Americas Chemicals: June Chinese TiO2 Exports Remain Elevated; Updating Our Estimates

研报英文原文证据摘录

Americas Chemicals: June Chinese TiO2 Exports Remain Elevated; Updating Our Estimates

Equity Research

22 July 2026 | 12:20AM EDT

Americas Chemicals: June Chinese TiO2 Exports Remain Elevated;

Updating Our Estimates

1) Chinese TiO2 exports remain elevated at 185kt in June. Recently published Duffy Fischer

+1(212)902-0099 |

Chinese TiO2 export data for June indicates sustained high export volumes in duffy.fischer@gs.com

Goldman Sachs & Co. LLC

markets where Western producers compete. In June, Chinese TiO2 exports reached

Ramsey Abdulrahim

185 kt, representing a 40% YoY increase and a 21% MoM gain. On a YTD basis, +1(212)902-0091 |

Chinese exports stand at a historic high of 1,068 kt, up 17% YoY. ramsey.abdulrahim@gs.comGoldman Sachs & Co. LLC

Mike HarrisA closer analysis of the export data reveals that the majority of the YoY growth +1(212)902-3667 | mike.harris@gs.com

occurred in Asia, where June export volumes rose from 80 kt in 2025 to 118 kt in Goldman Sachs & Co. LLC

Jordan Lee2026. Within Asia, India was the largest growth market, with exports increasing by +1(212)357-6986 | jordan.lee@gs.com

32 kt to reach 45 kt in June. An anti-dumping duty (ADD) announcement from India Goldman Sachs & Co. LLC

appears unlikely in the near term, suggesting that these elevated volumes will likely

persist through year-end. Beyond that, it remains unclear whether lower sulfur

pricing, supported by an operational Strait of Hormuz, will drive even higher export

volumes from China. These elevated Chinese exports continue to threaten the

market share of Western producers, especially as downstream demand in the paint

sector remains weak, with many customers projecting flattish volumes.

2) Pricing gain likely to lead earnings growth and margin expansion. Regarding