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The paints and coatings industry reduced their offtakes which coupled with the drop in the crude oil prices and availability of cheaper imports from the Asian market led to the fall in titanium dioxide prices. The demand decreased significantly in the fourth quarter along with the slow manufacturing due to high inflation rates keeping the price trends of the commodity in the negative zone.

It's sort of ironic, maybe ironic is the wrong word, that the ingredient in paint that makes your kitchen shiny also makes your Hostess cupcakes shiny, Environmental Working Group's senior vice president of government affairs Scott Faber added.