The ongoing tug-of-war between supply and demand awaits further market guidance.

1. Daily Summary

① Today, the domestic fluorspar market remains heavily in wait-and-see mode with limited upside potential. The mainstream price for 97% wet fluorspar powder in the domestic market is referenced at RMB 3,300–3,800/ton.

② The mainstream contract price for anhydrous hydrofluoric acid (AHF) downstream for November is tentatively referenced at RMB 15,300–15,650/ton.

2. Spot Market Overview

Table 1: Domestic Fluorspar Price Summary (Unit: RMB/ton)

Data Source: Chempricehub Information

Today, the supply and demand dynamics in the domestic 97% fluorspar concentrate market remain in a state of persistent tension. The market performance is currently conflicted. In northern markets, although there is clear pressure to lower prices and frequent procurement negotiations aimed at reducing costs, much of this activity stems from traders securing inventory in advance. Direct negotiations with mining enterprises or high-cost suppliers remain contentious. In southern markets, transactions at higher prices for higher-grade products are guiding the market sentiment. Holders maintain a strong stance on holding prices steady, while demand-side participants are largely waiting and watching. Actual trading volume awaits resolution of these tensions. Current reference delivered spot prices across various domestic regions are 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 3,500–3,600/ton; Northwest regions at RMB 3,250–3,350/ton; Henan and Anhui at RMB 3,250–3,350/ton. As of press time, the mainstream delivered price for domestic 97% wet fluorspar powder is referenced at RMB 3,300–3,800/ton.

3. Production Dynamics

The monthly capacity utilization rate for anhydrous hydrofluoric acid in October was 59%.

4. Price Forecast

Momentum for rising prices in the fluorspar market is strong, but future upside space is limited. The anhydrous hydrofluoric acid market is supported by robust cost factors.

5. Related Product Status

Anhydrous Hydrofluoric Acid (AHF) Market:
Today, the domestic AHF market atmosphere is characterized by wait-and-see trends. The market sentiment has cooled compared to previous periods. From the raw material perspective, the fluorspar market shows divergent trends. While some regions exhibit strong upward momentum, actual support remains limited. Meanwhile, the sulfuric acid market continues to soften, with large-scale maintenance unable to halt the downward trend, leading to weak cost support. Currently, production enterprises enjoy considerable profit margins that support high-load operations, making industry participants less sensitive to previous tight supply conditions. As of press time, the mainstream delivered price for domestic AHF in November is referenced at RMB 15,300–15,650/ton, with the Shandong market referencing RMB 15,500–15,600/ton.

Sulfuric Acid:
Today, the Chempricehub index for 98% sulfuric acid stands at RMB 1,380/ton, unchanged from the previous period, consistent with morning expectations. The domestic sulfuric acid market is operating with weak stability. Transactions in the Fujian region are being negotiated. Although major acid plants in the south have entered maintenance periods, due to previously high acid prices, supplies from neighboring regions such as Jiangxi, Guangxi, Hubei, and Hunan have flowed in to supplement the market. Transaction prices are gradually converging toward the lower end, and the supportive effect of maintenance on supply is partially offset by external sources. Sulfur prices have declined, leading some caprolactam enterprises with captive sulfuric acid units to increase their operating loads. Additionally, with planned maintenance at caprolactam factories next week, external procurement plans for sulfuric acid are expected to decrease, strengthening expectations of contraction on the demand side. Procurement rhythms at major phosphorus chemical plants have also slowed, increasing market wait-and-see sentiment. This week, acid prices in certain regional areas dropped by RMB 150/ton, indicating a clearer downward trend from highs. The Shandong sulfuric acid market shows increased supply and a downward shift in price centers. Major smelter acid enterprises in the Luxi region have gradually resumed operations after maintenance, increasing regional supply. With more inventory available, sales efforts focus on negotiation. Some ore-based acid producers in central Shandong have temporarily halted for maintenance due to the approaching heating season. Prices quoted by local refinery acid enterprises continue to fall, with daily drops of approximately RMB 30–50/ton, while overall daily shipment volumes remain around 2,000 tons. Downstream chemical enterprises maintain stable operating rates, but during this market downturn, terminals primarily follow a "sell-from-inventory" strategy, procuring strictly according to needs. Furthermore, prices in peripheral regions like Inner Mongolia and Northeast China show a downward trend, posing no immediate risk of low-priced acid inflow into the Shandong market. Currently, bearish factors dominate the domestic sulfuric acid market, suggesting a slight short-term decline in acid prices.

Refrigerants:
Based on the bulk water market in East China, offers from mainstream large manufacturers for Refrigerant R125 remain firm, aligning with morning market expectations. As of press time, offers from mainstream large manufacturers in East China are referenced at RMB 60,000/ton (coordinated domestic and foreign trade), while mainstream market offers in East China range from RMB 54,000–57,000/ton (ex-factory tax-inclusive), consistent with morning expectations. Industry-wide operating load for Refrigerant R125 is near 30%. The restart schedule for a specific plant's unit in East China within the month remains undecided, with the industry primarily operating at reduced loads. Sales flow mainly consists of mixed-packaging and repackaged commodity quantities. Offers for Refrigerants R410A and R507A in the East China market remain firm. The center of gravity for mainstream transaction prices is relatively stagnant, with limited bulk shipments, while small-package sales utilize bundling strategies to actively move inventory. Chempricehub predicts that in the short term, the Refrigerant R125 market will maintain a wait-and-see balance between supply and demand. Offers will remain firm, and subsequent prices are likely to consolidate in a weakly stable manner.