One positive we do see is recent data from producers like Tronox Ltd. (TROXW:OTCMKTS), a vertically integrated feedstock pigment producer, which show that pigment-plant utilization rates are all on the rise, sales volumes are increasing and prices are stabilizing. But I don't think we'll see a price recovery until 2015. If you want to play the near-term U.S. recovery, you want to invest in the higher-grade TiO2 feedstocks�rutile and chloride. Rio Tinto Plc (RIO:NYSE; RIO:ASX; RIO:LSE; RTPPF:OTCPK) dominates, with ~80% of chloride feedstock market, but offers investors little pure-play exposure with only ~4% of EBITDA generated by its TiO2 business, hence our preference for mid-cap mineral sand producers.