Titanium Dioxide More Tons from China in April

研报英文原文证据摘录

Titanium Dioxide More Tons from China in April

J P M O R G A N North America Equity Research

20 May 2026

Titanium Dioxide

More Tons from China in April

Chemicals: Specialty, Commodity,

Agricultural, and Paper & Packaging

Jeffrey J. Zekauskas AC

(1-212) 622-6644

jeffrey.zekauskas@jpmorgan.com

China released its April TiO2 export data today, which we did not read as bullish for Katie Zhang

North American producers. Year to date net exports of TiO2 from China are higher by (1-212) 622-3262

katie.zhang@jpmchase.com

88kt, which annualizes to 264kt or a 3.8% addition in a global market of 7m tons that

Silke Kueck

would do well to grow 2% or 140kt in 2026. China shipments to Europe were higher

(1-212) 622-6503

by 37%; China shipments to India were higher by 28%; and shipments to Turkey were silke.x.kueck@jpmorgan.com

higher by 17%. China exports to Brazil were small versus 31kt ytd in 2025. China Lydia Huang

chloride tons are 178.6 versus 128kt for the first four months of 2026 and accounted (1-212) 622-0086

for 54kt of the 88kt in year to date net exports. Sulfate volumes in April were higher lydia.huang@jpmorgan.com

by 28% and higher by 6% ytd. It will be difficult for the North American companies J.P. Morgan Securities LLC

to increase their volumes under these conditions. China export prices moved up $84/t

in April versus March and are higher by $123/t versus the 1Q:26 average.

• It may be the case that the North American producers will increase

volumes and benefit from future favorable trade rulings in India and other

jurisdictions. For example, China’s Brazil shipments of 70kt in 2025 and

137kt in 2024 are likely to further diminish. India tariff effects looked as though

they might be felt in November of 2025 but are still not operative. It looks as