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
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.
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.
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.
