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01
Analysis and comments
Gold prices surged sharply in a single day, while the titanium dioxide market remained stable for the time being.
Qin Wei
（The author is a senior technical expert in ceramic colors and glazes.）
Gold prices have recently broken through historical highs, showing a rare strength. The core driving force comes from the superposition of three effects: the expectation of interest rate cuts by the Federal Reserve has triggered a sharp drop in U.S. Treasury yields, weakening the attractiveness of U.S. dollar assets; the escalation of China-U.S. trade frictions combined with U.S. political risks has led to a global influx of safe-haven funds into gold; and the resonance between the continuous increase in central bank purchases and the "currency depreciation trading" strategy has strengthened gold's position as the ultimate safe-haven tool. Currently, gold has three attributes simultaneously: anti-inflation, hedging against geopolitical risks, and resisting currency and credit crises.
The titanium dioxide market has shown signs of short-term stabilization. The rising price of raw material sulfuric acid has pushed up corporate costs, and manufacturers have maintained firm quotations. However, the downturn in the real estate industry has led to weak end-market demand, with downstream purchases mainly based on rigid needs. Notably, the Indian court recently revoked the anti-dumping duty on Chinese titanium dioxide. Although there is a risk of restarting the investigation, it still injects positive expectations into the market.
Overall, the violent fluctuations in international precious metals have increased market uncertainty. It is recommended that member units strengthen risk contingency plans and investors rationally control their positions to jointly maintain the stable operation of the market. The titanium dioxide market is expected to stabilize and strengthen. Titanium dioxide enterprises have collectively raised prices, and combined with the favorable Indian policies, the actual transaction prices will remain on a case-by-case negotiation basis.
(Original article. Reproduction without authorization is prohibited.)
02
Remarks & Opinions
At the Bologna Exhibition: The Mental Shift of Chinese Ceramics from "Pilgrimage" to "Benchmarking"
Qin Wei
（The author is a senior technical expert in ceramic colors and glazes.）
The Bologna Exhibition in Italy is no longer an unattainable shrine, but has become a touchstone for Chinese ceramic enterprises to test their own strength.
China's military industry proved itself through an India-Pakistan air battle, and China's ceramic industry will also achieve transcendence with the strictest product standards. Every September, China's ceramic industry always witnesses a grand "overseas migration". At its peak, thousands of ceramic enterprise leaders, designers, and technicians travel far to Bologna, Italy, to visit the Bologna Ceramic Exhibition, known as the "Oscar of the ceramic industry". This tradition has lasted for more than 20 years. Once upon a time, Chinese ceramic enterprises went there with a "pilgrimage mentality", regarding Italy as an unattainable benchmark. Back then, China's ceramics were comprehensively backward in terms of equipment, design, and craftsmanship, and the visits were more about looking up with admiration.
Times have changed. As China has achieved comprehensive corner overtaking in ceramic machinery and equipment, ink and glaze materials, enterprises such as Keda Manufacturing, National Ceramic Kanglitao, and Dowstone Technology have reached a world-leading level in their respective fields. At this moment, what is the significance of going to Bologna again?
01 From Looking Up to Eye-to-Eye: Understanding Its Global Position
China's ceramic industry needs to position itself with a global perspective. As a global ceramic trendsetter, the Bologna Exhibition provides an excellent reference frame for Chinese enterprises. Here, enterprises can intuitively perceive the latest trends in product design, space application, technological innovation and other aspects. In recent years, the gap between Chinese ceramics and the international top level has been narrowing. Products of leading domestic enterprises such as Dongpeng and Marco Polo have already gained international competitiveness. The significance of visiting the Bologna Exhibition has shifted from "learning from others" in the past to "benchmarking" today.
effectiveness, delivery cycle, flexible production and other aspects. Visiting the exhibition is precisely to recognize the gaps while more clearly identifying their own competitive advantages, and realize the transformation from "manufacturing" to "creation".
02 Three Exhibition Value Points to Help Enterprises Clarify Their Direction
The Bologna Exhibition is first and foremost a mirror that reflects the real gaps. Italian enterprises still lead in product design, surface treatment, detail control and other aspects. Chinese enterprises still have room for improvement in soft power such as innovation systems and design philosophy. Secondly, the exhibition is an information hub. It gathers the world’s latest technological trends, design trends and market demands. Here, Chinese enterprises can grasp the pulse of the European and even global high-end markets, providing a decision-making basis for product R&D and market expansion.
Furthermore, the exhibition serves as a communication platform. Chinese entrepreneurs can connect with global peers, suppliers, and designers here, and explore potential cooperation opportunities. In today's globalized world, it is impossible to build a world-class brand by working behind closed doors.
03 Visiting the Exhibition with a New Mindset: Beyond Pure Technical Imitation
Nowadays, when visiting Bologna, two extreme mindsets need to be abandoned. One is undue self-deprecation, believing everything from abroad is better. The other is arrogant complacency, thinking there is no longer a need to learn from others. A healthy mindset is to view each other as equals, learning from others’ strengths to make up for one’s own weaknesses. Chinese ceramic enterprises should learn from Italian enterprises’ design thinking and brand-building capabilities. The strength of Italian ceramics lies not only in technology, but more in its ability to integrate art and culture into products, as well as its methodology for creating brand premium.
The focus of exhibition visits should shift from mere product imitation to systematic learning, covering overall solutions such as exhibition methods, marketing strategies, and brand storytelling. Chinese enterprises need to think about how to integrate global trends with Chinese characteristics to build a product system with cultural confidence.
Now, when walking through the Bologna exhibition halls, Chinese faces no longer just quietly take notes and photos. Instead, they will stop to engage in in-depth conversations with exhibitors, and even raise sharp questions. This change in interaction methods reflects the enhanced confidence of China's ceramic industry. Qualified ceramic enterprises should indeed go out more often. This is not just to look at products, but more importantly to broaden their horizons and update their concepts. In the context of global competition, understanding competitors helps to better position oneself, and grasping trends makes it possible to seize the future.
China's ceramic industry is at a crucial juncture of transitioning from quantitative to qualitative change. The trip to Bologna should be an important part of an enterprise's annual plan. This is not a simple "pilgrimage", but a "calibration" with the global industry's development. With the implementation of China's Ceramic 5A Standard and the advancement of high-quality industry development, the experience of visiting the Bologna Exhibition will become more in-depth. Chinese ceramic enterprises are expected to transform from exhibition visitors to the main players of the exhibition in the near future, showcasing the charm of Oriental ceramics to the world.
(Original article. Reproduction without authorization is prohibited.)
03
Industry News
Marco Polo Soars 128% on Its First Trading Day
On the morning of October 22, Marco Polo Holdings Co., Ltd. officially rang the bell at the Shenzhen Stock Exchange and successfully listed on the A-share market. Its stock is abbreviated as "Marco Polo" with the stock code "001386".
The offering price this time was 13.75 yuan per share, with a total of approximately 119 million shares issued. On the first day of listing, the opening price was 33.10 yuan, up 140.73%. The stock price hit a high of 40.00 yuan and finally closed at 31.46 yuan, with a growth rate of 128.80%.
The total funds raised from this listing are approximately 1.636 billion yuan, which will be mainly used to improve the company’s green, high-end, and intelligent production capabilities, as well as enhance its comprehensive competitiveness.
It is reported that from 2022 to 2024, the company’s operating revenues were 8.661 billion yuan, 8.925 billion yuan, and 7.324 billion yuan respectively, with net profits of 1.514 billion yuan, 1.353 billion yuan, and 1.327 billion yuan respectively. In addition, from January to June 2025, its operating revenue was 3.218 billion yuan, and net profit was 655 million yuan. The company expects its operating revenue from January to September 2025 to be between 4.85 billion yuan and 5.1 billion yuan, with net profit attributable to shareholders of the parent company between 1 billion yuan and 1.05 billion yuan.
Source: Comprehensive report fromCeramic Industry News
India has launched an anti-subsidy investigation into clear float glass from Malaysia and Indonesia.
On September 29, 2025, the Ministry of Commerce and Industry of India issued a public notice stating that, in response to applications submitted by Indian domestic enterprises Sisecam Flat Glass India Pvt. Ltd., Gold Plus Glass Industry Ltd., Gold Plus Float Glass Pvt. Ltd., and Saint-Gobain India Pvt. Ltd., it has launched an anti-subsidy investigation into clear float glass originating in or imported from Malaysia and Indonesia. The case involves products under Indian customs tariff code 70051090, as well as some products under tariff codes 7003, 7004, 7005, 7007, 7008, 7009, 7013, 7015, 7016, 7018, 7019, and 7020. The subsidy investigation period for this case is from April 2024 to March 2025, and the injury investigation periods are from 2021 to 2022, from 2022 to 2023, from 2023 to 2024, and from April 2024 to March 2025.
Source: China Trade Remedy Information Network
Arrow Home Furnishing Obtains Invention Patent Authorization: "A Toilet Instant - Heating Module Protection Device and Toilet Equipment"
According to the data from Tianyancha APP, Arrow Home Furnishing has newly obtained an invention patent authorization. The patent name is "A Toilet Instant - Heating Module Protection Device and Toilet Equipment", and the patent application number is CN202110093481.5. The authorization date is October 17, 2025. The adoption of this invention has the advantage of protecting the instant - heating module through physical means, solving the safety problem of the water - free protection of the instant - heating module in the current intelligent toilet.
Source: Securities Star
04
Non-ferrous Metals News
Indonesia's Reopening of Gag Nikel Nickel Mine in Raja Ampat Sparks Environmental Concerns and Contradictory Evidence Disputes
Indonesia has allowed state - owned enterprise PT Gag Nikel to resume nickel mining operations on Gag Island in the ecologically sensitive Raja Ampat region, lifting the suspension imposed in June this year. The government justifies this decision by citing the company's "green" environmental rating. However, this contradicts the results of a 2024 study commissioned by Gag Nikel itself, which documented widespread complaints from local communities about pollution, health problems, and coral reef damage associated with the mine's operations. Environmental non - governmental organizations believe that the "green" label masks serious environmental damage and question why this state - owned mine is allowed to reopen while other private mining rights in the same area have been revoked due to similar impacts.
Source: Shanghai Nonferrous Metals Network
Indonesian nickel miner Anugrah Neo Energy Materials plans to conduct an IPO of over $300 million.
Indonesian nickel mining and processing company Anugrah Neo Energy Materials is planning to conduct an initial public offering (IPO) on the Indonesia Stock Exchange, aiming to raise more than $300 million. Sources said that the IPO could value the company at over $2 billion and the target is to list in December. Anugrah operates two nickel laterite mines in Central Sulawesi and is developing facilities including a high-pressure acid leach (HPAL) plant to produce mixed hydroxide precipitate (MHP) for the electric vehicle battery supply chain. The funds raised are planned to be used for the company's expansion. It is reported that DBS Bank and RHB Bank are among the banks involved in this transaction.
Source: Shanghai Nonferrous Metals Network
St-Georges Eco-Mining Corp. Confirms High-Grade Nickel and Finds Widespread Platinum-Group Element Mineralization in the Julie Project
St-Georges Eco-Mining Corp. has announced that its recent surface exploration program at the Julie nickel-copper-cobalt-platinum group elements (PGE) project in Quebec has achieved positive results. The program has confirmed the presence of high-grade nickel in the historical main ore zone through grab samples, with the highest grade reaching 1.65% Ni. More importantly, the results have for the first time revealed the widespread occurrence of PGE mineralization in multiple areas, with the highest content of platinum and palladium reaching 0.172 grams per ton. In addition, a new mineralized zone, the "Vincent prospect", has been discovered 4 kilometers west of the main ore zone, which is characterized by a high iron grade of 67.8% Fe₃O₄ and is accompanied by PGE. These discoveries have expanded the potential of the project and provided new targets for future exploration.
Source: Shanghai Nonferrous Metals Network
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