Iluka also indicated that zircon demand softened in Q4 2011 and Q1 2012 due to both the global economic situation and destocking by zircon consumers, particularly ceramic manufacturers.
The prohibitive cost of zircon in China has also led to new opacifier and pigment formulations, which use at least 50% less zircon-based raw materials than before. While mullite (calcined kaolin clay) and olivine can be used as substitutes for zircon in the foundry industry, substitution in the ceramics industry is more difficult.
Rio Tinto auctioned around 15,000 tonnes premium-grade zircon starting at around $2,000/tonne at the end of August, while Iluka Resources auctioned 5,000 tonnes high-grade zircon starting at $2,150/tonne the day before Rio's move, IM was told at the time by market sources.
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