For the Quarter Ending September 2025
North America
• In the USA, the Titanium Dioxide Price Index fell by 4.96% quarter-over-quarter, driven by imports.
• The average Titanium Dioxide price for the quarter was approximately USD 1890.00/MT, per CFR USGC.
• Titanium Dioxide Spot Price remained pressured as elevated imports and cautious buying limited spot volumes.
• Titanium Dioxide Price Forecast suggests modest upside if restocking increases, while oversupply risk remains present.
• Titanium Dioxide Production Cost Trend showed pressure as freight and feedstock dynamics influenced landed economics.
• Titanium Dioxide Demand Outlook remains moderate with paints, coatings, and plastics providing steady consumption support.
• Inventory builds and steady import flows pressured the Titanium Dioxide Price Index, constraining seller pricing.
• Easing freight and improved USGC port operations influenced arrivals and scheduling for Titanium Dioxide shipments.
Why did the price of Titanium Dioxide change in September 2025 in North America?
• Feedstock tightness and idled capacity raised landed costs, supporting firmer CFR offers in September 2025.
• Moderate domestic demand and cautious procurement limited upside despite competitive import offers, stable upstream costs.
• Easing transpacific freight and smooth USGC port operations improved receipts, yet allocation kept spot tight.
APAC
• In Japan, the Titanium Dioxide Price Index fell by 6.70% quarter-over-quarter, driven by weak demand.
• The average Titanium Dioxide price for the quarter was approximately USD 2393.33/MT, reflecting subdued trade.
• Titanium Dioxide Spot Price remained stable as buyers deferred purchases amid elevated inventories, cautious budgets.
• Titanium Dioxide Price Forecast shows modest upside if restocking increases or typhoon disruptions tighten supply.
• Titanium Dioxide Production Cost Trend remained muted as sulphuric acid and energy costs were stable.
• Titanium Dioxide Demand Outlook is subdued with construction and automotive coatings procurement remaining cautious, delayed.
• Titanium Dioxide Price Index faced downward pressure from competitive Chinese exports and softer regional offtake.
• Inventories rose and export demand softened, while Yokohama operational adjustments briefly tightened domestic distribution further.
Why did the price of Titanium Dioxide change in September 2025 in APAC?
• Moderate restocking ahead of seasonal projects increased prompt demand, interrupting earlier prolonged bearish momentum notably.
• Temporary Yokohama terminal adjustments constrained inland logistics, supporting short-term prompt price firmness for immediate delivery.
• Weak construction and automotive procurement sustained pressure despite neutral upstream cost dynamics and steady rates.
Europe
• In France, the Titanium Dioxide Price Index rose by 7.34% quarter-over-quarter, driven by steady exports.
• The average Titanium Dioxide price for the quarter was approximately USD 3415.00/MT, export-weighted FOB data.
• Titanium Dioxide Spot Price remained rangebound as moderate inventories and steady export shipments limited volatility.
• Titanium Dioxide Price Forecast indicates downside risk if post-summer demand weakens and inventories remain elevated.
• Titanium Dioxide Production Cost Trend eased as sulphuric acid and electricity prices softened this quarter.
• Titanium Dioxide Demand Outlook remains mixed with construction activity supporting exports while automotive procurement softened.
• Rising distributor inventories pressured the Titanium Dioxide Price Index, prompting seller discounts in spot market.
• Port operations stabilized and competitive Asian offers may cap French FOB gains despite firm rates.
Why did the price of Titanium Dioxide change in September 2025 in Europe?
• Steady export volumes and balanced supply limited downside despite domestic demand softening in coatings sectors.
• Easing sulphuric acid and energy costs slightly reduced production expense, contributing to modest price support.
• Higher distributor inventories and cautious buyer behaviour applied downward pressure on spot activity and offers.
South America
• In Brazil, the Titanium Dioxide Price Index fell by 5.63% quarter-over-quarter, reflecting weak downstream demand.
• The average Titanium Dioxide price for the quarter was approximately USD 1722.00/MT and subdued procurement.
• Titanium Dioxide Spot Price experienced dips while the Price Index remained under import-driven downward pressure.
• Titanium Dioxide Price Forecast signals limited upside given cautious Demand Outlook for coatings and plastics.
• Soft crude and moderate energy eased the Titanium Dioxide Production Cost Trend, capping supplier ambitions.
• High inventories at Santos pressured the Titanium Dioxide Price Index, prompting distributors to offer discounts.
• Limited domestic procurement kept the Demand Outlook muted, while regional export interest provided occasional support.
• Easing freight volatility supported imports, maintaining supply continuity and tempering Titanium Dioxide Price Index spikes.
Why did the price of Titanium Dioxide change in September 2025 in South America?
• Steady Chinese imports increased Santos inventories, exerting downward pressure on the Titanium Dioxide Price Index.
• Cautious procurement by paints and plastics sectors reduced offtake, weakening demand and depressing spot activity.
• Moderate freight easing and slight crude relief limited production cost pressures, preventing meaningful upward momentum.
For the Quarter Ending June 2025
North America
• The Titanium Dioxide Price Index (CFR USGC) ended Q2 2025 with a weaker finish, reflecting an overall decrease of 1.2% in the quarter and a small increase to USD 3,190/tonne in July related to some short-term restocking demand and tight domestic availability.
• Why did the price of Titanium Dioxide change in July 2025?
Prices increased marginally in July after a Q2 dip due to temporary supply tightening amid planned plant turnarounds and improved downstream consumption in coatings and construction.
• The Titanium Dioxide Spot Price recovered slightly in mid-July due to lean inventory levels and limited spot material availability from local producers.
• Weak housing activity, stagnant industrial coatings demand, and continued destocking from key formulators weighed on Q2 demand sentiment.
• Freight costs remained stable, but trucking delays in the Midwest caused minor delivery disruptions.
• Titanium Dioxide Production Cost Trend remained largely stable in Q2 due to flat feedstock (ilmenite, rutile) prices, but operating margins were compressed by weak downstream offtake.
• Titanium Dioxide Demand Outlook for Q3 2025 remains cautious; buyers may delay purchases expecting price stability, though seasonal demand from architectural coatings could support volume.
• Titanium Dioxide Price Forecast: Flat to slightly bearish for Q3 unless supply tightness persists into August.
Europe
• The Titanium Dioxide Price Index (FOB France) fell by 2.1% in Q2 2025, with July closing around USD 3,050/tonne, reflecting weak downstream offtake and regional oversupply.
• Why did the price of Titanium Dioxide change in July 2025?
Prices declined further in July due to sluggish recovery in architectural coatings and lackluster industrial demand from the automotive sector across Western Europe.
• France witnessed stable domestic supply, but demand remained underwhelming due to soft construction activity and tightening of VOC emission compliance among end-users.
• The Titanium Dioxide Spot Price slipped as sellers prioritized volume over margins amid fierce competition from Asian imports.
• Titanium Dioxide Production Cost Trend showed slight reduction, driven by lower energy input prices and improved feedstock availability, particularly from Eastern European sources.
• Market participants reported low inventory drawdown, and producers in Germany and Belgium focused on exports to manage excess material.
• Titanium Dioxide Demand Outlook for Q3 2025 remains muted, with key players waiting for macroeconomic clarity; minor uplift is expected if Southern Europe construction rebounds.
• Titanium Dioxide Price Forecast: Likely to remain under pressure unless capacity rationalization or stronger exports to the Middle East improve the supply-demand balance.
APAC
• The Titanium Dioxide Price Index (FOB Australia) remained volatile in Q2 2025, declining by 1.6% by quarter-end, with July levels at USD 2,800/tonne amid persistent export competition.
• Why did the price of Titanium Dioxide change in July 2025?
Prices in July weakened further due to aggressive price undercutting by Chinese exporters and low industrial pigment demand from Southeast Asia.
• The Titanium Dioxide Spot Price dropped as end-users across Asia-Pacific remained cautious, leading to reduced offtake volumes from Australia.
• Titanium Dioxide Production Cost Trend remained elevated in Australia due to higher labor and energy costs, despite feedstock cost moderation.
• Oversupply risks remain high in China and India, where capacity utilization remains under 80%, further pressuring global pricing.
• Domestic demand in Australia was steady but insufficient to offset weaker offshore bookings, especially from ASEAN.
• Titanium Dioxide Demand Outlook for Q3 suggests potential improvement if Indian infrastructure projects proceed on schedule and if Chinese output is curtailed.
• Titanium Dioxide Price Forecast: Flat-to-slightly bearish unless curtailed exports from China tighten availability in the region.
For the Quarter Ending March 2025
North America
In Q1 2025, the Titanium Dioxide market in North America experienced a fluctuating price landscape. In January, the Titanium Dioxide market followed a bearish trend in prices due to year-end destocking activities and sluggish demand, particularly from the housing sector affected by high mortgage rates and a slowdown in construction. The prevailing inflationary pressures added to the market's cautious sentiment, limiting potential improvements in demand.
February continued without significant price changes, demonstrating marginal declines.According to market participants price increases were driven by rising raw material costs and production slowdowns, which hinted at upward pressure on the prices. Despite this, demand remained steady, especially in the automotive sector, balancing the cautious approach from manufacturers with stronger-than-expected orders.
By March, the market saw an increase in prices, attributed to production limitations and supply constraints. This adjustment reflected tightening availability and a competitive landscape, ultimately stabilizing with an optimistic outlook as the domestic market prepared for potential growth amidst ongoing inflation and tariff impacts in the automotive sector.
Europe
During Q1 2025, the Titanium Dioxide (TiO2) market in Europe exhibited mixed pricing trends driven by fluctuating demand and supply dynamics. In January, the Titanium Dioxide market saw prices falling due to a combination of ample supply from European producers and weak demand, particularly in the construction and automotive sectors. Despite the new anti-dumping duties on Chinese imports, the sluggish market sentiment contributed to downward pressure on prices as manufacturers aimed to clear excess inventories.
In February, the price trend continued to decline against a backdrop of low consumer demand and soft market sentiment. Significant economic uncertainties, especially in Germany's key chemical industries reliant on Titanium Dioxide, further compounded the weak demand.
However, March brought a turning point as prices increased slightly. This uptick was driven by strategic price hikes from leading manufacturers compelled by tightened supply conditions and a recovery in demand from the paints and coatings sector. Nevertheless, the construction sector remained challenged, prompting continuous monitoring of market conditions for future developments.
APAC
In Q1 2025, the Titanium Dioxide (TiO2) market in the APAC region witnessed significant price fluctuations, transitioning from bearish conditions to a bullish outlook. January commenced with prices at USD 1660/MT (FOB Tianjin), primarily driven by high inventory levels and soft demand from the paints and coatings sector. Additionally, anti-dumping duties imposed by the EU resulted in inventory accumulation, leading to downward pressure on prices.
February marked a turning point, with prices rising significantly. This increase was fueled by a surge in demand following the Lunar New Year holiday, as buyers returned to the market to restock amid rising production costs and supply constraints. Demand accelerated from both the construction and automotive sectors, with significant government incentives further boosting consumption.
By March, TiO2 prices rose again driven by tight supply conditions and robust demand, particularly in the automotive sector. Notably, the significant increase in vehicle sales supported the strong need for TiO2 in coatings. Overall, Q1 2025 illustrated a complex interplay between supply challenges and improving demand dynamics, setting a positive tone for the Titanium Dioxide market as it moves into Q2 2025.
South America
The quarter commenced with TiO2 prices declining due to high inventories and weak demand from the paints and coatings sector. Prices reflected a subdued market sentiment, settling lower as converters hesitated to build stocks, anticipating further price drops. The overall atmosphere was marked by low trading activity and cautious behavior from buyers, who adopted a wait-and-see approach, expecting excess supply to persist into 2025.
February brought a substantial shift, with prices experiencing a bullish trend driven by supply constraints and an uptick in demand. Leading producers announced price increases, prompting a ripple effect across the industry. Notable growth in both the construction and automotive sectors fueled this demand surge. In addition, production cuts in Asia contributed to tightening supply dynamics, reinforcing positive market sentiment.
Entering March, TiO2 prices in South America particularly Brazil increased due to ongoing production limitations and robust demand for automotive and construction applications. Significant growth in vehicle production and strong activity in infrastructure projects sustained the demand for Titanium Dioxide. These dynamics allowed suppliers to leverage reduced inventory levels, leading to further price increases.
For the Quarter Ending December 2024
North America
In Q4 2024, the titanium dioxide market in North America, particularly in the USA, continued to experience downward pricing pressures due to oversupply and high inventory levels. Prices demonstrated fluctuations throughout the quarter, starting with a decline of 0.6% in early November, compounded by modest demand from downstream sectors such as paints and coatings, automotive, and construction. Despite robust growth in the U.S. paints and coatings sector exceeding 5% in 2024, overall demand remained below pre-pandemic levels, limiting upward price momentum.
Entering December, seasonal slowdowns combined with a focus on destocking further exacerbated pricing challenges. While manufacturers faced the dual challenge of high operational costs and an inflationary environment, sluggish demand from the housing sector contributed to the overall decline in pricing.
The quarter-ending price for Titanium Dioxide 98% DEL Louisiana (USA) stood at USD 2,960/MT, reflecting the overall pressure on prices throughout Q4. Market participants must navigate a landscape characterized by excess supply and uncertain demand, with hopes for recovery tied to anticipated growth in the housing sector and broader improvements in economic conditions throughout 2025.
Europe
In Q4 2024, the titanium dioxide market in Europe, particularly in Germany, experienced continued pricing pressures characterized by stability mixed with slight declines. Despite initially stable prices early in the quarter, the market faced significant challenges from weak demand across key sectors, including paints and coatings, automotive, and construction. Geopolitical uncertainties and a reliance on sluggish exports from China contributed to a stagnation in price movement. Throughout the quarter, excess inventories and minimal growth in downstream demand drove manufacturers toward destocking, leading to significant price reductions. Major producers offered discounts to clear stock as tight supply chains and seasonal slowdowns further exacerbated pricing challenges.
The quarter-ending price for Titanium Dioxide 98% FOB Hamburg (Germany) stood at USD 3,180/MT. The overall trend in Q4 reflected a cautious outlook, as challenges such as high inventory levels, seasonal sluggishness, and ongoing geopolitical uncertainties constrained market potential. As participants navigate these headwinds, the industry is poised for recovery only with improved demand conditions and stabilization of geopolitical factors throughout 2025.
APAC
In Q4 2024, the Titanium Dioxide market in the APAC region experienced a sustained price decline, driven by weak demand, oversupply, and export challenges. A consistent downward trend characterized the quarter. October saw prices fall due to off-season conditions, cautious buyer behavior, and anti-dumping duties impacting exports. November continued the decline, with weak post-festive demand and destocking activities further pressuring prices. China's Q4 2024 titanium dioxide market downturn stemmed from weak paints and coatings sector demand (especially decorative paints), compounded by off-season effects and low consumer confidence. Oversupply resulted from export restrictions (anti-dumping duties) and reduced consumption, despite production constraints from environmental regulations. Stable ilmenite prices offered no offsetting support, leading to price declines and inventory challenges for producers.
Market participants faced significant challenges, including managing excessive inventory, navigating declining prices, and dealing with export restrictions. The approach of prices to cost levels indicates potential losses for some producers. China’s titanium dioxide market ended Q4 2024 with a bearish outlook. The quarter-ending price for 98% Titanium Dioxide FOB Tianjin stood at USD 1660/MT.
South America
The titanium dioxide market in the South American region, particularly Brazil experienced a significant price decline throughout Q4 2024, driven by a combination of oversupply and weak demand across the paints and coatings sector. October initiated the downward trajectory with prices falling due to ample supply from China, despite a notable increase in domestic vehicle production. This oversupply, coupled with weak demand from the automotive, construction, along paints and coatings sectors, intensified competitive pricing pressures. November witnessed a continuation of this decline, influenced by subdued post-festive demand, seasonal slowdowns, and active destocking by manufacturers. Discounts were offered to clear excess inventory, further contributing to the price drop. December concluded the quarter with further price reductions, reflecting the typical year-end slowdown, persistent oversupply, and continued weak demand from the paints and coatings sector.
The challenges faced by market participants included managing oversupply, navigating declining prices, and stimulating demand in a weak economic environment. The quarter ended with a price of USD 2150/MT CFR Santos for Rutile grade Titanium Dioxide.
