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The global pigment industry continued to improve throughout the June quarter with recent feedback suggesting that Chinese demand had improved and that prices achieved by Chinese pigment producers had commenced a gradual uplift.

Inventories of titanium dioxide feedstock are being gradually worked down but are likely to remain at elevated levels for the remainder of 2014.

Pricing of high grade titanium dioxide feedstock (including rutile) appeared to stabilise through the June quarter with Base expecting prices to remain flat for the remainder of the year.

Ilmenite prices continued to be under pressure through the June quarter though recent reports of reduced output in some of the main producing regions indicate the prices will stabilise at, or near, current levels.

Zircon trade activity continued to firm through the June quarter. Stocks of zircon held by producers continued to be run down and prices have remained relatively flat since the early stages of 2014.

There are increasing signs that the zircon market has reached the bottom of the cycle and is turning towards a firm recovery.

With this expected strength in the zircon market over the coming months there may be support for zircon price improvement towards the end of 2014 or the beginning of 2015.

from an article on Proactive Investor