티타늄 원료 생산자의 비교 비용 조사(FCS)

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.

TABLE OF CONTENTS

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