Market: Prices Coming Down, Buyers Get a Window

The titanium dioxide market is starting toshift.

As tensions in the Middle East graduallyease, sulfur prices have started to pull back from recent highs. However, theimpact of the previous supply disruption has not fully disappeared. The sharprise in sulfur prices is still moving through the value chain via sulfuricacid, and TiO2 producers are still feeling the aftershock on the cost side.

Over the past three months, global TiO₂ producershave raised prices five times and the prices have risen by around USD650-700/ton. These price hikes have largely helped producers absorb the earliercost pressure.

Export data also shows that overseas demandhas remained supportive. From January to April 2026, China exported 730,300tons of titanium dioxide, up 12.53% year on year. Chloride-process TiO₂performed especially well, with export growth reaching 39.63%.

The next chapter may not be about furtherprice increases. With sulfur prices softening, cost support is no longer asstrong as it was. And the overcapacity remains a long-standing issue in theTiO₂ industry. As more producers complete delivery of their earlier backlogorders, competition for new orders is likely to intensify.

This means some price adjustments arelikely on the way, especially for sulfate-process products.

buyers should not expect unlimited pricecuts. Producers will not reduce prices without a bottom line, and demand willnot suddenly surge overnight. This round of price loosening is more likely tobe a short procurement window than the beginning of a long-term downtrend.

For buyers, the key is timing andflexibility. Rather than committing to large, one-shot orders, it makes moresense to move toward smaller, staged purchases that cover real production needswhile limiting exposure to price swings. As essential demand is graduallyreleased, procurement decisions should be based on actual order flow, inventorylevels, and payment terms.

The more important point is that this roundof sulfur and sulfuric acid volatility is accelerating structural changeswithin the TiO₂ industry.

Sulfate-process producers are under themost direct pressure. Large producers with diversified raw material sourcingand overseas business support are in a stronger position. They have more roomto manage cost fluctuations and protect margins. Smaller sulfate-processproducers, however, face higher cost pressure and weaker bargaining power,making their position much more difficult.

Looking ahead to late June and July, theTiO₂ market is likely to enter a period of moderate price adjustment. Asprevious orders are delivered, producers will need to compete harder for newbusiness. Sulfate-process products may see more visible price softness, whilechloride-process products are expected to remain relatively firm due tostronger margins and better export performance.

However, this doesn't look like the startof a price war. Sulfur prices have eased, but they are still not low. Costsupport remains in place. At the same time, after five rounds of priceincreases, many producers have gained some room to offer discounts, but theyare unlikely to sacrifice margins simply to chase volume.

In the longer term, the market is becomingless about simple price competition and more about production route, costcontrol, and global market reach. Chloride-process producers are gaining aclearer profitability advantage, while smaller sulfate-process producers arefacing increasing pressure.

This shift could push the TiO₂ industrytoward further consolidation. It may also accelerate the growth ofchloride-process capacity in China.

For the next stage of the market, the realquestion is not just how far prices can fall. It is which producers can staycompetitive when cost advantages, product structure, and overseas demand becomemore important than short-term price moves.