China Titanium Dioxide Prices Rise in Fifth Industry-Wide Hike
On June 5, Henan Billions Chemicals Co., Ltd. announced price increases for all of its titanium dioxide products, raising prices by RMB 1,000 per tonne in the Chinese market and by USD 150 per tonne in international markets, effective immediately. More than 10 titanium dioxide producers subsequently issued similar notices, triggering the fifth coordinated round of price hikes this year. As of June 10, a total of 14 companies had announced price increases.
According to industry data, mainstream prices for sulfate-process rutile and anatase titanium dioxide in China currently stand at RMB 15,800–17,300 per tonne and RMB 14,500–15,000 per tonne, respectively. Domestic chloride-process rutile titanium dioxide is quoted at RMB 16,500–18,000 per tonne. All prices are tax-inclusive cash ex-works quotations.
Yang Xun, an analyst at Yan Tiantai, said the latest round of increases was driven primarily by two factors. The first is persistently elevated costs for key raw materials, including sulfur and sulfuric acid. Spot sulfur prices have approached RMB 10,000 per tonne, providing strong cost support for producers. The second factor is a relatively resilient export environment. Compared with overseas producers, which typically operate with order cycles of three to six months, Chinese titanium dioxide manufacturers maintain stronger supply capabilities, leading to a notable return of export orders.
Yu Jie, Secretary-General of the Titanium Dioxide Center under the National Chemical Productivity Promotion Center, said the latest price increases essentially reflect an effort to stabilize the market through higher pricing in response to mounting cost pressures. He identified extreme raw material inflation as the core driver. Sulfur prices in 2026 have surged by more than 90%, while sulfuric acid prices have risen 213% year on year. Given that producing one tonne of sulfate-process titanium dioxide requires approximately three to four tonnes of sulfuric acid, production costs have increased by roughly RMB 3,000–5,000 per tonne.
Industry analysts noted that Henan Billions Chemicals, as the sector leader, was the first to issue a price adjustment notice, followed by more than a dozen producers. The collective action reinforced market sentiment and demonstrated a strong willingness across the industry to defend prices, helping to facilitate the fifth round of increases.
Despite the price hikes, profitability across much of the industry has weakened again, with significant divergence among producers. In addition, ferrous sulfate prices in some regions declined this month, pushing shipment prices at certain factories closer to production costs. Analysts said that with raw material prices remaining high, room for further price reductions has narrowed, prompting many producers to maintain prices and monitor market developments.
However, market conditions vary considerably among producers. Yang said leading manufacturers continue to benefit from robust export demand and healthy order books, with exports accounting for more than 60% of total sales, supporting confidence in the market. Producers with weaker export exposure remain more dependent on domestic sales and have made modest reductions to ex-factory prices in an effort to secure customers and orders through pricing advantages. Manufacturers positioned between these two groups have generally opted to keep prices stable while observing market conditions.
Discussing key market supports and risks, Yu said exports remain a critical buffer for the industry, although the export structure is evolving. During the first four months of the year, China's cumulative titanium dioxide exports increased by 12.53% year on year, helping to ease domestic supply-demand imbalances. Notably, chloride-process titanium dioxide exports rose by 39.63% from a year earlier, significantly outpacing sulfate-process products. The trend suggests that China's titanium dioxide exports are gradually shifting from reliance on the cost advantages of sulfate-process products toward higher-end chloride-process grades.
Nevertheless, Yu cautioned that an export-led growth model carries structural risks. China's titanium dioxide export dependency has exceeded 30%, while overseas markets are increasingly characterized by rising export volumes but declining prices. Growing trade barriers also add uncertainty to strategies that rely heavily on exports to absorb domestic production capacity.
As the market enters June, the titanium dioxide sector is gradually moving into its traditional off-season, with signs of weaker demand beginning to emerge. Looking ahead, Yang said the fifth round of price increases in 2026 has helped strengthen market fundamentals, reassured participants who had been uncertain about future price trends, reinforced confidence, and significantly reduced the likelihood of near-term price declines.
Yu, however, said the market would face a crucial test once the seasonal slowdown takes hold. Without a meaningful improvement in domestic demand, confidence supported by successive price increase announcements will ultimately be tested by actual transaction volumes. The cautious stance adopted by distributors and downstream consumers indicates that the market does not fully accept the prospect of sustained price increases.
"Short-term price negotiations are unlikely to fundamentally change the industry's situation," Yu said. Over the medium to long term, he argued that corporate competitiveness will depend on upgrading product portfolios, expanding high-end chloride-process production, overcoming overseas trade barriers, and improving profitability. He also emphasized the importance of strengthening mine-to-chemical integration to secure upstream titanium ore resources and reduce cost volatility. In addition, globalizing production capacity through overseas manufacturing investments could help companies move closer to end markets and mitigate trade-related risks.