted by higher Crude Oil prices. Ongoing OPEC+ production cuts, coupled with disruptions in the Red Sea and Suez Canal, contributed to the increase in Crude Oil prices, consequently adding to the manufacturing costs for Titanium Dioxide. France experienced a decline in new orders and a contraction in the construction sector, leading to a decrease in demand for Titanium Dioxide. However, there was some relief in terms of the availability of Natural Gas during the first quarter of 2024, ensuring that manufacturing firms had sufficient supply to meet their requirements. Overall, the market sentiment for Titanium Dioxide in Europe remained bearish as the market was dominated by tepid demand fundamentals. The latest price of Titanium Dioxide 93% FOB Le Havre in France for the current quarter is USD 3800/MT.
For the Quarter Ending December 2023
North America
In the US market, the prices of Titanium Dioxide witnessed a volatile trend in the fourth quarter of 2023. Inquiries from downstream Paints and Coating industries improved slightly in the first half of Q4, leading to bullish market sentiments. Additionally, the market experienced supply-side pressure due to the limited availability of finished goods and manufacturers operating at reduced capacities.
On the other hand, the prices of Titanium Dioxide were supported by an increase in construction activities and a strong US economy. Furthermore, in late Q4, the prices of energy materials, such as crude oil, decreased during this period, easing the manufacturing costs of Titanium Dioxide. The decline in demand from the downstream Automotive sector also impacted the market dynamics.
Additionally, the destocking season sees inventory reduction by manufacturers and distributors, further impacting prices. Moreover, the global decline in demand prompted Chinese manufacturers, significant players in the Titanium Dioxide market, to reduce their prices to remain competitive and stimulate demand. Therefore, considering the aforementioned reasons, Titanium Dioxide 98% CFR USGC prices were settled at USD 2490 per ton at the end
APAC
The fourth quarter of 2023 was a challenging period for the Titanium Dioxide market in the APAC region. In October, the prices of Titanium Dioxide escalated in the domestic market of Japan amid an increase in demand from downstream construction industries. The rise in inquiries from the downstream Paints and Coatings industries accelerated the pricing dynamics of Titanium Dioxide. In addition, production cuts in Titanium Dioxide plants across the European market turned manufacturers to seek Titanium Dioxide from Asian markets. However, the availability of Titanium Dioxide was also sufficient to meet the demand from downstream Paints and Coatings industries. Market players observed ongoing labor shortages that forced manufacturers to seek skilled workers from Southeast Asia to meet their workforce needs. In November, the prices of Titanium Dioxide plummeted in the domestic market of Japan. Some Titanium Dioxide companies initiated scheduled maintenance during a slack season to alleviate the pressure stemming from a rapid uptick in inventory, thereby reducing Titanium Dioxide production. As leading companies announced price reductions, negotiated prices for Titanium Dioxide experienced a downward trend. Consequently, TIO2 Rutile Ex Nakanoshima prices were settled at USD 3150 per ton at the end of Q4.
Europe
The prices of Titanium Dioxide witnessed a mixed price trend in the Belgian market in the fourth quarter of 2023. In October, the prices of Titanium Dioxide were observed to be on the higher end. The rise in TTF natural gas costs in October caused the manufacturing costs of Titanium Dioxide to remain buoyant, supporting the upshift observed in the price realizations of Titanium Dioxide. European economies were affected by high energy prices, economic instability due to the Ukraine crisis, and geopolitical tensions arising from the conflict in Israel. However, prices started to decline in November as there was a reduction in inquiries from the downstream Paints and Coatings industries, leading to bearish market sentiments. This was primarily caused by a decline in new construction projects and a slowdown in industrial production, resulting in weak demand for Titanium Dioxide. Additionally, the market was influenced by the availability of input energy, particularly Natural Gas, which saw a decline in prices due to mild winter conditions and ample supply. This helped reduce the manufacturing costs of Titanium Dioxide. The market in Belgium was characterized by a sharp decline in building permits for new housing and non-residential buildings, leading to a slowdown in demand for Titanium Dioxide from the Paints and Coatings sector. Thus, Titanium Dioxide 98% FD Antwerp prices were settled at USD 3390 per ton in December.
of Q4.
South America
The fourth quarter of 2023 has been challenging for the Titanium Dioxide market in South America, particularly in Brazil. The market has experienced a decline in inquiries from the downstream Paints and Coatings industries, leading to a decrease in price realizations. Some Titanium Dioxide companies have initiated scheduled maintenance during a slack season to alleviate pressure from rapid inventory accumulation, resulting in reduced production. This, coupled with low demand from the downstream Construction sector, has intensified market price competition. Additionally, the decreasing crude oil prices have eased manufacturing costs. Despite these challenges, the availability of finished goods has been limited, causing supply-side concerns among manufacturers. Looking ahead, the increasing inventory levels among certain producers may trigger further declines in Titanium Dioxide prices in December, putting additional pressure on profits. In terms of Brazil, the market has seen a continuous increase in Titanium Dioxide prices, driven by strong demand from the downstream Paints and Coatings industries. The rise in construction activities and stable interest rates have contributed to the market's bullish sentiment. The availability of finished Titanium Dioxide stocks has been relatively limited, leading to supply-side pressure. However, with the ongoing destocking season, there is a possibility of releasing inventories at lower prices. The prices of energy materials and upstream Sulphuric Acid may impact manufacturing costs. Overall, the Titanium Dioxide market in Brazil is expected to experience moderate to high demand, with potential price adjustments based on sector inquiries. The latest price of Titanium Dioxide Anatase Grade CFR Santos Port in Brazil for the current quarter is USD 2100/MT.
For the Quarter Ending September 2023
North America
In the USA, the pricing dynamics of Titanium Dioxide have witnessed a volatile trend. In early Q3, the prices of Titanium Dioxide plummeted due to a reduction in inquiries from the downstream Paints and Coatings sector. Additionally, In response to the sluggish Chinese market, manufacturers have decreased prices for importing nations such as Thailand, USA, and Brazil. In terms of production, the downstream manufacturing firms have operated under pressure amid tepid demand from the terminal market. The availability of Titanium Dioxide was also sufficient to meet the demand from the downstream construction and automotive industries. However, in the second half of Q3, the price realizations of Titanium Dioxide have gained upward momentum in the wake of increased offers from the Chinese markets. As per the market participants, the upstream Titanium Concentrate has risen, which was responsible for the increased Titanium Dioxide offers. Moreover, persistent labor shortages have continued to weigh upon the US market. Towards the end of the third quarter, The active demand from the downstream construction sector boosted the market sentiments and prompted the downstream manufacturers to raise the procurement of Titanium Dioxide. The ChemAnalyst database has shown that Titanium Dioxide 98% CFR USGC prices concluded at USD 2530 per ton at the end of the third quarter.
APAC
In the third quarter of 2023, the prices of Titanium Dioxide have demonstrated mixed market sentiments. The reduction in demand from the downstream Paints and Coatings sector in early Q3, has led to a fall in the price realizations of Titanium Dioxide. The manufacturers have reported the adequate availability of input energy materials to carry out the production of downstream derivatives. Furthermore, Additionally, the depreciation of the Japanese Yen against the US Dollar has led to a reduction in the cost of assets denominated in Yen, making them more attainable for international buyers. On the supply side, production facilities have operated at reduced capacities due to the presence of ample finished goods. Manufacturers have exercised caution due to high inventory levels, which are a result of ongoing weak economic conditions in Western markets. Alongside the easing of supply chain constraints, delivery times have also become shorter. In September, the prices of Titanium Dioxide remained on the higher end. The inquiries from the downstream construction sector have escalated, strengthening the market sentiments of Titanium Dioxide among the manufacturers. Additionally, in mid-Q3, Dow Chemical, Longbai, and other chemical companies officially announced price increases, which involved multiple industry chains including Titanium Dioxide. Thus, TIO2 Anatase Ex Nakanoshima prices were settled at USD 2920 per ton at Q3-end.
Europe
The price of Titanium Dioxide has remained on the lower end in the domestic market of Belgium. Weak demand from the downstream Paints and Coating sector has deteriorated the market sentiments of Titanium Dioxide in the Belgian market. As per the market participants, the persistent inflationary pressures have decreased the purchasing power of the end-use industries in the European market throughout Q3. In August, The holiday season in Europe halted trade activities, further slowing the demand from the downstream construction sector. It has prompted the manufacturers to release the inventories at lower prices to secure their profit margins. In addition, regarding production, manufacturing companies have operated at lower capacities to maintain market equilibrium. According to the data from Statistics Belgium, In August 2023, Belgium's industrial production contracted by 2.2% year-on-year, in the wake of tepid demand fundamentals from the downstream industries. The manufacturing Purchasing Manager Indiex has also settled in the contraction zone. Overall, the movement of finished goods was unimpeded and the freight charges have remained at the lower levels amid a slowdown in global trade volumes. Consequently, Titanium Dioxide 98% FD Antwerp prices were settled at USD 3450 per ton in September.
For the Quarter Ending June 2023
North America
The decline in demand from the downstream paints and coatings sector has weakened the market sentiments of Titanium Dioxide in the USA. As a result, the price realizations of Titanium Dioxide have sustained their downward momentum throughout the second quarter of 2023. The cheap imports coming from the Chinese market amid ease in input raw material prices and sluggish demand from the downstream paints and coating sector have imposed downside risks to the price realizations of Titanium Dioxide. The movement of finished goods was unhindered, as no congestion has been reported at US ports. Amidst mild temperatures and reduced demand, relatively high natural gas production has diminished market fundamentals. The aftermath of the collapse of two prominent banks in the US market during late Q1 of 2023 has had repercussions on the performance of key manufacturing sectors, including the automotive and construction sector. Core inflation has consistently exceeded the targeted levels set by the US Federal Reserve and has been gradually decreasing at a slower pace, resulting in strained trade activities. Consequently, Titanium Dioxide 98% CFR USGC prices were settled at USD 2500 per ton in the Q2-end.
APAC
The price of Titanium Dioxide has remained on the lower end throughout the second quarter of 2023 in the domestic market of South Korea. The weak demand from the downstream paints and coatings sector has limited the market growth of Titanium Dioxide. Thus, a plunge has been observed in the pricing dynamics of Titanium Dioxide. In addition, the rebound in the Chinese manufacturing sector has accelerated the price competitiveness in the Asian market. The prices of input energy raw materials have been slowing down from their all-time high levels, prompting the inflationary pressure to edge lower in early Q2. The inventories of Titanium Dioxide in the domestic region were sufficient to cater to the inquiries from the terminal market. Thus, the manufacturing units have operated at reduced rates to maintain market balance. Amid a decline in production activities, the manufacturing purchasing manager index has also remained in the contraction zone (below 50 Points) throughout the quarter. Overall, the supply chain was functioning normally in the given time frame. Furthermore, towards the end of Q2, the exports from South Korea, including Titanium Dioxide has been dropped by 6% in June on a y-o-y basis.
Europe
In Q2, 2023, the prices of Titanium Dioxide demonstrated mixed market sentiments in Belgium. In early Q2, the prices have been improved with a moderate range. The economic turmoil brought on by tight monetary policies amidst high inflationary pressures has kept the price realization of Titanium Dioxide on the higher end. The shipping costs from North Europe to North America East Coast have declined amidst a slowdown in the global trade of chemicals. Overall, manufacturing activities have started to recover in the wake of easing input cost inflation. However, in the second half of Q2, Amid the decline in demand from the downstream paints and coatings sector, the prices of Titanium Dioxide progressed southwards. As a result, manufacturers have opted for price cuts to stimulate new shipments. The cost support from upstream Sulphuric Acid was also insufficient as its prices remained on the lower end, reported by market participants. On the input energy front, despite declining TTF Natural Gas prices, the reduced consumption from the downstream industries as rising interest rates have battered the major economies in the wake to drop down inflation has lowered the Natural Gas demand on a broader level.
For the Quarter Ending March 2023
North America
The prices of Titanium Dioxide have sustained their downward momentum throughout Q1 in the US market. The weak procurement from the downstream paints and coatings industries has pushed the Titanium Dioxide costs to a lower level. As per the market players, the availability of stocks was sufficient in the domestic region. The input energy material costs have been eased and alleviated the pressure on the manufacturing activities. In addition, the freight costs from China to the US has been declined amid increased containers across the Chinese ports. In late Q1, the inflation pressures and worries of a financial crisis amid the failure of Silicon Valley and Signature Bank intensified the economic conditions in the US market. Therefore, considering the aforementioned reasons, Titanium Dioxide 93% CFR USGC prices were assessed at USD 2960 per ton at the end of the first quarter.
APAC
Throughout the first quarter of 2023, the prices of Titanium Dioxide have remained on the higher end in the Chinese market. Beijing's decision to remove pandemic restrictions after a wave of COVID-19 infections spread through the nation has strengthened the market sentiments, and China's economic activities have progressed on a positive note. As domestic orders and consumption increased industrial production, the official PMI increased to 50.1 in January from 47.0 in December. The cost support from upstream Sulphuric Acid was also sufficient to cause an upshift in the price realizations of Titanium Dioxide. On the supply side, the spring festival holidays have halted production and operations for some period, leading to limited availability of Titanium Dioxide. The ChemAnalyst database shows that Titanium Dioxide 98% FOB Tianjin prices were settled at USD 2145 per ton in March.
Europe
In the German market, the prices of Titanium Dioxide have demonstrated mixed market sentiments. In January, Titanium Dioxide prices fell owing to weak demand fundamentals. Reduced intakes from the downstream construction and automotive sector have impacted the production of Titanium Dioxide in the domestic region. The manufacturing companies decided to slash production rates since there was already enough material available. Furthermore, in late Q1 of 2023, inflationary pressures persisted in the European market, and as a result, no significant development has been observed in the pricing dynamics of Titanium Dioxide. On the back of falling energy prices, the production costs in the European market have started to ease. Moreover, In a very competitive labor market, the workforce has also started to raise their wage demands. Consequently, Titanium Dioxide 93% FOB Hamburg prices were concluded at USD 4315 per ton at Q1-end.
For the Quarter Ending December 2022
North America
The Titanium Dioxide price has demonstrated mixed market sentiments in the US market. In October, the price trend of Titanium Dioxide witnessed a steep decline owing to weak demand fundamentals. The prices slightly improved in November and then fell again in late Q4. The market players have reported that the construction sector has been lackluster, insufficient to cause any significant improvement in the demand dynamics of Titanium Dioxide. In addition, the inflationary pressures and rising interest rates have slowed manufacturing across the nation. The market operated at low levels, and a plunge has also been observed in ocean shipments. As a result, Titanium Dioxide 98% CFR USGC prices were assessed at USD 3118 per ton at the end of the fourth quarter.
APAC
The reduction in the offtakes from the downstream paints and coatings sector has been responsible for the decline in Titanium Dioxide prices in the Chinese market. The price of Titanium Dioxide fell significantly at the start of the fourth quarter and then stabilized in November. Furthermore, the Titanium Dioxide market has entered its off-season as procurement remained sluggish amid the global economic slowdown across the US and EU markets. In addition, the operating rates of the manufacturing firms have also remained under pressure amid the COVID restriction in China. The freight charges have also been reduced amid the limited trade activities. Prices of Titanium Dioxide 98% FOB Tianjin were settled at USD 1933 per ton in Q4-end.
Europe
Strong inflationary pressure and volatile Natural gas costs have pressured the market sentiments of Titanium Dioxide in the domestic market of Germany. The TTF natural gas prices remained on the higher end and impacted the production costs of Titanium Dioxide. However, the higher-priced goods have constrained the profit margins of the downstream market players. On the demand side, the offtakes have plummeted as the raging inflation across Eurozone countries has weakened the purchasing power of the end-use industries. Furthermore, the prices of natural gas settled lower in December, and as a result, a drop has been observed in Titanium Dioxide prices. The ChemAnalyst database has shown that Titanium Dioxide 98% FOB Hamburg prices were observed to be hovering around USD 4101 per ton in December 2022.
For the Quarter Ending September 2022
North America
Reduced inquiries from the downstream paint and coating sector and plummeting upstream costs have pushed the Titanium Oxide offers on a downtrend in Q3. The dropping crude oil prices have indirectly impacted the price value chain of Titanium Dioxide among traders. The cheaper imports from Asia primarily drove this price decline amidst wavering demand in the regional market. The end-user construction industry was also affected by fluctuating input costs and the bearish market on the demand front. Furthermore, in late Q3, a leading market giant, Chemours, cut its production owing to a continued decline in Titanium Dioxide demand. Consequently, Titanium Dioxide 98% CFR USGC (USA) prices averaged at USD 3569 /MT in mid-Q3.
APAC
The Titanium Dioxide market has maintained its downward trajectory and demonstrated a significant fall throughout the third quarter of 2022. The plummeting energy costs and the re-occurrence of new COVID cases have deteriorated the market sentiments toward Titanium Dioxide in China. On the upstream price front, the plummeting Sulphur Dioxide values have also prompted a negative cost pressure on the manufacturing costs of Titanium Dioxide. The market players have reported that the oversupply of goods has impacted the supply-demand equilibrium. As a result, the manufacturers have had to reduce their quotations to avoid stockpiling the product. In addition, the Purchasing Manager Index (PMI) also fell to 49.0 in July, further dampening the demand fundamentals. In August, prices of Titanium Dioxide 98% FOB Tianjin (China) were assessed as USD 2609/MT.
Europe
The Titanium Dioxide price trends have demonstrated mixed sentiments in the German market. Europe's largest economy has been battered by the sharp increase in energy prices, affecting the market sentiments of Titanium Dioxide among the major manufacturing firms. The compact gas supplies from Russia's Gazprom amidst maintenance have worsened the supply fundamentals of the input material in the regional market. The summer heat wave has also compounded the energy crisis by reducing water levels and disrupting key transportation routes for energy shipments. The curtailed supply of natural gas has imposed downside risks on the manufacturing capacities of the construction and automotive industries and pressured the demand dynamics of Titanium Dioxide. The price of Titanium Dioxide 98% FOB Hamburg (Germany) hovered around USD 3612/MT in August.
For the Quarter Ending June 2022
North America
Titanium Dioxide prices demonstrated mixed market fundamentals in the second quarter of 2022. The stretched supply chain, coupled with the labor shortage and high energy prices, has further exacerbated pressures on the limited supply and inefficient production capacities, provoking an increased production rate for Titanium Dioxide. However, due to diminished sales activities, extensive competition pressure on enterprises was observed towards the quarter-end. The manufacturing units were operating at limited capacities to maintain supply-demand equilibrium, shrinking the profit margins for the manufacturing firms. In addition, the tight monetary policy imposed by the US Federal Reserve with high interest has further deteriorated the trade outlook in the domestic region, supporting the bearish market sentiments for Titanium Dioxide at quarter-end.
APAC
During the second quarter of 2022, the price realizations of Titanium Dioxide fluctuated in the Asia-Pacific region. The supply turmoil unleashed by Russia's invasion of Ukraine has exacerbated the supply concerns for feedstock Titanium Concentrate, and a bullish market outlook prevailed in the first half of the second quarter. However, the stringent lockdown imposed in China has severely hampered trade activities across the globe and led to stockpiling of the product in the domestic market. As a result, Chinese manufacturers have reduced their quotations for importing countries. Furthermore, the declining demand from downstream construction and the automotive sector has further supported the downturn in India's market values for Titanium Dioxide.
Europe
In Germany, the prices for Titanium Dioxide have surged by approximately 4% in the second quarter compared to observed Q1 costs. The sanctions imposed on Russia by European nations have curbed energy supplies from Russia, inciting the manufacturing costs for Titanium Dioxide to soar further in the domestic region. In addition, demand buoyancy from the downstream construction and automation sectors has emphasized the price value of the commodity and fueled its market growth. Furthermore, new orders expanded as domestic demand improved and new export business edged higher. The raw material shortages and increasing input costs have directly or indirectly impacted the price value chain of Titanium Dioxide and its derivatives and have extensively pressured market sentiments in Q2.
For the Quarter Ending March 2022
North America
During the first quarter of 2022, the Titanium Dioxide market in the US showcased a significant plunge in the prevailing sentiments in the domestic market. However, several domestic market players described that the arbitrage with the overseas market were generally remained silent in the first quarter of 2022. In response it strengthens the wait and see sentiments amongst the players in the domestic market. In February the demand outlook staggered due to the Chinese Lunar New year holidays. Moreover, this response contracted the offered quotations by a narrow margin. As a ripple effect, the CFR USGC discussions for Titanium Dioxide Rutile grade settled at USD 3840 per tonne in March 2022.
Asia Pacific
Titanium Dioxide market in China remains strong in the first quarter of 2022, despite various geopolitical variables such as increasing energy costs and strong demand from the downstream paints and coatings industry. Furthermore, construction activity increased due to a drop in temperature in several parts of China. Market activity was limited by the resurgence of COVID and stringent regulatory policies. The FOB Tianjin discussions for Titanium Dioxide rutile grade averaged USD 320 per tonne for the quarter ending in March 2022. Titanium Dioxide has grown in India due to multi-year high crude oil prices. Furthermore, rising oil prices indirectly impacted the Titanium Dioxide industry's costs. In addition, some domestic market competitors are stockpiling inventory, while others are cutting operational costs. The Ex-Mumbai price for Titanium Dioxide rutile grade settled at USD 4223 per tonne.
Europe
The extended hostilities between Eastern European nations disrupted the whole supply chain. Moreover, in Belgium, the Titanium Dioxide market observed a significant uptrend. The soaring cost concerns over crude and raw materials caused the supply constraint in the domestic market, impacting the demand outlook from the downstream paints industry. Titanium Dioxide plays a vital role as a raw material for paint manufacturing. Therefore, due to the supply strain, several market players estimated that the current trend kept the Titanium Dioxide market firm until the next quarter in Europe. Due to this, the quotations for Titanium Dioxide consistently increased from manufacturers, and the FD Antwerp discussion for Titanium Dioxide rutile grade settled at USD 3940 per tonne during the quarter ending in March 2022.
For the Quarter Ending December 2021
North America
In the fourth quarter of 2021, the North American Titanium Dioxide market observed mixed sentiments, despite the bullish trend dominating the market for a majority of the period. This is majorly attributed to the adequate pushback from the supply-demand imbalance further coupled with the rising natural gas costs which took a proper toll on the future production of various minerals including Titanium Dioxide. Whereas the rising COVID cases raised concerns in ore feedstock. As a ripple effect, the FD UGSC (USA) quarterly average discussions for Titanium Dioxide CP Rutile Grade were settled at USD 4434 per tonne, during the fourth quarter of 2021.
Asia Pacific
During Q4 2021, Titanium Dioxide in the Asia Pacific market witnessed a mixed trend throughout the quarter. These market sentiments were majorly attributed to the lower operational loads at the manufacturing facilities in the Chinese domestic market. However, the run rates improved after the persistent efforts made by the Chinese authorities curbed the power rationing in China. Demand outlook remained healthy throughout the quarter and the inquiries were poured from the domestic as well as from the overseas market. Therefore, due to the supply-demand imbalance, FOB Wuhu discussion for titanium Dioxide rutile grade was settled at USD 3097 per tonne, during the quarter ending.
Europe
The European Titanium Dioxide market witnessed constant bullish sentiments throughout the fourth quarter of 2021. Although the demand outlook showcased mixed sentiments in the domestic market amidst the staggering Titanium Dioxide inventories at lower levels during the fourth quarter of 2021. Whereas, the imports from the Asia Pacific region remained disruptive due to the limited accessibility of vessel freights and reduction in PMI index for Titanium Dioxide in China amidst the imposition of strict environmental protection policies. Whereas, the cost support from higher freight charges kept the valuation of imported volumes high in the European domestic market, and the average CFR NWE discussions were assessed at USD 3800 per tonne, in the fourth quarter of 2021.
For the Quarter Ending September 2021
North America
During the 3rd quarter of 2021, the prices of Titanium Dioxide showcased an upward trend in the North American region driven by the increased demand from downstream manufactures. Inventory levels remained below normal during Q3, coupled with strategic initiatives, however, customer demand grew significantly across the region. Tronox Holdings plc, Connecticut, US, the world's leading integrated manufacturer of titanium dioxide pigment reported the revenue from Titanium Dioxide sales at around USD 682 million, an increase of 26% driven by a 13% increase in volumes and a 12% increase in average selling prices in Q3 2021.
Asia
The Asian market witnessed a marginal increment in the prices of Titanium Dioxide during the 3rd quarter of 2021. In India, after witnessing consistent recovery since mid-June, Titanium Dioxide values underwent marginal decline entering August weighed by easing import prices. Although the paint and coatings segment in India has been performing well during the quarter but prices of Titanium Dioxide reversed its existing trajectory as the cost of the material from its major exporter China viably reduced. A major manufacturer in China quoted that its net profit in the first three quarters leaped by 170%-220% on a year-o-year basis due to firm demand and tight inventories. The prices of Titanium Dioxide remained on an uptrend in the Chinese domestic market, and FOB Wuhu discussions for Rutile grade TiO2 settled at USD 3125 per tonne, during the week ending 24th September.
Europe
In the European region, Titanium Dioxide prices demonstrated an upward trajectory in Q3 2021. The price increase of USD 139-174/tonne has been observed in Q3 mounted by western suppliers amid a tight and buoyant market, which faced various persistent pulls on supply, including an ongoing lack of Chinese export competitiveness. In addition, the shortages of container drastically affected the supply of Titanium Dioxide to the overseas.
For the Quarter Ending June 2021
North America
Titanium Dioxide prices increased consistently throughout the quarter, due to firm demand from downstream segments in North America region. Firm offtakes from downstream manufacturers increased the global demand for Titanium Dioxide, while the supply remained tight throughout the quarter. Some major manufacturers increased their product prices in the meantime to improve their margin, like Venator increased its Titanium Dioxide price by around USD 160/MT for Q3 2021 in North America region. Overall, prices hovered around USD 3485/MT till the end of June in USA for Anatase grade. In addition, manufacturers revealed that they have found that the demand has reached pre-pandemic level amid curtailed supply activities, which has been the major reason behind this price hike in the global market.
Asia
Titanium Dioxide market encountered mixed sentiments during this quarter in APAC region, which varied country over country. In China, prices of Titanium Dioxide increased effectively in the domestic market during this quarter, while by the end of the quarter manufacturers expected a fall in prices as the supply for feedstock showcased some improvement. On the other hand, In India, prices tumbled in May, due to sudden upsurge in Covid cases in the country. As the pigment, paints and ink sector is the centre of all the demand for Titanium Dioxide, these segments faced devastation during this pandemic mayhem in India. Therefore, prices of Titanium Dioxide reached USD 3424/MT and USD 3001/MT for Rutile and Anatase grade during last week of June in India.
Europe
Prices of Titanium Dioxide increased effectively in European region, backed by firm demand from downstream sector during Q2 2021. Major global suppliers revealed that they observed huge queries for Titanium Dioxide majorly from Europe and Asia, while facing global supply shortage. In addition, a global player increased the prices for Titanium Dioxide by USD 200/MT in Europe this quarter, w.e.f. Q3 2021.
For the Quarter Ending March 2021
North America
Despite of disrupted production activity across the US gulf coast region, demand for Titanium Dioxide (TiO2) remained firm during Q1 2021. Cost of Titanium Dioxide (TiO2) in the global pigment industry was consistently rising owing to firm demand from the downstream industries and insufficient product availability. Prices for Titanium Dioxide (TiO2) Anatase grade rose consistently across USA, showing a rise of 2.27% from January 2021 to March-end and were settled at USD 3150/MT towards the end of the quarter.
Asia
The Asian market encountered a steep rise in prices of Titanium Dioxide (TiO2) due to high demand and low stock availability. In the Chinese market, prices rose aggressively and reached USD 2875/MT during March end, above around USD 2015/MT during January 2021. Some traders quoted even higher than the anticipated prices, surging to nearly 3 year high in the domestic market. Meanwhile, in the Indian market, similar scenario was observed where prices followed a steep rise of 8% for the Rutile grade TiO2 from January till March end. The rise was attributed to high demand from the domestic paints and coatings sector and premium cargoes supplied from China.
Europe
The European Titanium Dioxide (TiO2) market witnessed firm demand from the downstream pigment sectors, amid tight supply situation due to disrupted production in unfavourable weather conditions. Similar to other regions, supply for Titanium Dioxide (TiO2) remained inadequate, as the cargoes were running late due to congestion across the Europe-Asia trade routes and high freight & container cost providing further push to the prices of cargoes, which were already running bullish.
For the Quarter Ending September 2020
North America
Supply of Titanium Dioxide across North America remained sufficient as producers were seen continuously adjusting their production rates in line with the volatility in the demand pattern. In the final week September, buzz of upcoming Titanium Dioxide facility by Chemours worth USD 86 million in Georgia further eased the concerns over supply pressure. Demand majorly picked up from the construction sector by September however, resurgent cases of virus slowed the expected revival in demand. Although, due to vast decline in market fundamentals of some of the end-use segments, prices of Titanium Dioxide by quarter-end significantly faded. Delay of several commercial projects followed by slow recovery in downstream automotive segment were observed as prime factors for the extended recovery curve.
Asia
Coronavirus related shutdowns in the first half of the quarter caused force measures at some of the small-scale ilmenite plants in China and India, eventually leading to an exacerbation of the supply crisis for Titanium. The snug supply situation of Titanium Dioxide was extended till the end of the quarter as few players were heard holding the cargoes in anticipations of an exceptional rise in its seasonal demand. In India, buyers adopted a wait and see approach amid concerns over uncertainty in demand pattern after the second wave of infections by the end of the September. Whereas producers in China were heard operating at optimum rates even when the export orders were low in July. Price of Titanium Dioxide in India settled at USD 2888 per MT, showcasing a fall in September. Demand in India throughout the quarter fluctuated in a narrow range, especially in the latter half of September as an aftereffect of the second round of lockdown in several parts of the country.
Europe
Demand for Titanium Dioxide in the European region considerably revived from better offtakes heard across the furniture, construction and industrial sector with respect to Q2, after sentiments were raised post a lift in containment measures. DIY activities witnessed significant increment as people took more home renovation and construction activities with extended period of lockdown. The supply also remained supple with resumption in exports from China since the later half of Q2 in 2020.
