This week, domestic fluorite prices remained generally stable. By the end of the week, the average domestic fluorite price was 3,406.25 yuan per ton, unchanged from the beginning of the week but down 5.48% year-on-year.

Supply Side: Fluorite Spot Supply Normal, Inventory Remains High
The current competitive landscape in the domestic fluorite industry persists. Overall, there has been little change in the operating rates of enterprises. Upstream mining operations remain constrained, with outdated mines continuing to be phased out. In terms of new mines, mineral exploration efforts still face significant challenges. Additionally, national authorities are implementing rectifications in fluorite mining, subjecting fluorite mining enterprises to increasingly stringent safety and environmental requirements, thereby increasing the difficulty of mine operations. However, spot supply of fluorite remains normal, and social inventories continue to operate at high levels with no significant signs of reduction. The supply side maintains a stable production pace, and with production activities slowing down toward the end of the year, the scale of periodic restocking has contracted. Recently, downstream procurement has been sluggish, fluorite shipments have been moderate, and the overall market trend has remained stable.

Demand Side: Hydrofluoric Acid Prices Stable, Refrigerant Market Moderate
This week, domestic hydrofluoric acid prices remained temporarily stable, with mainstream negotiated prices across regions ranging from 12,000 to 12,500 yuan per ton. Some downstream hydrofluoric acid facilities remain idle, and spot supply of hydrofluoric acid has seen little change. Manufacturers are primarily procuring hydrofluoric acid based on demand, with overall operating rates maintained at just over 50%. Hydrofluoric acid enterprises are sustaining losses, and recent procurement by hydrofluoric acid traders has been subdued. The fluorite market is caught in a fierce tug-of-war between supply and demand, leading to a "price without market" stalemate. Despite being in the traditional stocking season for downstream industries such as refrigerants, the lack of robust demand support has suppressed procurement interest, thereby affecting the digestion pace of upstream raw materials. As a result, fluorite prices have remained largely unchanged.

The terminal refrigerant market has generally stabilized. With policy-driven efforts in the refrigerant industry, demand is expected to achieve substantial improvement. Within the quota control framework, fluorochemical enterprises maintain strong confidence in supporting refrigerant prices. However, current high prices have slowed procurement, with downstream channels focusing on essential restocking. Industry inventories have fallen to near two-year lows. On the supply side, constrained by the quota system and the highly concentrated market structure, market confidence remains firm. Nevertheless, a cautious approach persists toward upstream procurement, contributing to the overall stability of fluorite prices.

Beyond traditional demand from the refrigerant industry, fluorite, as a critical mineral raw material in modern industry, is seeing growing demand in emerging sectors. It is also applied in strategic emerging industries such as new energy and new materials, as well as in defense and nuclear industries, including lithium hexafluorophosphate, PVDF, graphite anodes, and photovoltaic panels. Driven by demand from new energy and semiconductor sectors, fluorite applications have gained some support.

Market Outlook:
In the near term, domestic fluorite ore supply is unlikely to improve significantly, with some mines suspending operations for safety inspections. Tight fluorite ore supply serves as a favorable support for the fluorite market. However, high spot inventories of fluorite and the cautious procurement approach of downstream hydrofluoric acid enterprises, coupled with the absence of substantial demand recovery, have led to intense competition between supply and demand. Overall, fluorite prices are expected to fluctuate within a narrow range in the short term.