March Q production and revenue report, page-3

RIO have declared Force Majeure on their TiO2 shipments from South Africa due to local unrest and limited access for employees to the mine . This could give ILU a boost with its rutile pricing in H2 if it continues.

Strangely there is no mention of Force Majeure on zircon shipments, but presumably the unrest would impact zircon equally. This could also impact zircon prices in Q3 if the unrest continues, but unfortunately ILU won't benefit due to the fact they fixed prices for 6 months. Nevertheless, it's likely zircon prices will not just hold for the rest of the year, but continue to rise.