Spot Prices Post Considerable Gains; Market Players Remain Cautious and Wait-and-See (2026-09-11)

1. Today's Summary

① Today, the domestic fluorspar market showed strong upward momentum; the mainstream price of 97% fluorspar wet powder in the domestic market was referenced at CNY 3,300–3,800/t.

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

2. Spot Market Overview

Table 1 Domestic Fluorspar Price Summary (Unit: CNY/t)

Data source: Chempricehub.

Today, the domestic 97% fluorspar fine powder market remained firm at high levels. Wait-and-see sentiment in the fluorspar market was strong, and most participants focused on order delivery. Given the current high price levels, resistance to high prices, the absence of winter stocking, and long-term bearish demand, market participants held mixed views. Some followed the market, buying and selling as needed, while others engaged in stockpiling and took a stable long-term view. Downstream buying sentiment was poor, and the supply-demand tug-of-war continued. Current spot delivered prices in domestic regional markets were referenced as follows: Inner Mongolia at CNY 3,300–3,400/t; Zhejiang at CNY 3,500–3,600/t; Jiangxi and Fujian at CNY 3,700–3,800/t; Shandong at CNY 3,500–3,600/t; Northwest China at CNY 3,250–3,350/t; and Henan and Anhui at CNY 3,250–3,350/t. As of press time, the mainstream delivered price of domestic fluorspar wet powder was referenced at CNY 3,300–3,800/t.

3. Production Dynamics

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

4. Price Forecast

There is strong upward momentum in the fluorspar market, but further upside is limited. The anhydrous hydrofluoric acid market is strongly supported by costs.

5. Related Products

Anhydrous hydrofluoric acid market: Today, the domestic anhydrous hydrofluoric acid market rose within a range. Current spot market transaction prices increased within a range, with considerable gains, but regional divergence in the upward trend was pronounced. Bargaining sentiment in the North China market was evident, with high prices guiding market sentiment, yet participants remained relatively rational. In addition, sulfuric acid prices continued to fall, continuously widening hydrofluoric acid profit margins, and participants maintained a cautious wait-and-see stance. As of press time, the September mainstream delivered price in the domestic anhydrous hydrofluoric acid market was referenced at CNY 15,050–15,200/t, while the spot market was referenced at CNY 15,500–16,000/t.

Sulfuric acid: Today, the Chempricehub price index for 98% sulfuric acid was CNY 1,420/t, down CNY 120/t from yesterday, in line with morning expectations. Domestic demand remained weak. The Henan market ran weakly, and surrounding sulfuric acid markets continued to decline, with bearish sentiment spilling over into the province. Demand from downstream phosphate fertilizer and chemical industries underperformed expectations. Procurement was mainly on a need-to-buy basis, with weak restocking appetite. The overall trading atmosphere was relatively quiet, and actual transactions mostly had room for negotiation. Tender prices from small acid plants in Sanmenxia continued to fall this week. In the short term, downstream demand is unlikely to improve significantly. The Henan sulfuric acid market is expected to remain weak, with continued downward pressure on prices. Close attention should be paid to tender results from medium-sized acid plants in Sanmenxia and changes in downstream operating rates. Hebei overall showed a weak supply-demand balance, with a quiet trading atmosphere. Sulfuric acid operating load in the region remained relatively stable, with no obvious short-term shipment pressure. Downstream enterprises still mainly purchased on a need basis, and resistance to high-priced sulfuric acid had not eased. Low-priced cargoes from surrounding markets exerted some impact on the local market, and some downstream customers turned to surrounding areas for procurement, creating diversion pressure for shipments from Hebei acid producers. Currently, the Hebei market is in a weak supply-demand balance; enterprises have low willingness to adjust prices, wait-and-see sentiment dominates short-term trends, and the weak market pattern is unlikely to change. The domestic sulfuric acid market is expected to remain stable-to-weak in the short term.

Refrigerants: Based on the bulk market in East China, offers from mainstream major fluorinated refrigerant R125 producers in East China were firm, basically in line with morning market expectations. As of press time, mainstream major producers in East China quoted around CNY 60,000/t (coordinated domestic and export trade), while mainstream offers in the East China market were referenced at CNY 54,000–57,000/t (ex-works, tax included), basically in line with morning market expectations. As of press time, the operating load of the entire fluorinated refrigerant R125 industry was around 30%. The restart of a plant in East China within the month was undecided. The industry mainly reduced load and operated at low rates, and R125 sales were mainly in blended and repackaged commercial volumes. Offers for fluorinated refrigerants R410A and R507A in the East China market were firm, and the mainstream transaction price center was relatively stagnant. Bulk shipments were limited, while small-packaged products were actively shipped using a bundling strategy. Chempricehub expects that in the short term the R125 market will maintain a wait-and-see tug-of-war between supply and demand, offers will remain firm, and subsequent prices will most likely consolidate weakly and steadily.