Market Absorbs Gains; Overall Supply Remains Tight (Aug 28–Sep 3, 2026)

1. Market Focus for the Week

1. September long-term contract pricing for downstream refrigerants: Sinochem Taicang RMB 15,200/ton, Shangyu RMB 15,100/ton; Juhua RMB 15,000-15,050/ton; Meilan RMB 15,050/ton; Dongyue RMB 15,120/ton.

2. The industry's overall capacity utilization and output are assessed to remain stable this week.

3. Fluorinated refrigerants kept firm offers, with transactions concluded through negotiation.

2. Market Analysis of the Week

Domestic anhydrous hydrogen fluoride market weekly price table

This week, the domestic anhydrous hydrogen fluoride market digested the previous gains and remained generally tight overall. On the cost side, although the sulfuric acid market has loosened somewhat recently, the fluorspar market atmosphere was strong, with holders leaning significantly toward price hikes, adding further cost pressure. Despite the supply gap, producers stayed relatively inactive in terms of production due to rising costs and weak follow-through demand. Moreover, given bearish longer-term expectations, most producers took orders beyond normal capacity. With some spot inquiries entering the market recently, offer prices have mostly moved higher. On the demand side, major downstream refrigerants saw earlier-than-usual cold weather and extended rainy seasons due to climate factors, weakening rigid demand consumption. Terminal inventories remained high while production schedules continued to be scaled back. The lithium hexafluorophosphate market performed relatively well, with demand following up in an orderly manner, but overall demand remained weak and absorption capacity was limited. As of press time, the mainstream delivered price in the East China market for September domestic anhydrous hydrogen fluoride is referenced at RMB 15,050-15,200/ton.

3. Raw Material Market Analysis

Fluorspar Weekly Market Analysis

This week, the domestic 97% fluorspar powder market was active, with upward pushing sentiment persisting. The rise of RMB 300-350/ton in the anhydrous hydrogen fluoride pricing center again stimulated fluorspar participants' price-supporting sentiment, and holders raised offers. For downstream demand, however, the price increase was mainly offsetting the production-cost inversion caused by last month's sharp fluorspar surge. Downstream buyers were therefore resistant to high-priced fluorspar. In addition, with continued inflows of foreign-origin supply, the trading price center in northern markets rose mostly by RMB 0-50/ton, remaining generally rational. In the southern market, offers were concentrated at RMB 3,850-3,900/ton; although some destocking sales were seen, most participants remained bullish. Downstream buyers' practice of transferring goods from the north to the south further materialized, and supply and demand continued to contend. Current spot delivered prices across domestic markets are referenced as follows: Inner Mongolia RMB 3,300-3,400/ton; Zhejiang RMB 3,500-3,600/ton; Jiangxi and Fujian RMB 3,700-3,800/ton; Shandong RMB 3,500-3,600/ton; Northwest China RMB 3,200-3,350/ton; Henan and Anhui RMB 3,250-3,350/ton. As of press time, mainstream delivered prices for domestic fluorspar wet powder are referenced at RMB 3,300-3,800/ton.

Sulfuric Acid

During this period, the average domestic sulfuric acid market price was RMB 1,600/ton. The domestic sulfuric acid market continued its divergent trend this week. Overall downstream demand remained weak, with limited offtake from phosphate fertilizer and chemical industries. Most downstream buyers only purchased on a rigid-demand basis, and wait-and-see sentiment with price pressure was widespread, keeping market trading sentiment subdued. Under the supply-demand game, sulfuric acid prices in multiple regions trended downward. Quotations in Anhui, Jiangxi, Hunan, Zhejiang and other areas fell one after another, with declines mostly concentrated around RMB 50/ton. In Yunnan, local acid prices had earlier fallen to relatively low levels, and producer inventories were consumed; this week, major regional acid producers smoothly implemented catch-up increases. Overall, the domestic sulfuric acid market is expected to maintain its divergent trend in the short term, with some regions still seeing room for further declines. As of now, Hubei's delivered price for 98% smelting acid is around RMB 1,400-1,600/ton, down 6.67%/3.03% from last week; Yunnan's delivered price for 98% smelting acid is RMB 1,410-1,470/ton, up 0.71%/1.38% from last week.

R22

During this period, major East China producers of fluorinated refrigerant R22 maintained firm offers for both domestic and export markets, and the market overall remained at a high level in a sideways pattern. As of press time, the reference offer from major East China producers was RMB 24,000/ton (coordinated domestic and export offers); the mainstream offer in the East China market was RMB 23,000-24,000/ton. The mainstream transaction center for feedstock-grade fluorinated refrigerant R22 was referenced at RMB 12,000-13,000/ton. As of press time, demand for bulk R22 (ODS) in the domestic market was poor, with channel transactions mainly in small packages. To avoid inventory buildup, the industry operating rate for R22 (ODS + feedstock grade) weakened slightly from the previous period, currently stabilizing at 71% (down 2 percentage points from the prior period). Affected by highly seasonal downstream feedback, procurement demand in South China and East China shrank substantially. Panic sentiment dominated channels, and market participants continued to wait for the official offers from major producers to materialize. In the short term, mainstream producers' offers remain firm, with operating rates starting low and continuing lower, and the market mainly awaits downstream digestion. Chempricehub expects East China mainstream fluorinated refrigerant producer offers to remain firm, with the R22 (ODS) mainstream producer offer referenced at RMB 24,000/ton.

R32

During this period, mainstream R32 producers maintained firm offers, controlling output to support prices. As of press time, the reference offer from major East China producers was RMB 65,500/ton (coordinated domestic and export offers); the mainstream offer in the East China market was RMB 63,500-64,500/ton. Affected by seasonal factors, industry demand turned weaker, and production was scaled back to control the volume of spot supply. During the export “window period,” the supply side actively exported volumes to secure quota completion. According to statistics, the R32 industry operating rate rose by 3 percentage points week-on-week to 45%. At present, matching the limited demand space is clearly a better choice than starting at high rates and accumulating inventory. According to market information, supported by firm official offers for R32 and R125, the price range for blended refrigerant R410A remained high and firm. Recently, small-package R410A shipments have been relatively active, which has to some extent stimulated a rebound in channel supply prices. Chempricehub expects the R32 ex-works offer reference to be RMB 65,500/ton (coordinated domestic and export offers), and the R410A ex-works offer reference to be RMB 59,500/ton.

5. Market Forecast for Next Week

Based on the above analysis, there are currently many uncertainties in the market, including raw material price-hike calls, a tight supply-demand balance, and follow-up spot orders, leading to mixed market sentiment. Chempricehub expects the domestic anhydrous hydrogen fluoride market to fluctuate within a range next week.