Starting in July 2025, prices for various chemical products, industrial goods, and raw materials surged, drawing widespread market attention. Behind the fluctuating price curves lie three critical questions: What is driving this round of price increases? How long will this upward trend last? Can upstream and downstream enterprises in the industrial chain seize this opportunity for performance recovery, and how will it reshape the industry's competitive landscape?

Price hikes serve as the most sensitive pulse signal in economic recovery, offering glimpses of promising prospects.

The titanium dioxide market faces another round of price adjustments.

Shandong Xianghai Titanium Resources Technology, a subsidiary of Lubei Chemical, announced that effective February 26, domestic prices for chlorination-process titanium dioxide will increase by CNY500 per ton, while international prices will rise by 100 USD per ton. CITIC Titanium Industry Co., Ltd. also issued a notice stating that effective March 1, domestic prices for select grades of its CR series chlorination-processed titanium dioxide will increase by 500 yuan per ton, while overseas prices will rise by 100 USD per ton.

Chlorination-processed titanium dioxide is widely recognized as a premium product category in the market. According to Information data, mainstream domestic titanium dioxide ex-factory prices on February 28 were: rutile type at 12,800-13,600 RMB/ton, anatase type at 11,800-12,500 RMB/ton, and chloride-process type at 13,800-14,500 RMB/ton.

Raw material cost pressures are the core driver behind this round of price adjustments by titanium dioxide producers. Data indicates that on February 28, 98% sulfuric acid was priced at 1,030 RMB/ton, representing a significant increase compared to the same period in 2025.

Overall, the sulfuric acid market faces multiple factors including rising raw material costs, downstream demand release, and tightening regional supply expectations. This combination suggests further upward price potential in the short term, with the market expected to maintain a relatively strong trend going forward.

With sulfuric acid prices remaining firm at the raw material level, titanium dioxide producers exhibit strong price-supporting sentiment and intense expectations for further increases. Most industry players are awaiting guidance from leading companies on their next moves.

In reality, despite multiple rounds of price adjustments since the start of 2025, the titanium dioxide market has yet to break free from its loss-making “curse.”

On January 30, multiple titanium dioxide producers released their 2025 annual performance forecasts. Ananda projected a net loss attributable to shareholders of RMB 65 million to RMB 103 million for 2025, with a non-GAAP net loss of RMB 53.2 million to RMB 91.2 million. The company stated that during the reporting period, titanium dioxide product prices were impacted by sluggish downstream market demand, resulting in a significant year-on-year decline in annual sales prices. Compounded by the year-on-year increase in sulfuric acid prices—a key raw material for titanium dioxide—the company's titanium dioxide product gross margin declined significantly, leading to a year-on-year decrease in performance.

While titanium dioxide sales volume and operating revenue are expected to achieve steady growth, the profit side still faces losses. Influenced by multiple factors such as the global economic slowdown and intensified international trade barriers, competition in the titanium dioxide industry has intensified, and titanium dioxide prices have shown a weak downward trend.

Jinpu Titanium Industry also faces performance pressure, with losses continuing to widen. The company projects a net profit attributable to shareholders of between CNY -489 million and CNY -420 million for 2025, with non-GAAP net profit expected to range from CNY -444 million to CNY -383 million

Titanium dioxide producers continue to face significant cost pressures, with current pricing remaining stable amid strong market expectations for price increases. Despite subdued demand and moderate trading activity, cost pressures are expected to drive upward pressure on titanium dioxide prices in the near term.

As an integrated internet platform providing benchmark prices, on March 4, the benchmark price of titanium dioxide from SunSirs was 14,160.00RMB/ton, an increase of 1.87% compared with the beginning of the month (13,900.00 RMB/ton).

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