[Refrigerant Weekly Review]: Fluorocarbon Refrigerant Market Consolidates Amid Rising Costs (Sep 25–30, 2026)

Market Logic:

1. During the week, major East China fluorocarbon refrigerant producers maintained firm domestic and export quotes, while channel markets adopted a cautious wait-and-see stance.
2. In September 2026, the production plan for household air conditioners was set at 9.75 million units, representing a year-on-year decline of 9.30% and a month-on-month decline of 9.13%. The domestic sales production plan was 5.39 million units (down 5.77% YoY and 8.18% MoM), while the export production plan was 4.36 million units (down 13.16% YoY and 10.29% MoM).
3. Market reports indicate that the Q3 2026 long-term contract prices for fluorocarbon refrigerants R32 and R410A are tentatively referenced at CNY 65,100/ton and CNY 60,000/ton, respectively (based on bank acceptance drafts).

Data Source: Chempricehub Information

During this period, major East China producers maintained firm quotes for both domestic and export sales of fluorocarbon refrigerant R22, with the overall market continuing its weakly stable trend. As of press time, quotes from mainstream East China producers were referenced at CNY 24,000/ton (unified domestic/export quote); mainstream East China market quotes ranged from CNY 21,000–23,000/ton, while the transaction center for R22 (feedstock grade) was referenced at CNY 12,000/ton. Demand for bulk liquid R22 (ODS) in the domestic trade remained poor, with channel inquiries primarily focused on small packaging; however, shipment volumes dropped significantly, and some channels reduced prices to clear inventory. Under pressure from social inventories, the industry operating rate for R22 (ODS + feedstock grade) remained stable at 69% (unchanged from the previous period). Regarding the terminal market, usage in South China declined substantially, while Northern China has entered the off-season with further shrinking demand. Bearish sentiment dominates among channels; despite holding high-cost inventory, traders maintain firm quotes while waiting for official pricing signals from major producers. In the short term, mainstream factory quotes remain firm, operating loads are low and trending downward, and the focus is on downstream digestion. Chempricehub expects mainstream East China fluorocarbon producer quotes to remain firm, with R22 (ODS) producer quotes referenced at CNY 24,000/ton.

During this period, mainstream producers of fluorocarbon refrigerant R32 maintained firm quotes, controlling volume to support prices. As of press time, quotes from major East China producers were referenced at CNY 65,500/ton (unified domestic/export quote); mainstream East China market quotes ranged from CNY 63,500–64,500/ton. Affected by seasonality, industry demand has softened, with original equipment manufacturers (OEMs) shipping according to orders. Negotiations for Q4 contracts have recently begun, with enterprises seeking higher prices. Additionally, production-side quota adjustments are primarily focused on reducing output to control the base of spot supply. Within the foreign trade "window," the supply side is actively exporting to ensure quota fulfillment rates. Statistics show that the industry operating rate for R32 remained stable at 44% (unchanged from the previous period); balancing limited demand space is currently considered a better strategy than high operating rates leading to inventory accumulation. Market reports indicate that supported by firm high-level official quotes for R32 and R125, the price range for blended refrigerant R410A remains firmly high, although channels are gradually selling off inventory at slightly lower prices. Chempricehub expects ex-factory quotes for R32 to be referenced at CNY 65,500/ton (unified domestic/export quote) and ex-factory quotes for R410A at CNY 59,500/ton.

During this period, mainstream East China producers maintained firm quotes for fluorocarbon refrigerant R134a. Market transactions warmed up as low-priced inventory was largely cleared. As of press time, quotes from mainstream East China fluorocarbon producers were referenced at CNY 65,000–68,000/ton (unified domestic/export), while mainstream East China market quotes ranged from CNY 63,500–65,000/ton (ex-factory, tax-inclusive). OEMs are producing according to contracted schedules. According to analysis by the China Association of Automobile Manufacturers, new energy vehicle sales accounted for 60.6% of total new car sales in August, solidifying their dominant position and setting a new monthly record for market share. As of press time, the industry operating rate for R134a remained stable at 41% (unchanged from the previous period), and the restart status of previously shut-down units in East China remains unclear. Chempricehub expects the short-term R134a market to maintain a standoff between supply and demand. With limited spot availability, prices are likely to remain flat at high levels, with ex-factory quotes referenced at CNY 65,000–68,000/ton.

Key Points to Watch Next Period:

1. High-level transaction execution for mainstream East China fluorocarbon refrigerant contracts.
2. Mainstream East China fluorocarbon producer plant loads expected to remain weakly stable.
3. Overall decline in anhydrous hydrofluoric acid quotes.
4. Increased terminal production plans for October.