Lead: Contract prices of anhydrous hydrogen fluoride (AHF) for the new month rose uniformly by RMB 300–350/ton, supported by the sharp upward surge in upstream fluorspar prices in the earlier period. Given a bearish long-term outlook, producers have generally taken on orders in excess of normal output, while increased production losses from maintenance turnarounds in the northern market have laid a foundation for further spot price gains ahead.
Earlier fluorspar surge underpins renewed AHF uptick
In the earlier period, the fluorspar market — supported by mine suspensions, stricter safety inspections, and an extended period of price bottoming — saw bullish sentiment among fluorspar sellers reignited by the RMB 300–350/ton rise in the AHF contract price benchmark, prompting holders to lift their offers. For the downstream side, however, although contract prices rose, the increase largely serves to offset the cost inversion caused by last month's sharp fluorspar rally. Downstream buyers therefore remain resistant to high-priced fluorspar. With continued inflows of imported material in the near term, the transaction price gains in the northern market were mostly concentrated within RMB 0–50/ton, reflecting a broadly rational tone. In the southern market, offers were mostly clustered at RMB 3,850–3,900/ton; despite some destocking activity, most participants remain bullish. The practice of southern downstream enterprises sourcing supplies from the north has further materialized, and supply–demand negotiation continues. Current regional spot delivered price references are 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, the mainstream delivered price of domestic fluorspar wet powder is referenced at RMB 3,300–3,800/ton.
Regional supply tightness persists; market caution deepens
On the cost side, although the sulfuric acid market has softened within a range recently, the fluorspar market remains vigorous with pronounced price-hiking sentiment among holders, further intensifying cost pressure. Confronted with rising costs amid sluggish demand growth, producers — despite existing supply gaps — remain weak in their willingness to raise output. With a bearish long-term view, most producers have also taken on more orders than their normal capacity would allow. Recently, some spot inquiries have emerged in the market, and offer prices have tended higher. On the demand side, mainstream downstream refrigerants have seen essential consumption weaken, as unseasonably early cold weather and frequent rainy spells have dampened end-use demand. Terminal inventories remain high, and production schedules continue to be scaled back. Meanwhile, the lithium hexafluorophosphate (LiPF₆) market is broadly trending upward, with demand following up in an orderly manner. Overall, however, aggregate demand remains soft with limited absorptive capacity.
Steady demand as essential procurement winds down
At present, overall essential demand for anhydrous hydrogen fluoride remains steady, with the phased procurement driven by earlier concentrated restocking and production gradually drawing to a close. Downstream buying patterns are shifting from bulk stockpiling toward just-in-time purchasing. In the refrigerant segment, operating rates rebounded after earlier turnarounds were completed, driving a wave of bulk purchases; now that phase-based production tasks have been fulfilled, incremental procurement has weakened and reverts to steady offtake under long-term agreements. Constrained by quota allocations, the overall room for upward movement is limited. Fresh spot inquiries have cooled, and large-scale bulk buying is no longer occurring; as market sentiment turns cooler, essential consumption is likewise nearing its tail end. LiPF₆ prices are holding firm with a slight upward bias, trading within a range of RMB 114,500–115,000/ton. In the past week, upstream lithium carbonate prices continued their volatile, consolidating trend, with limited cost-side impact on the market. On the supply side, plant operations are normal and supply-side pressure remains manageable. On the demand side, given the traditional demand peak season, downstream demand has been performing reasonably well, providing a supportive demand-side backdrop. Buyer–seller tussling persisted through the week; new-month orders have been settled in succession, with the overall market transaction focus continuing to edge upward.
Comments
0