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.
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.
Frequently Asked Questions (FAQs):
1. What is the current price trend of Ilmenite across global regions?
Ilmenite prices exhibit a mixed regional pattern as of Q2 2025. North America and Europe show relatively stable to slightly weakening trends due to subdued pigment sector demand, while APAC and MEA observe more pronounced declines. Oversupply, especially from Mozambique and Southeast Asia, continues to weigh on spot activity across key importing regions.
2. Who are the top Ilmenite producers in the Asia-Pacific and MEA regions?
In the Asia-Pacific region, leading Ilmenite producers include Sierra Rutile (part of Iluka Resources) in Australia and Trimex Sands in India. In the Middle East and Africa, Kenmare Resources in Mozambique and Base Resources in Kenya dominate Ilmenite mining and exports, supplying a significant portion of global feedstock for titanium dioxide production.
3. What are the key applications or end-use sectors of Ilmenite?
Ilmenite is primarily used as a raw material for producing titanium dioxide (TiO2) pigment, which is essential in coatings, plastics, paper, and inks. It also serves critical roles in welding electrodes, ceramics, and titanium metal production, making it vital to the automotive, construction, aerospace, and packaging industries worldwide.
4. What is the Ilmenite price forecast for Q3 2025 across different regions?
The Ilmenite price outlook for Q3 2025 remains soft to neutral across most regions. North America and Europe are expected to maintain subdued pricing amid moderate industrial activity. APAC and MEA markets may continue facing downside risks due to high inventory levels and limited restocking momentum from Chinese and Indian pigment manufacturers.
