Atmosphere Eases, Wait-and-See Sentiment Intensifies (Nov. 6–12, 2026)

1. Key Market Focus This Week

1. November Long-term Contract Pricing for Downstream Refrigerant Industry: Sinochem Taicang at RMB 15,500–15,600/ton; Shangyu at RMB 15,600/ton; Juhua at RMB 15,600–15,650/ton; Meilan at RMB 15,300/ton; Dongyue at RMB 15,516/ton.

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

3. Fluorinated refrigerants maintain firm offers with transaction negotiations ongoing.

2. Weekly Market Analysis

Data Source: Chempricehub

Weekly Price Table for Domestic Anhydrous Hydrofluoric Acid Market

The sentiment in the domestic anhydrous hydrofluoric acid (AHF) market cooled down this week. Amidst various market factors, AHF performance remained calm overall. From the raw material perspective, the sulfuric acid market continued to soften, creating room for profit margins. Meanwhile, the fluorite market showed mixed trends with prices fluctuating up and down; southern markets saw price increases due to tight supply, though overall volatility was limited. Supply-side changes were the biggest variable this week. Major northern producers announced resumption of operations, leading to an expected significant short-term increase in supply. Other producers may reduce output in the future. On the demand side, although currently stable, mainstream downstream refrigerant quotas have nearly hit their lower limits, export markets remain constrained, and end-user demand for lithium hexafluorophosphate is below expectations, resulting in an overall weakening trend. As of press time, the mainstream delivered price for AHF in East China for November is referenced at RMB 15,300–15,650/ton, while in Shandong it is RMB 15,500–15,600/ton.

3. Raw Material Market Analysis:

Fluorite Weekly Market Analysis:

This week, the domestic 97% fluorite concentrate market showed mixed price movements with strong wait-and-see sentiment. Regional differences were clear: in northern markets, trading centers shifted downward due to external supply sources and long-term bearish views among traders. In southern markets, persistent tight supply and limited external replenishment drove trading centers higher. The north-south price gap remains, with southern prices higher than northern ones, and the trend shows rising prices in the south and falling prices in the north. From the downstream perspective, major northern plants have resumed production. Coupled with refrigerant quotas hitting their lower limits, future fluorite consumption is expected to contract. Inventory levels vary among downstream enterprises; northern factories generally hold safe inventory levels, while southern downstream factories, having faced high prices for a prolonged period, mostly follow market trends and will be more passive in the future. Current spot delivered prices across domestic regions are referenced as follows: Inner Mongolia at RMB 3,300–3,400/ton; Zhejiang at RMB 3,600–3,700/ton; Jiangxi and Fujian at RMB 3,700–3,800/ton; Shandong at RMB 3,450–3,550/ton; Northwest China at RMB 3,400–3,450/ton; Henan and Anhui at RMB 3,450–3,500/ton. As of press time, the mainstream delivered price for domestic wet fluorite powder is referenced at RMB 3,300–3,800/ton.

Sulfuric Acid:

The average domestic sulfuric acid price this period was RMB 1,318/ton. Markets declined in multiple regions, with the overall trend remaining weak. Regarding demand, low operating rates in the phosphate fertilizer industry failed to provide effective support. Demand from downstream chemical sectors was flat, with cautious purchasing rhythms further suppressing market activity. On the supply side, availability was relatively loose, highlighting pressure on producers to offload inventory. Cost-wise, raw material sulfur prices fluctuated within a narrow range, providing weak cost support. Declines this week primarily occurred in Hubei, Hunan, Jiangxi, Shandong, Yunnan, Guangxi, and East China sulfur-based acid markets, with reductions mostly ranging from RMB 100–140/ton. In the short term, the domestic sulfuric acid market is expected to continue its weak downward trend as the loose supply-demand balance persists, leaving room for transaction prices to shift lower. Currently, the delivered price for 98% smelter-grade acid in Hubei ranges around RMB 1,230–1,400/ton, down 1.60%/6.67% week-on-week; in Yunnan, it ranges around RMB 1,230–1,290/ton, down 5.38%/5.15% week-on-week.

R22:

This period, major East China producers maintained firm offers for both domestic and export R22 refrigerants, but the central market price continued to slide. As of press time, offers from mainstream East China large-scale producers are referenced at RMB 20,000–24,000/ton (coordinated domestic/export offers); mainstream East China market offers are around RMB 17,000/ton. The transaction center for feedstock-grade R22 is referenced at RMB 13,000–14,000/ton. For the domestic ODS (Ozone Depleting Substances) R22 market, bulk liquid demand continues to shrink. Social channel inventories remain high, costs are elevated, and rigid demand has dropped significantly. Some channel holders are selling under pressure with gradual price declines. Under inventory pressure, the industry operating rate for R22 (ODS + feedstock grade) stabilized at 66% (down 1 percentage point week-on-week), with weekly output at 15,200 tons, a decrease of 300 tons week-on-week. Feedstock-grade R22 prices remained relatively firm supported by rising AHF costs, and the transaction center for export offers rose slightly during the window period. Looking at terminal markets, both northern and southern regions have entered the off-season, causing a substantial shrinkage in demand. Channel sentiment is predominantly bearish, with holders adjusting offers to actively sell while waiting for official updates from major producers. In the short term, mainstream factory offers remain firm, operating loads are starting low and trending downward, and the market awaits downstream digestion.

R32:

This period, mainstream R32 refrigerant producers maintained firm offers, controlling volumes to support prices. As of press time, offers from mainstream East China large-scale producers are referenced at RMB 65,500/ton (coordinated domestic/export offers); mainstream East China market offers are around RMB 63,500–64,500/ton. Affected by quarter-on-quarter increases and year-on-year decreases in terminal production scheduling, along with softening industry demand, long-term contract pricing for R32 edged up slightly. The spot market has remained firmly sideways for a long time, while channel markets saw gradual price declines as participants sought to secure profits. Regarding exports, monthly R32 exports totaled 4,354.17 tons, up 70.10% month-on-month but down 34.29% year-on-year, with cumulative year-on-year exports down 53.13%. The export trend exhibits "volume contraction and price increase," reflecting a globally tight supply pattern under quota constraints. Logistics channels partially cleared from late Q2 to Q3 2026, allowing backlogged orders to be fulfilled concentratedly in August and September. Short-term recovery in shipping pace and phased restocking represent a pulse-like rebound, while weaker cumulative year-on-year figures result from structural demand contraction. Statistically, the R32 industry operating rate stabilized at 42% (down 6 percentage points week-on-week), with weekly output at 3,500 tons, a decrease of 600 tons week-on-week. Balancing limited demand space is considered a better strategy than maintaining high operating rates that lead to inventory accumulation. Market intelligence indicates that the price center for blended refrigerant R410A has slid substantially due to weak demand, with the weekly average price at RMB 59,500/ton amid gradual channel price declines. Chempricehub forecasts R32 ex-factory offers at RMB 65,500/ton (coordinated domestic/export) and R410A ex-factory offers at RMB 59,500/ton.

5. Next Week's Market Forecast

Based on the above analysis, current market sentiment has cooled. While the resumption of operations by major northern producers is confirmed, short-term operating loads remain uncertain pending further guidance. Chempricehub anticipates that the domestic anhydrous hydrofluoric acid market will oscillate within a range next week.