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Coronavirus-related shutdowns in the first half of the quarter prompted forcible measures at several small-scale ilmenite factories in China and India, subsequently exacerbating the Titanium supply problem. The chemical's tight supply condition was extended until the end of the quarter, as few participants were heard holding cargoes in expectation of an exceptional surge in its seasonal demand.

A steep decline in the prices of titanium dioxide was observed in the second half of 2022 as the erratic energy costs along with rising covid cases affected the market negatively. In addition to this, the decreased offtakes from paints and coating industries, weak economic growth, and strict restrictions imposed to deal with the resurgence of covid cases further aided the declining trajectory of titanium butoxide prices.