This week (9.14-9.18), prices across the titanium industry chain were generally stable: grade-1 sponge titanium quoted at 45,000 RMB/ton (down 500 RMB during the week before flattening), titanium concentrate steady (Panxi 46% index around 1,261), and titanium tetrachloride in tight supply at 6,000 RMB/ton. In titanium dioxide, after Longbai Group led a price hike on September 11, 21 companies followed with increases of 700 RMB/ton, marking the sixth collective price adjustment this year. The industry chain pattern shows 'titanium dioxide leading gains, upstream weak and stable, midstream diverging, downstream high-end firm.' With sponge titanium at full production, inventories are accumulating and civil demand is sluggish; in the short term, raw material costs provide weak support for titanium powder prices, while titanium powder producers face both margin pressure and downstream bargaining flexibility. Value for powder buyers: ① Weak sponge titanium operation favors titanium powder procurement negotiations, allowing for quarterly price locks or tiered discounts; ② Continuous titanium dioxide price hikes are consuming titanium concentrate resources—watch for crowding-out effects on sponge titanium/titanium powder raw material quotas; ③ Tight titanium tetrachloride signals structural tightness in high-end titanium powder feedstock supply.