For the Quarter Ending March 2025
North America
In Q1 2025, the ilmenite market in North America continued to grapple with challenges, reflecting the downward pricing pressures that characterized Q4 2024. The quarter began with persistent concerns regarding oversupply and high inventory levels that had been building in the previous quarter, which continued to exert downward pressure on prices.
The sluggish performance of the titanium dioxide (TiO2) sector remains a critical factor impacting the ilmenite market since ilmenite is a key feedstock for TiO2 production. Although there was some stability in demand from industries such as paints and coatings, this was not enough to counterbalance the broader trends of decreased consumption and elevated stock levels. As a result, ilmenite prices experienced further declines in Q1, with market participants facing ongoing uncertainties regarding future demand.
Despite these challenges, the beginning of Q1 presented some cautious optimism. Ongoing strategic investments and interest in expanding production capabilities hint at potential recovery pathways. However, as the quarter progressed, stakeholders must remain vigilant to navigate the effects of fluctuating demand and external economic factors, which are expected to shape the ilmenite market landscape throughout 2025.
Europe
In Q1 2025, the ilmenite market in Europe continued to grapple with significant challenges, reflective of the ongoing issues faced in the titanium dioxide (TiO2) sector, its primary downstream application. Pricing trends remained under pressure as demand for ilmenite failed to improve, closely mirroring the sluggish conditions of the TiO2 market. Despite a stable performance in the previous quarter, Q1 revealed persistent vulnerabilities stemming from an oversupplied market and continued weak demand across critical industries, including paints, coatings, automotive, and construction. Prices for ilmenite showed limited upward momentum, largely due to high inventory levels and manufacturers’ ongoing destocking efforts. This lack of demand recovery inhibited any potential for price stabilization. Additionally, geopolitical uncertainties and low export volumes from key suppliers, particularly China, contributed to an environment of stagnation, which further complicated market dynamics. With no immediate supply disruptions, producers remained hesitant to increase production levels, resulting in heightened tensions surrounding market sustainability. As Q1 2025 progressed, the interconnected issues surrounding TiO2 demand continued to shadow the ilmenite market, creating a cautious outlook among market participants. Without significant improvements in demand conditions, the challenges of high inventory levels and weak end-use sector performance are expected to persist, complicating recovery prospects for ilmenite pricing and availability throughout the year.
APAC
In Q1 2025, the ilmenite market in the APAC region, particularly in Malaysia, exhibited resilience amidst a backdrop of fluctuating demand and supply challenges. The quarter concluded with a price of USD 325/MT for ilmenite sand IP-3 grade FOB Klang, reflecting a slight increase compared to the stability observed in Q4 2024. January began positively with a 5% price rise, driven by supply constraints amidst ongoing challenges in the construction and manufacturing sectors. Despite weak demand from the paint sector, the cautious "wait-and-see" approach adopted by buyers contributed to upward pricing dynamics. February saw continued price increases of 1.6%, supported by slightly tight supply conditions for titanium dioxide production. However, challenges persisted, particularly in construction, while growing electric vehicle sales hinted at potential shifts in market dynamics. By March, prices rose further by 3.0%, attributed to a decrease in ilmenite stocks due to moderated industrial production growth and a contraction in the mining sector. Nonetheless, subdued demand from key markets like China and India, coinciding with rising titanium dioxide prices, created uncertainties regarding price sustainability moving forward.
MEA
In Q1 2025, the ilmenite market in the APAC region, particularly in Mozambique, demonstrated resilience with a quarter-ending price of USD 310/MT for ilmenite sand IP-3 grade FOB Moma. This reflects a slight increase compared to the stability observed in Q4 2024, where prices remained steady amidst various market pressures. January began with a 1.7% price rise, attributed to falling input prices rather than robust demand. Kenmare Resources reported increased ilmenite production of 2.3% year-on-year, although market demand faced challenges due to protests impacting client confidence, resulting in reduced order intake. February continued this trend, with prices rising an additional 1.7%. Despite improved production levels, demand remained tepid, as buyers adopted a cautious stance amid persistent economic uncertainties. March saw a further price increase of 1.6%, driven by moderate inventory levels and growth potential in the mining sector. Positive sentiment in services and agriculture indicated a slow recovery in demand, offsetting weakness in construction and manufacturing. The quarter-ending price for ilmenite highlighting ongoing challenges such as client confidence issues and market volatility. Participants must navigate these complexities while remaining optimistic about future growth opportunities across various sectors.
For the Quarter Ending December 2024
North America
In Q4 2024, the ilmenite market in North America faced a challenging environment characterized by downward pricing pressures, mirroring trends observed in the titanium dioxide (TiO2) sector, of which ilmenite is a key feedstock. While the third quarter maintained stable price movements due to consistent downstream demand and no reported plant shutdowns, the fourth quarter witnessed a shift as oversupply and high inventory levels began to impact pricing dynamics.
Demand from industries reliant on ilmenite, such as paints and coatings, remained steady; however, the sluggish performance of the titanium dioxide market exerted downward pressure on ilmenite prices. Seasonal factors and destocking efforts further compounded these issues, resulting in an uncertain demand outlook for manufacturers.
Throughout Q4, challenges such as high operational costs, inflationary pressures, and increased competition from imported ilmenite contributed to market volatility. Despite these challenges, continued interest in expanding production capabilities and strategic investments may provide pathways for recovery.
While the overall context for ilmenite pricing reflected pressures like those affecting titanium dioxide, market participants must navigate these complexities while preparing for potential fluctuations tied to the broader economic landscape in 2025.
Europe
In Q4 2024, the ilmenite market in Europe faced increasing pressures reflective of broader challenges experienced in the titanium dioxide (TiO2) sector, its primary downstream application. After a mostly stable performance in the third quarter, marked by steady demand and no significant supply disruptions, the fourth quarter revealed vulnerabilities resulting from an oversupplied market and weak demand across critical industries, including paints, coatings, automotive, and construction. Pricing trends for ilmenite became increasingly correlated with the sluggish demand for TiO2, leading to a lack of upward momentum. While stable production levels persisted, excess inventories and a shift toward destocking among manufacturers put downward pressure on prices. Further complicating the landscape were geopolitical uncertainties and low export volumes, particularly from China, which have created an environment conducive to market stagnation. As the quarter concluded, the ilmenite market struggled to maintain stability, prompting concerns among market participants about future demand recovery. The challenges of high inventory levels, weak demand across end-use sectors, and geopolitical dynamics are expected to hinder ilmenite pricing and availability unless significant improvements in demand conditions are realized in 2025. Overall, while there were no immediate supply disruptions, the interconnected issues with TiO2 demand continue to cast a shadow over the ilmenite market.
APAC
In Q4 2024, the ilmenite market in the APAC region faced a nuanced landscape characterized by moderate pricing and fluctuating demand dynamics. Prices decreased by 4% in October, reflecting healthy inventory levels in China, where major consumers grappled with unsold stock amid weakened demand for titanium dioxide. Despite this, Beijing's stimulus measures and positive economic signals helped foster a cautiously optimistic market sentiment. Throughout November, ilmenite prices continued their decline, falling by 2.8%, as production remained robust, with significant year-on-year increases reported. Key issues, such as anti-dumping duties affecting exports and challenges across construction sectors, compounded the difficulties producers faced in managing current inventories. By December, prices showed a smaller decline of 1.5%, influenced by rising costs of production inputs, particularly sulphuric acid, and a slight decrease in titanium dioxide production. Although demand for ilmenite remained strong due to its crucial role in titanium dioxide pigment production, sluggish domestic demand and ongoing real estate market challenges posed potential barriers to future growth. The quarter-ending price for Ilmenite Sand IP-3 Grade EXW Qingdao stood at USD 345/MT. Overall, Q4 trends highlighted a gradual decline in pricing amid mixed demand signals, indicating ongoing challenges in optimizing supply chain efficiencies and managing market fluctuations.
MEA
In Q4 2024, the ilmenite market in the MEA region, particularly in Mozambique, faced substantial challenges marked by fluctuating demand and a stable supply environment. Prices experienced minimal fluctuations, with costs remaining unchanged in December following a slight decline of 1.7% in November. These price movements reflect a balance between relatively stable production levels and weakening demand influenced by local unrest and economic conditions. Throughout the quarter, the supply of ilmenite remained consistent, largely due to the uninterrupted operations at the Moma titanium project, which comfortably exceeded production guidance for the year. While total shipments rose compared to previous periods, disruptions from strikes and protests negatively affected procurement and customer activity, leading to significant cutbacks in output and staffing in December. Despite a cautious overall market sentiment, where some firms anticipated growth driven by new investments and operational improvements, the prevailing forces of declining customer demand—particularly in construction—hampered recovery prospects. The quarter-ending price for Ilmenite Sand IP-3 Grade FOB Moma stood at USD 295/MT. Overall, Q4 pricing trends reflected slight declines amid stabilizing production levels, highlighting ongoing challenges for market participants in navigating local economic pressures and maintaining demand.
For the Quarter Ending September 2024
North America
In the third quarter of 2024, the Ilmenite market in North America experienced stable price movements, maintaining its upward trajectory from previous periods. There were no reported plant shutdowns, and demand from downstream industries remained steady. However, fluctuations did occur, particularly in the USA, where adverse weather conditions, including fog and wind, disrupted terminal operations, resulting in shortages and delays in global production.
Throughout the quarter, Ilmenite prices remained relatively stable, supported by consistent production costs. The USA market benefited from sustained demand in the home appliance sector and seasonal procurement trends, contributing to a stable pricing environment.
Furthermore, expectations of rising costs, efforts by producers to recover margins, and ongoing supply constraints are anticipated to maintain stability in the market moving forward. Despite the challenges, the pricing environment for Ilmenite in North America during Q3 2024 remained favourable, bolstered by steady demand from the downstream automotive industry and manageable supply conditions.
Asia-Pacific
In Q3 2024, the Ilmenite market in the APAC region experienced a significant decline in prices, primarily influenced by supply constraints and weakening demand. Environmental challenges, social protests, and disruptions in mining activities led to decreased supply, while subdued industrial and construction activities dampened demand.
These factors created a downward pressure on prices, resulting in a negative pricing environment for Ilmenite. In China, which saw the most substantial price changes, the market exhibited a bearish trend with high supply levels and low demand, contributing to price decreases. Additionally, there are implications for the aerospace industry's reliance on titanium dioxide, as well as expectations of Brexit windfalls and increased competition from Turkish rivals.
The quarter recorded a notable 14% decrease from the previous quarter, with a 6% difference between the first and second halves. such as disruptions in Sarawak, further impacted supply dynamics. The quarter ended with Ilmenite prices at USD 375/MT of Ilmenite Sand IP-3 Grade EXW Qingdao, reflecting the overall downward trajectory in pricing for the region.
Europe
In the third quarter of 2024, the Ilmenite market in Europe maintained stable price movements despite facing a variety of challenges that affected supply and availability. These included supply chain shortages, logistical issues, and ongoing market uncertainties. Rising input costs and limited access to pre-procured stocks continued to exert pressure on prices during the quarter. Specifically, in the German Ilmenite market, moderate demand coupled with restricted supplier availability kept prices steady.
While geopolitical tensions in key oil-producing regions, such as infrastructure attacks in Russia and strikes in the Red Sea, contributed to concerns about global tanker traffic disruptions and rising crude oil prices, Ilmenite prices remained stable during this period. Market participants navigated constrained stock availability alongside elevated input costs but did not see significant price fluctuations.
While the European Ilmenite market began the quarter with stable pricing amidst ongoing supply concerns, there was a watchful eye on potential price hikes as participants remained vigilant about global supply chain uncertainties, particularly related to the situation in the Red Sea, which threatened import routes essential to the market. Overall, the Ilmenite trend in the Eurozone displayed consistent stability throughout the third quarter.
MEA
The Ilmenite pricing landscape in the MEA region for Q3 2024 remained stable, reflecting a consistent market environment with no significant price fluctuations. Various factors contributed to this stability, including balanced supply dynamics, steady demand, and efficient production processes. The region experienced a quarter characterized by reliable pricing, supported by consistent supply chains and sustained demand for Ilmenite.
In Mozambique, where the most notable price changes were observed, the market exhibited resilience amidst global economic uncertainties. The quarter saw a notable decrease of 11% from the previous quarter, attributed to factors such as operational challenges and macroeconomic conditions. Despite these fluctuations, the overall trend remained stable, with prices showing no significant variance between the first and second halves of the quarter.
Noteworthy disruptions during the quarter included operational challenges, which temporarily impacted production but did not significantly alter the pricing landscape. The quarter concluded with the price of Ilmenite Sand IP-3 Grade FOB Moma in Mozambique standing at USD 300/MT, underscoring the prevailing stability in pricing for the region.
For the Quarter Ending June 2024
North America
The Ilmenite market, particularly in construction and automotive sectors, faced considerable turbulence during the period. A significant imbalance between production and consumption levels, compounded by economic headwinds including inflationary pressures and escalating input costs, contributed to market instability. This situation was further aggravated by an influx of competitively priced imports, leading to sharp declines in domestic prices, with the USA experiencing the most pronounced price fluctuations.
Contrary to expectations, the usual mid-year uptick in construction and manufacturing activities failed to materialize, largely due to market saturation. Nevertheless, the market found consistent demand for Ilmenite through robust demand from sectors such as domestic appliances and transformers. The automotive and construction industries, along with emerging energy transition applications, continued to be key demand drivers, significantly influencing market dynamics.
Despite these challenges, certain factors helped mitigate market volatility. The steady demand from essential industrial sectors provided a degree of market resilience, while consistent feedstock prices offered a stabilizing effect. These elements collectively contributed to maintaining a semblance of balance in the Ilmenite market, even as it navigated through a period of considerable economic uncertainty and shifting demand patterns.
Asia-Pacific
In the second quarter of 2024, the Ilmenite market in the APAC region experienced a notable decline in prices, driven primarily by multiple factors that disrupted the usual market dynamics. A significant element influencing the downturn was the global economic slowdown, which precipitated diminished demand from key sectors such as automotive and construction. An oversupply in the market, primarily due to resumed production at previously shuttered plants and newly operational capacities, also contributed to the downward pressure on prices. Supply chain disruptions, particularly in logistics and higher freight costs, exacerbated the situation by causing fluctuations in availability and pricing stability. Additionally, geopolitical tensions and regulatory constraints further complicated the market environment, leading to sporadic interruptions in production schedules.
China, a pivotal market in the APAC region, saw the most significant price reductions for Ilmenite. The overall trend in the Chinese market was marked by seasonal variations, typically showing lower demand during summer months, which aligned with a broader global economic malaise. The price correlation was evident as global market sentiments weighed heavily on local pricing structures. Compared to the second quarter of the previous year, there was a marked decrease in Ilmenite prices, reflecting a challenging economic landscape.
The second half of the quarter witnessed a decrease in prices, emphasizing a prolonged negative pricing environment. This trend was intensified by a decline from the previous quarter in 2024, reinforcing the overall negative sentiment in the market. The latest quarter-ending price settled at USD 430/MT for Ilmenite Sand IP-3 Grade EXW Qingdao in China, indicating a clear downtrend and highlighting a negative pricing environment throughout the quarter.
Europe
In the European Ilmenite market, demand from key sectors such as automotive and construction played a crucial role in shaping market dynamics. However, the region faced significant challenges that impacted the Ilmenite industry, particularly in these sectors. Economic deceleration, persistent inflationary pressures, and ongoing geopolitical tensions notably influenced market sentiments, leading to subdued price volatility.
A major factor affecting the Ilmenite market was the escalating energy costs across Europe. This surge in energy prices substantially affecting the production expenses, compelling manufacturers to maintain price levels to protect their profit margins. The ripple effects of these economic challenges were evident in the form of reduced optimism and job cuts across various industries. The construction sector, a significant consumer of Ilmenite, experienced a continuous decline in new orders and frequent project delays. This downturn in construction activities directly impacted the demand for Ilmenite-based products. Similarly, the automotive industry, another key Ilmenite consumer, recorded a significant drop in new passenger car registrations, further dampening demand.
Adding to these challenges were logistical issues in the supply chain. Rising sea freight costs, attributed to port congestion and container shortages, introduced additional volatility to Ilmenite prices. These factors collectively contributed to a complex and challenging environment for the Ilmenite market in Europe, particularly affecting its use in construction and automotive applications.
MEA
In Q2 2024, the Ilmenite market in the MEA region experienced a significant downturn, driven primarily by dwindling demand and an oversupply of the mineral. Several factors contributed to this bearish trend. The global slowdown in the construction and automotive sectors reduced the need for titanium dioxide, a key product derived from ilmenite. Additionally, increased production from alternate mining regions exacerbated the supply glut, forcing prices downward. Market sentiments were further weakened by disruptions, including unexpected plant shutdowns, which added to the volatility.
Mozambique, the major player in the region, witnessed the most pronounced price fluctuations. The country's heavy reliance on ilmenite mining and exports meant that global market dynamics had a direct impact on local prices. Seasonality also played a role, with the quarter's traditionally lower demand period compounding the downward pressure on prices. The price decrease seen in Q2 2024 was significant, with a drop from the previous quarter and between the first and second half of the quarter. This continual downward trend indicated a challenging pricing environment for ilmenite, marking a difficult period for producers. Closing the quarter, the price of Ilmenite Sand IP-3 Grade FOB Moma in Mozambique settled at USD 300/MT. This underscores the overall negative sentiment in the market, driven by supply-demand imbalances and external market pressures.
