In March, the domestic titanium dioxide market witnessed an unprecedented price surge: Longbai Group Co., Ltd. issued three consecutive price increase notices on March 2, 16, and 24, raising domestic titanium dioxide product prices by a cumulative 2,000 yuan/ton, marking the highest monthly increase in recent years. Driven by leading companies, over 20 domestic titanium dioxide producers followed suit closely, creating a collective "three consecutive price hikes" trend. This sweeping price surge in the titanium dioxide market appeared to be a market-driven initiative by companies to adjust product prices, but in reality, it was a forced response to persistently rising upstream costs, further reflecting the structural adjustments in the domestic titanium dioxide industry under prolonged pressure.
Cost increases like a tidal wave，Raising prices is truly helpless
The rise in upstream raw material prices is the direct driving force behind the "three consecutive increases" of titanium dioxide white powder. The price increase behavior of titanium dioxide enterprises is essentially a helpless move under high costs, and it is also a survival defense battle of "no price increase, no loss".
In the production process of titanium dioxide powder, sulfuric acid is an indispensable core raw material, with a huge consumption and directly related to product costs. According to industry estimates, the production of titanium dioxide requires approximately 3-4 tons of sulfuric acid per ton, and every fluctuation in sulfuric acid prices is directly transmitted to the production cost of titanium dioxide. If the price of sulfuric acid rises by 500 yuan/ton, the cost of titanium dioxide will increase by 1500 yuan to 2000 yuan/ton. This cost increase is undoubtedly adding insult to injury for titanium dioxide companies that are already on the brink of losses. In March, the significant surge in sulfuric acid prices completely broke through the cost bottom line of titanium dioxide enterprises, becoming the direct trigger for the price increase of titanium dioxide.
The rise in sulfuric acid prices is rooted in the significant increase in upstream raw material sulfur prices, forming a cost transmission chain of "sulfur rise → sulfuric acid rise → titanium dioxide rise". According to commodity data platforms such as Shengyi Society, as of March 31, the domestic sulfur benchmark price reached 5726.67 yuan/ton, an increase of 46.46% from 3910 yuan/ton at the beginning of March. The price surge was fierce and fast, exceeding market expectations. The continuous rise in sulfur prices since 2026 is not accidental, but is driven by multiple factors such as geopolitical conflicts leading to supply tightening, concentrated release of spring plowing demand, and rising import costs.
The rapid rise in sulfur prices is transmitted downstream, directly driving a significant increase in sulfuric acid prices. As of March 31st, the benchmark price of sulfuric acid in China was 1580 yuan/ton, an increase of 49.41% from 1057.5 yuan/ton at the beginning of March.
Therefore, under the pressure of a significant increase in the prices of raw materials such as sulfur and sulfuric acid, the production costs of titanium dioxide enterprises have risen sharply, and the "internal driving force" for price increases is unprecedentedly strong. Price increases have become the only choice for enterprises to maintain normal production and alleviate cost pressures. As of March 31st, the ex factory prices including taxes for various types of titanium dioxide in China are as follows: sulfuric acid method gold red stone type is 14800 yuan to 15800 yuan/ton, anatase type is 14000 yuan to 14300 yuan/ton, and chloride method gold red stone type is 15000 yuan to 17500 yuan/ton.
Long term pressure on the industry, losses forcing price increases
The intensive price increases of titanium dioxide enterprises are not a substantial rebound in industry demand, but rather a long-term situation where the titanium dioxide industry is on the brink of losses and operating pressure continues to intensify, forcing enterprises to collectively raise prices in order to seek survival and breakthroughs.
In 2025, the overall performance of the domestic titanium dioxide industry will be sluggish, with market prices fluctuating downward, and companies generally facing the dilemma of "double decline" in revenue and profit, with some companies falling into losses. On March 24th, Anhui Annada Titanium Industry Co., Ltd., a well-established domestic titanium dioxide enterprise, disclosed its 2025 report, which showed that the company achieved a revenue of 1.69 billion yuan, a year-on-year decrease of 10.4%; The net profit attributable to the parent company was a loss of 92.58 million yuan, a year-on-year decrease of 922.5%. The performance forecast released by Guangdong Huiyun Titanium Industry Co., Ltd. shows that it is expected to lose 46 million to 65 million yuan in net profit attributable to the parent company in 2025. Jinpu Titanium Industry Co., Ltd. expects a net profit loss of 428 million to 489 million yuan attributable to the parent company in 2025.
The root cause of operational pressure for titanium dioxide enterprises lies in the two-way pressure of cost and price. In 2025, the domestic price of titanium dioxide will continue to fluctuate downward. According to data from Zhuochuang Information, the average price of titanium dioxide in China's market in the first half of 2025 will be 14425 yuan/ton, a decrease of 11% compared to the same period in 2024. Among them, the price of rutile titanium dioxide quickly fell from 15500 yuan/ton to 13700 yuan/ton in the second quarter. At the end of December 2025, the price range for domestic titanium dioxide rutile including taxes is between 12400 yuan and 13600 yuan/ton, and the price range for anatase titanium dioxide is between 11800 yuan and 12200 yuan/ton, both of which are at low prices in recent years. At the same time, upstream raw material prices continue to fluctuate, with core raw material prices such as titanium concentrate and sulfuric acid rising in turn, further compressing the profitability of enterprises. Data shows that from 2024 to 2026, the profitability of domestic titanium dioxide companies continued to deteriorate. After the third quarter of 2025, companies in the industry gradually entered a state of loss, and the losses further intensified in the fourth quarter, with a single ton loss of about 1800 yuan; In the first quarter of 2026 (as of March 25), the industry's losses further expanded, with single ton losses climbing to 2300 yuan/ton.
Although the price of titanium dioxide achieved three consecutive increases in March, with a cumulative increase of 2000 yuan/ton, this increase has not fully covered the upward pressure on the cost side. According to industry calculations, the increase in sulfur prices alone has brought a cost increase of over 1800 yuan/ton to titanium dioxide enterprises. The cumulative increase of three price increases can only barely cover this cost increase, and the improvement of enterprise profitability is limited. Most enterprises are still in a "low profit" or "break even" state.
The continuous operating losses are forcing the supply side of the titanium dioxide industry to accelerate its clearance, and the pace of industry reshuffle is constantly accelerating. According to statistics released by the Titanium Dioxide Industry Technology Innovation Strategic Alliance, by 2025, there will be a total of 18 enterprises in China's titanium dioxide industry with actual production of 100000 tons or more, an increase of 3 compared to 2024; Among the original production enterprises, 9 have stopped production or shut down, and 2 new enterprises (1 for hydrochloric acid method and 1 for chlorination method) have been added to production. On January 26th, Teno Group announced the permanent closure of its titanium dioxide production facility located in Fuzhou, Jiangxi Province, China. The factory has a production capacity of 50000 tons per year and has entered a long-term shutdown state since October 2025. The main reasons for the shutdown are weak domestic demand, overcapacity, and sustained low price levels. On the same day, Jinpu Titanium Industry Co., Ltd. announced that its wholly-owned subsidiary Xuzhou Titanium Dioxide Chemical Co., Ltd. had officially ceased production, further reducing the industry's supply. In addition, by 2025, China's titanium dioxide production will reach 4.72 million tons, a year-on-year decrease of 47000 tons, a decrease of 1%. This is the first time in over 20 years that China's annual titanium dioxide production has declined, which also confirms the acceleration of the industry's supply side clearance process.
Cautious optimism in the future, intensifying industry differentiation
The industry generally holds a cautious and optimistic attitude towards the future trend of the titanium dioxide market. In the short term, as the traditional peak season for consumption in the titanium dioxide industry, coupled with strong support from the cost side, the price of titanium dioxide is expected to maintain a high level. At present, the prices of sulfur and sulfuric acid are at a high level, and the possibility of a significant decline in the short term is low. The cost pressure on titanium dioxide enterprises will continue to exist.
Behind the optimistic expectations of the industry, there are still many hidden concerns, among which the uncertainty on the demand side has become a key variable affecting the subsequent price trend. With the arrival of the second quarter, the titanium dioxide industry will gradually enter the traditional off-season, and the demand for downstream end industries such as coatings and plastics will decline. Whether these industries can effectively bear the price increase will become the core factor determining whether the price of titanium dioxide can remain high. It is worth noting that the continuous price increase of titanium dioxide in March may overdraw some downstream demand. At present, terminal enterprises and distributor channels have completed phased stocking. At the same time, due to the faster upstream cost increase than the price increase of titanium dioxide, some titanium dioxide companies still face significant profit pressure.
In summary, the "three consecutive increases" in the titanium dioxide market in March were not a signal of industry recovery, but a passive response driven by costs, and more importantly, an active breakthrough for the titanium dioxide industry seeking survival after long-term losses. Against the backdrop of ongoing geopolitical risks and strong upstream cost support, titanium dioxide prices are expected to maintain a high volatility pattern in the short term. However, in the long run, the industry still needs to face deep-seated development issues such as weak demand, overcapacity, and profit pressure. This wave of price increases will further exacerbate the differentiation of the titanium dioxide industry: leading enterprises, with their advantages in scale, cost, and technology, are expected to gain a breathing space in this wave of price increases; However, due to the lack of economies of scale and weak cost control capabilities, small and medium-sized titanium dioxide enterprises will face the dual pressure of high costs and weak demand, which will further squeeze their survival space and accelerate the industry reshuffle process. This may be an important turning point for China's titanium dioxide industry to bid farewell to extensive growth and move towards high-quality development.