Cost easing continues to exert downward pressure, while weakening demand deepens bearish sentiment (Sept 15, 2026)

1. Daily Summary

① Today, the domestic fluorspar market showed strong upward momentum. The mainstream reference price for 97% wet fluorspar powder in the domestic market was 3,300–3,850 CNY/ton.

② The mainstream contract price for anhydrous hydrofluoric acid (AHF) downstream for September is tentatively referenced at 15,050–15,200 CNY/ton, while the spot market price is referenced at 15,500–16,000 CNY/ton.

2. Spot Market Overview

Table 1: Summary of Domestic Fluorspar Prices (Unit: CNY/ton)

Data Source: Chempricehub Information

Today, the domestic market for 97% fluorspar concentrate remained firm at high levels. Currently, trading activity in the fluorspar market is sluggish, with strong wait-and-see sentiment among participants. Some suppliers completed their inventory transactions early in the month, releasing all available goods to the market. Their primary concern is the anticipated significant drop in demand later in the year. Conversely, some participants remain bullish on future prospects. This optimism is supported by two factors: first, the rising transaction center for spot hydrofluoric acid; and second, the expectation that downstream factories will resume operations, leading to an increase in procurement volumes compared to previous periods. Current delivered spot prices across various domestic regions are as follows: Inner Mongolia 3,300–3,400 CNY/ton; Zhejiang 3,500–3,600 CNY/ton; Jiangxi and Fujian 3,700–3,800 CNY/ton; Shandong 3,500–3,600 CNY/ton; Northwest region 3,250–3,350 CNY/ton; Henan and Anhui 3,250–3,350 CNY/ton. As of press time, the mainstream delivered price for domestic 97% wet fluorspar powder is referenced at 3,300–3,800 CNY/ton.

3. Production Dynamics

The monthly capacity utilization rate for anhydrous hydrofluoric acid in August was 56%.

4. Price Forecast

The fluorspar market shows strong upward momentum, but future upside potential is limited. The anhydrous hydrofluoric acid market is strongly supported by costs.

5. Related Products

Anhydrous Hydrofluoric Acid Market: Today, the domestic AHF market exhibited strong wait-and-see sentiment. The earlier rise in spot price ranges has been offset by a significant weakening in future demand, deepening the cautious atmosphere within the market. On the raw material side, sulfuric acid prices have continued to decline within a range, while fluorspar remains firm at high levels. Overall, profit margins are expanding, yet AHF producers have long been operating with negative gross margins (cost-price inversion), resulting in generally weak market participation. As of press time, the mainstream delivered price for domestic AHF in September is referenced at 15,050–15,200 CNY/ton, with the spot market referencing 15,500–16,000 CNY/ton.

Sulfuric Acid: Today, the Chempricehub index for 98% sulfuric acid stood at 1,400 CNY/ton, unchanged from yesterday, consistent with morning expectations. The domestic sulfuric acid market maintained stable operation. The Inner Mongolia market continued its weakness with sluggish trading activity. In Western Inner Mongolia, major ore-acid enterprises that underwent maintenance earlier have gradually resumed production, increasing regional supply. However, procurement from downstream phosphate fertilizer and chemical industries remains weak, exacerbating the supply-demand imbalance. In Eastern Inner Mongolia, although some major acid producers are still under maintenance, newly commissioned capacity partially offsets these losses, keeping overall supply loose. The start of autumn base fertilizer preparation in the downstream fertilizer industry is severely delayed, with traders and end-users adopting a wait-and-see approach and extending procurement cycles. The loose supply pattern is unlikely to change in the short term, and there are no signs of recovery in downstream demand. The Jiangsu market is weighed down by persistent weakness in surrounding markets, resulting in overall soft performance. Sulfur-based acid plants dominate the province, facing high sulfur raw material costs and significant production cost pressures, which provide some support to prices. Low-priced goods from neighboring regions continue to flow in, impacting the local market. Market sentiment is cautious; downstream titanium dioxide and chemical industries maintain rigid demand purchases, but given the downward trend in external markets, actual contracts often involve negotiation room, with some orders receiving discounts. It is expected that the domestic sulfuric acid market will continue to trend weakly, with price centers in some regions potentially shifting lower.

Refrigerants: Based on the bulk liquid market in East China, mainstream factory prices for R32 refrigerant are consolidating at high levels, with output controlled to stabilize prices. As of press time, quotes from major East China manufacturers reference 65,500 CNY/ton (combined domestic and export quotes); mainstream market quotes in East China reference 63,500–64,500 CNY/ton, consistent with morning expectations. Market intelligence indicates that inquiries for bulk liquid in channel markets have been passively sustained for a long time. With fixed supply guarantees for original equipment manufacturers (OEMs) and slow shipment frequencies for small-packaging products, source factories are strictly controlling increases in spot inventory. Statistics show that the industry-wide operating load for R32 refrigerant remains near 40–50%. Recently, factory scheduling and consumption forces have further contracted. Under the high-level sideways movement of R32 prices, channel holders are seeking opportunities to offload inventory, showing little willingness to purchase high-cost inventory, and are waiting for clear pricing signals from major manufacturers. Chempricehub predicts that R32 refrigerant will primarily focus on volume control and price stabilization in the short term, with commercial negotiations determining contract prices, while monitoring industry unit dynamics and production schedules.