Lead-in: From January to April 2026, the domestic and export prices of all fluorinated refrigerants from major manufacturers in Zhejiang have risen across the board. The traditional peak season effect for fluorinated refrigerants in the first quarter has been fully realized, marking the industry's entry into a strong upward cycle.

Table: Comparison of Quotations for Mainstream Fluorinated Refrigerants from Major Zhejiang Manufacturers (RMB/ton)

| Product | Market | VS Increase | VS Increase Range | N Increase Range | 2026/4/2 | 2026/3/16 | 2026/2/28 | 2026/1/19 | 2026/1/15 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| R22 | Domestic | 13% | +2500 ↑ | +1500 ↑ | 17500 | +500 ↑ | / | / | 15500 |
| | Export | 3% | +500 ↑ | / | 16000 | | | | |
| R32 | Domestic | 6% | +3500 ↑ | +2000 ↑ | 65500 | +1000 ↑ | +500 ↑ | / | 62000 |
| | Export | | | | | | | | |
| R134a | Domestic | 11% | +6000 ↑ | +3000 ↑ | 62000 | +1000 ↑ | +1000 ↑ | +1000 ↑ | 56000 |
| | Export | | | | | | | | |
| R125 | Domestic | 18% | +9000 ↑ | +3000 ↑ | 60000 | +1000 ↑ | +1000 ↑ | +4000 ↑ | 51000 |
| | Export | | | | | | | | |
| R143a | Domestic | 7% | +3000 ↑ | +2000 ↑ | 49000 | +1000 ↑ | / | / | 46000 |
| | Export | 16% | +3000 ↑ | 22000 | 19000 | | | | |
| R410A | Domestic | 8% | +4500 ↑ | +2000 ↑ | 59500 | +1000 ↑ | +500 ↑ | +1000 ↑ | 55000 |
| | Export | | | | | | | | |
| R404A | Domestic | 14% | +6500 ↑ | +2000 ↑ | 52500 | +1000 ↑ | +500 ↑ | +3000 ↑ | 46000 |
| | Export | 10% | +3500 ↑ | 38500 | / | 35000 | | | |
| R507A | Domestic | 14% | +6500 ↑ | +2000 ↑ | 52500 | +1000 ↑ | +500 ↑ | / | 46000 |
| | Export | 10% | +3500 ↑ | 38500 | / | 35000 | | | |

Note: "VS" compares the latest price adjustment date with January 19, 2026; "N" compares the latest price adjustment date with the previous adjustment date.
Data Source: chempricehub

As of April 2, 2026, the domestic and export prices of all products have achieved positive growth compared to the beginning of 2026 (January 15), with cumulative increases for some products exceeding 30%. Price adjustments were concentrated in January, February, and March. The April 2nd quotations represent the latest round of increases, with most products having undergone three or more price hikes.

High Increases Driven by Strong Demand (Cumulative Increase >14%)
From the domestic market perspective, R125 (+18%), R22 (+13%), and R404A/R507A (+14%) stand out. R125, as a core raw material for third-generation refrigerants, coupled with robust demand from downstream air conditioning and heat pump applications, has seen a continuously widening supply-demand gap, making it the leading product in this price surge. It has undergone three rounds of price increases, cumulatively rising by 9,000 RMB/ton, ranking first in terms of increase. R22, affected by quota controls and capacity contraction, faces strong rigid constraints on the supply side. It achieved a 13% increase with only two rounds of price adjustments, demonstrating extremely high price elasticity. R404A/R507A, as mainstream products for cold chain and commercial air conditioning, have seen their product value-added increase layer by layer as raw material costs rise. The recovery in overseas demand has driven growth in export orders, leading to simultaneous price increases in both domestic and export markets, with cumulative increases exceeding 14% and 10% respectively.

Steady Increases Supported by Rigid Demand (Cumulative Increase 5%-12%)
From the domestic market perspective, this category includes R134a (+11%), R410A (+8%), R32 (+6%), and R143a (+7%). R134a and R410A are mainstay products for automotive air conditioning and household air conditioning (gradually shifting to aftermarket), characterized by strong rigid demand. They have seen steady upward movement through four rounds of price adjustments, with cumulative increases exceeding 11% and 8%, showing stable price trends. R32, as an environmentally friendly alternative, is supported by rising costs of upstream AHF and DCM raw materials. It has undergone three rounds of price adjustments, cumulatively increasing by 3,500 RMB/ton, representing a moderate increase. R143a is supported by downstream supporting demand, with two rounds of price adjustments leading to a 3,000 RMB/ton increase, also relatively moderate.

Domestic vs. Export Markets: Price Differences and Market Divergence
The domestic prices for all products are significantly higher than export prices. The domestic market is the core driver of the price increases, with export prices following the domestic market upward. However, both the magnitude of increase and the absolute price levels are lower in the export market, reflecting a more prominent supply-demand contradiction and stronger demand in the domestic market.

• Domestic Market: All products show positive cumulative growth compared to the beginning of the year (Jan 15). The highest cumulative increase is 9,000 RMB/ton (R125 domestic), and the lowest is 2,500 RMB/ton (R22 domestic).
• Export Market: Prices have followed suit, with all products achieving positive growth compared to the beginning of the year. Cumulative increases range from 500 to 9,000 RMB/ton, driven by the recovery in overseas demand.

Market Outlook
Four rounds of price adjustments have been implemented intensively (Jan 19, Feb 28, Mar 16, Apr 2), with April 2nd being the latest round. Most products have completed three rounds of price increases, and market sentiment is strongly bullish. Supported by high raw material costs, quota controls, and the continuation of the peak demand season, fluorinated refrigerant prices are highly likely to remain high with fluctuations and still have room for slight upward adjustments, especially for tightly balanced products like R32 and R134a. It is necessary to monitor three core variables: the recovery of overseas demand, fluctuations in raw material prices, and the implementation of quotas. If overseas demand continues to recover, export prices are expected to follow suit further, narrowing the price gap between domestic and export markets. If raw material prices fall, the momentum for price increases may weaken marginally.