My guess is that market is digesting the fact and disseminating...

My guess is that market is digesting the fact and disseminating the message ( Keysbrook production continues to improve MZI  ann: 25^th MAY 2016) that they are actually making cash and  producing the Leucoxene HYTY88 & HYTI 70 and selling it. The market over-reacted to the downside on the previous (garbled) announcement that they were slow to produce leucoxene and make the sales of it.

There is also news filtering out that prices being achieved for chloride route TiO2 is gradually strengthening. I would direct you to the post by Osprey64 on the MDL thread Post #17841510 23/05/16 that at the AGM they told him chloride Ilmenite was achieving higher prices. If true this has a greater positive impact for MZI than MDL due to the TiO2 content when you compare HYTI to chloride ilmenite (but not TiO2 chloride slag).  I believe the same message is also being said by Iluka Although they also produce a lot of sulphate route ilmenite as well as synthetic rutile that can used to make white pigment.

This last part is my opinion only. In the presentation  to the Rising Stars resources Conference Trevor Matthews makes much of the rapid growth of TiO2 ‘s use in ‘additive manufacturing (AM)’. Over the past year or so  Iluka has said the same and have bought  a small company to pursue it. I think there;’ a lot of salesman ship hype in that but am happy to be proven wrong.