Titanium Feedstock Producers Comparative Cost Study (FCS)

Description

Titanium Feedstock Producers Comparative Cost Study (FCS) provides an annual, in-depth analysis of costs versus revenue for producers across the titanium feedstock sector. It remains the only study of its kind published each year. The number of operations assessed varies annually. In the 2025 edition, 46 operations are reviewed.

Since 2022, TZMI has also incorporated estimates of greenhouse gas (GHG) emissions for all operations included in the study, beginning with 36 operations in its inaugural year of emissions reporting.

The study includes:

An overview of the titanium feedstock industry.
A detailed explanation of TZMI's methodology for ensuring consistent operating cost comparisons across the entire titanium feedstock industry.
Informed discussion of the parameters used to assess relative competitiveness.
Updated cost data for the mineral sands industry, based on research and information from the previous year.
Commentary on the role of co-product credits (pig iron and zircon) in current market conditions.
Analysis of key factors influencing costs.
Examination of the impact of exchange rates on producer performance.
An updated titanium feedstock industry cost curve-an essential tool for evaluating existing operations and assessing the potential of new projects.

EXECUTIVE SUMMARY

BACKGROUND TO THE INDUSTRY

METHODOLOGY

TITANIUM FEEDSTOCK MARKET FUNDAMENTALS

Global TiO2 pigment production
Feedstock demand trend
Feedstock consumption by end-use
Feedstock supply trend
Feedstock trades in 2024feedstock

COST AND PROFITABILITY CURVES

Operations included in the 2024 cost study
HMC cost of production
Mineral separation plant costs
Total cash cost of mineral production
Summary cash cost of mineral production
SR and slag producers' costs
Ilmenite conversion costs: Slag producers
Ilmenite beneficiation: Western vs Chinese slag producers
Ilmenite conversion costs: SR producers
Ilmenite beneficiation: Western, Chinese and Indian SR producers
Transport costs
Total cash cost of operation
Average cash cost of operation
Net cash costsmenite

INDUSTRY COST COMPETITIVENESS

Cost competitiveness measures
Normalised net cash costs
Cash margin
Industry weighted R/C ratio
R/C ratio curve for 2024
Comparison of R/C ratio curve: 2022-2024
Comparison of 2004, 2014 and 2024 curves
R/C ratio by producer group
R/C ratio trend: 2000 to 2025F
Forecast industry R/C curve for 2025
Long-term weighted average R/C ratioMC

FACTORS AFFECTING RESULTS

Factors affecting R/C ratio
Feedstock prices in 2024
Co-product revenue
Labour costs
Power prices
Exchange rates
Ilmenite conversion costs
Graphite electrode prices
Feedstock transport costs
High purity pig iron price increases
Mining production and grade trends
In-ground valueTiO2

GREENHOUSE GAS EMISSIONS

Greenhouse gas emissions calculation methodology
Greenhouse gas emissions by producer group
Greenhouse gas emissions by producer
Greenhouse gas emissions by region
Industry GHG by processing stage: 2022 to 2024

KEY PRINCIPLES AND DEFINITIONS

Key principles
Definitions