TiO₂ Market | Will the Price Continue Rising in May?

As May begins, the titanium dioxide market is showing a mixed pattern: most producers are keeping prices at a relatively high and stable level, while at the same time, there are still voices expecting further increases.

At the moment, much of the supply side is still focused on fulfilling earlier orders. New orders and fresh pricing activities remain limited. This is largely a result of earlier rapid price increases, which pulled forward part of the demand, combined with the seasonal slowdown in traditional downstream purchasing.

Most of the existing order backlog is expected to last into mid to late May. Producer inventories are generally low. If new orders remain weak, inventories could start to rebuild toward the end of May or early June, which may put pressure on prices. On the other hand, if demand improves, low inventory levels could still support another round of modest price increases, although the upside is expected to be limited.

At this stage, a broad price decline still appears unlikely. The market is increasingly splitting into two different situations. Large producers with stronger export-driven order books are maintaining firm pricing and stable delivery schedules. Others, with weaker export performance and slower new order intake, are beginning to see inventory pressure and slightly more flexible pricing discussions.

Most producers are facing the same major pressure: raw material costs, especially sulfur and sulfuric acid, continue to stay at elevated levels. This cost floor is a key reason why downside risk in prices remains limited. However, differences in demand and inventory levels are gradually widening among producers, which may lead to more noticeable price gaps in the market.

Some older-priced inventory held by traders has already been largely absorbed, and its influence on the market is fading. Going forward, the market will be more directly shaped by the balance between new order intake and production schedules.

Outlook

Overall, the TiO₂ market in May is likely to stay in a narrow range, with price stability and occasional upward adjustments coexisting. The market is not clearly trending in one direction, and sentiment among buyers remains cautious.

According to Titanos market analysis, producers are currently in a transition phase: earlier orders are still being shipped, while new order intake is uneven. This creates a temporary imbalance where visibility on future demand is limited.

In the short term, price increases may still appear, but the magnitude is expected to be smaller compared to previous rounds. Stability will remain the dominant theme, with selective upward adjustments depending on producer position and order structure.

For buyers, the message is simple. Don't expect big price drops anytime soon. But don't assume every producer is on the same page either. Your leverage will depend on volume, payment terms, and how much flexibility your supplier has.

The market is complicated right now. But that also means there are opportunities for those who stay close to it.