Americas Chemicals: Recent Chinese TiO2 Export Data Remains Elevated; Updating KRO Estimates

研报英文原文证据摘录

Americas Chemicals: Recent Chinese TiO2 Export Data Remains Elevated; Updating KRO Estimates

Equity Research

15 June 2026 | 3:05PM EDT

Americas Chemicals: Recent Chinese TiO2 Export Data Remains

Elevated; Updating KRO Estimates

Chinese April TiO2 net export data released indicates sustained high export volumes Duffy Fischer

+1(212)902-0099 |

to markets where Western producers (CC, TROX, KRO) compete. Year-to-date duffy.fischer@gs.com

Goldman Sachs & Co. LLC

through April TiO2 net exports are up 88kt (a 14% increase). We have long viewed

Ramsey Abdulrahim

China’s net export number, the key metric by which to judge the health of Western +1(212)902-0091 |

TiO2 producers markets. The higher exports were surprising to us given the sulfur ramsey.abdulrahim@gs.comGoldman Sachs & Co. LLC

issues but that extra volume will likely lead to weaker than expected price increases Mike Harris

in 2H. The Indian anti-dumping duty (ADD) remains suspended, with no definitive +1(212)902-3667Goldman Sachs & Co.| mike.harris@gs.comLLC

timeline for a judicial decision regarding its potential reinstatement; however since Jordan Lee

China lacks bonded warehouses in India, any reinstatement would likely have an +1(212)357-6986 | jordan.lee@gs.com Goldman Sachs & Co. LLC

immediate market impact. In April, Chinese exports to India increased by 14kt to

32kt, contributing to a year-to-date increase of 32kt, or 28%. Similarly, April exports

to the EU increased by 4kt to 20kt, with year-to-date volumes up 19kt, a 32%

increase. It seems the impact of elevated sulfur on Chinese production has not done

enough to curtail exports into the international market, indicating that the Chinese

product is more resilient than expected. Regarding demand, paint volumes (the