Within the chemicals sector, TiO2 producers appear best positioned with the clearest signals of supply rationalization I can find within the sector. This is in part facilitated by closures of western producers, and in part facilitated by duties developed nations are placing on Chinese producers for dumping on the market.
It's this second aspect, a direct attack on the Chinese oversupply story, that makes me comfortable with TiO2 producers compared to, e.g. acetyls producers such as CE. Supply rationalization in other subsectors is occurring but to a lesser extent, because it's only western producers (not Chinese) shutting in capacity.
Hence why I'm bullish $TROX