1. Market Overview

The domestic anhydrous hydrogen fluoride (AHF) market showed signs of recovery this week, reversing the previous downward trend. Although prices declined by RMB 200–600/tonne last week, most producers maintained relatively stable offers, with adjustments mainly limited to RMB 200–300/tonne reductions or unchanged quotations.

On the raw material side, fluorspar prices remained within a narrow range, providing limited cost support. Meanwhile, the sulfuric acid market continued its upward trend, especially in southern China, where smooth shipments and lower inventories before and during the holiday period supported gradual price increases.

The combination of higher production costs, supply uncertainty, and renewed downstream inquiries improved market discussions. With no clear signs of major northern plants resuming operations in the short term, market participants remain cautious and closely monitor supply developments.

Currently, the reference delivered price of domestic anhydrous hydrogen fluoride stands at:

• East China: RMB 14,500–14,800/tonne
• Shandong: RMB 14,760–15,000/tonne

2. Raw Material Market Analysis

Fluorspar Market

The domestic 97% fluorspar concentrate market remained relatively stable this week as market participants adopted a wait-and-see approach.

During the hydrogen fluoride tender pricing cycle, AHF prices showed a downward adjustment of RMB 200–600/tonne, creating pressure on fluorspar market sentiment. However, regional supply and demand conditions varied.

In northern China, supply remains sufficient, while demand is supported by winter stockpiling. Meanwhile, transportation costs have increased due to fuel shortages in Mongolia.

In southern China, buyers remain cautious despite expectations of a recovery in sulfuric acid prices. Fluorspar suppliers are maintaining firm price expectations, while downstream buyers prefer to wait for clearer market signals.

Current spot delivery prices:

• Inner Mongolia: RMB 3,350–3,500/tonne
• Zhejiang: RMB 3,500–3,600/tonne
• Jiangxi & Fujian: RMB 3,700–3,850/tonne
• Shandong: RMB 3,550–3,650/tonne
• Northwest China: RMB 3,400–3,500/tonne
• Henan & Anhui: RMB 3,450–3,550/tonne

Mainstream domestic wet fluorspar powder prices are currently around RMB 3,300–3,850/tonne (delivered).

Sulfuric Acid Market

The domestic sulfuric acid market showed regional divergence this week.

Some areas experienced price rebounds after previous declines improved shipment activity. In addition, planned maintenance at acid plants in regions including Guangxi, Anhui, and Shandong raised expectations of tighter supply, supporting local price increases.

Prices in Zhejiang and Jiangxi increased by approximately RMB 100–200/tonne, while most other regions remained stable as suppliers focused on fulfilling existing orders.

However, downstream demand remains weak, with phosphate fertilizer and chemical companies mainly purchasing based on immediate needs.

Current market prices:

• Jiangxi 98% smelter acid (ex-factory): RMB 1,090–1,150/tonne
• Guangxi 98% smelter acid (delivered): RMB 1,300–1,550/tonne

3. Fluorinated Refrigerant Market

R22 Market

R22 manufacturers in East China maintained firm quotations during the period, while overall market activity remained weak.

Current market reference:

• Major manufacturers’ quotation: around RMB 24,000/tonne
• Mainstream market price: RMB 21,000–23,000/tonne
• Feedstock-grade R22 transaction price: around RMB 12,000/tonne

Demand for bulk shipments remained limited, while small-package inquiries increased. Inventory pressure caused some distributors to reduce prices to accelerate sales.

The R22 industry operating rate remained around 68%, with market attention focused on inventory digestion and downstream demand recovery.

R32 Market

R32 manufacturers continued maintaining firm quotations by controlling spot supply.

Current market reference:

• Major manufacturers’ quotation: around RMB 65,500/tonne
• East China mainstream market: RMB 63,500–64,500/tonne

Seasonal demand weakness has limited price increases, while suppliers continue balancing production and inventory control. Export demand remains an important factor during the quota fulfillment period.

The R32 industry operating rate remained around 48%.

4. Market Outlook

Small-volume spot orders have reached new highs for the year, improving market confidence. However, participants remain cautious, and actual transactions are still mainly concentrated on small quantities.

The market will continue monitoring:

• Restart schedules of major northern production facilities
• Downstream demand recovery
• Raw material cost trends

Longzhong Information expects the domestic anhydrous hydrogen fluoride market to fluctuate within a narrow range next week, supported by costs but limited by demand recovery.