SunSirs:. Titanium Dioxide Manufacturers Raise Product Prices for Seventh Consecutive Time

By the end of 2025, China's titanium dioxide industry is making a final push to meet its price hike targets. Recently, the sector has seen a new wave of price increases. Leading companies including Huiyun, Tianyuan, and Longba Group have successively issued notices announcing product price hikes, with domestic market prices rising by 500-700 RMB/ton and international market prices increasing by 70-100 USD/ton. This year-end concentrated price surge does not signal a recovery in industry demand, but rather represents a passive self-rescue effort by enterprises squeezed between soaring raw material costs and persistently weak export markets.

Sulfur prices in 2025 have experienced a rollercoaster-like surge. Monitoring data shows solid sulfur prices in East China have surpassed RMB4,000 per ton, a 160% increase from the RMB 1,545 per ton recorded during the same period in 2024. This marks the highest peak of the year and represents a staggering 446% surge from the 2023 low of RMB 735 per ton, setting a new historical record in recent years. The sharp rise in sulfur prices has directly impacted the sulfuric acid industry, which relies heavily on sulfur as its primary raw material.

As another critical raw material for titanium dioxide production, sulfuric acid prices staged a dramatic rollercoaster-like surge in 2025. Currently, the price of 98% ore acid in Shandong Province has surpassed RMB 900 per ton. Multiple interlinked factors have driven this explosive growth: persistently high upstream sulfur prices provide robust cost support; supply tightened as some acid production facilities shut down; simultaneously, downstream buyers showed unusually strong purchasing enthusiasm amid expectations of further price hikes. These converging forces collectively pushed sulfuric acid prices to record highs. Market analysts predict prices will remain stable to firm in the short term, with no significant decline in sight.

Cost Inversion and Persistent Losses

By 2025, the monthly average production profit for rutile-type titanium dioxide had plunged to -2,200 RMB /ton, while anatase-type titanium dioxide recorded a monthly average loss of -1,700 RMB /ton. In Shandong Province, rutile titanium dioxide production costs have surpassed RMB 15,000 per ton, while the concurrent market average price stood at only RMB 14,327 per ton. This cost-price inversion further compressed corporate profit margins, compelling enterprises to urgently pursue price hikes to alleviate pressure. Data shows that Longji Group's net profit attributable to shareholders declined by 34.68% year-on-year in the first three quarters, while Ananda turned from profit to loss, recording a deficit of RMB 46.369 million.

Export Market Growth Stagnates

Amidst domestic demand facing intense cost pressures, the export market—previously a crucial buffer and growth engine—also presents an unfavorable outlook. Customs data reveals that China's titanium dioxide exports totaled 152,200 metric tons in November 2025, with cumulative exports from January to November reaching 1.6448 million metric tons—a decrease of 98,500 metric tons (5.65%) compared to the same period last year. Based on this trend, annual exports for 2025 are projected to hover around 1.8 million metric tons, marking a significant decline from 2024 levels.

This export weakness stems from multiple negative factors converging. Sluggish global economic recovery has dampened demand in downstream industries like coatings and plastics. Anti-dumping investigations and final rulings initiated by the Eurasian Economic Union, Brazil, Saudi Arabia, and other regions against Chinese titanium dioxide have further eroded its price competitiveness. Additionally, the ongoing uncertainty surrounding India's anti-dumping duty policy has compounded the challenges in export markets.

Currently, most domestic titanium dioxide producers employ the sulfuric acid process, where raw material costs account for over 60% of total expenses. Their heavy reliance on raw materials like titanium concentrate and sulfuric acid has left them entirely passive in the face of this round of soaring costs. Meanwhile, the sluggish real estate sector has led to insufficient production capacity utilization in the coatings industry. Weak end-demand has disrupted the price transmission mechanism, resulting in the awkward situation where previous rounds of price hikes have failed to translate into market transactions. Most orders are still being fulfilled at pre-increase prices. As of now, domestic rutile-type prices range from RMB 12,800 to 13,600 per ton, anatase-type from 11,800 to RMB 12,500 per ton, and chlorination-processed from 13,800 to RMB 14,500 per ton. Actual market prices have not shown significant increases but have instead declined compared to the same period last year.

As an integrated internet platform providing benchmark prices, on December 24th, the benchmark price of ammonium sulfate, according to SunSirs, was 1086.67 RMB/ton, a decrease of 3.55% compared to the beginning of the month (1126.67 RMB/ton).

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