How is China's titanium dioxide export resilience reshaping global pricing power?

How is China's titanium dioxide export resilience reshaping global pricing power?
Goldman Sachs argues China's TiO2 export strength is a structural shift, not simple capacity spillover. Despite sulfur supply tightness, net exports rose 14% year-on-year in the first four months of 2026, adding 88,000 tons. This defies two market assumptions: that sulfur shortages would curb Chinese output, and that India's anti-dumping uncertainty would dampen shipments. Instead, Chinese producers adjusted feedstock mixes and used inventories to sustain exports. April exports to India alone jumped 14,000 tons month-on-month, with cumulative four-month growth of 28%. This counter-cyclical resilience means Western producers like Chemours, Tronox, and Kronos face weaker pricing power than expected in H2 2025, as Chinese supply now acts as a structural force in the global supply-demand equation.