With the issuance of 2026 refrigerant quotas, the market trend continues; PVDF is poised for a market upturn. The 2026 quotas for R32, R134a, R125, R143a, R227ea, and others show limited changes compared to the 2025 quotas, with overall adjustments slightly lower than the revised 2025 levels. Overall, the transition ratio from 10% to 30% has been implemented in a highly restrained and orderly manner.

On December 8, major manufacturers in East China raised domestic and export prices for R32, R125, R410A, and R134a refrigerants across the board, laying a solid foundation for the new year's market. Against the backdrop of refrigerants transitioning from “China supplying the world” to “China controlling the world,” coupled with “long-term stable downstream growth driven by essential demand,” “no viable alternatives in sight,” and “the entire industry chain resisting internal competition,” this trend is likely to persist. The sector currently offers multiple attractive attributes: low valuations, significant upside potential, and strong certainty, making its future prospects promising.

PVDF Leader Halts Production, Catalyzing Market Momentum. Wanhao Company, a subsidiary of Huayi Group (primarily producing F152a, F142b, FKM, and PVDF), has suspended operations. According to company announcements, Wanhao holds over 65% of China's domestic market share for coating-grade PVDF and ranks among the world's leading producers of lithium battery-grade PVDF. The shutdown will significantly impact PVDF supply. Multiple manufacturers have already raised quotes, with the highest reaching 56,000 RMB/ton. Actual transaction prices remain to be confirmed.

Fluorochemical Weekly Market Update: Fluorspar Prices Under Pressure; Refrigerants Maintain Uptrend

Fluorspar: As of December 12, the market average price for 97% wet powder fluorspar stood at 3,290 RMB/ton, down 0.87% week-on-week. The December average price (as of December 12) was 3,312 RMB/ton, representing a year-on-year decline of 9.83%. The 2025 average price (as of December 12) stands at 3,482 RMB/ton, down 1.78% from the 2024 average.

Refrigerants: As of December 12, (1) R32 price and spread were 63,000 RMB/ton and 50,391 RMB/ton respectively, unchanged and down 0.01% week-on-week; (2) R125 price and spread were 46,000 RMB/ton and 31,404 RMB/ton respectively, up 1.10% and 1.62% week-on-week; (3) R134a price and spread were ¥57,500/ton and ¥38,259/ton, respectively, up 1.77% and 2.68% week-on-week; (4) R410a price was ¥54,000/ton, up 0.93% week-on-week; (5) R22 price and spread: ¥16,000/ton and ¥6,845/ton, respectively, unchanged and down 0.33% week-on-week. In the export market: (1) R32 export price: ¥61,000/ton, unchanged week-on-week; (2) R125 export price: ¥45,000/ton, up 4.65% week-on-week; (3) R134a foreign trade: ¥50,000/ton, unchanged from last week; (4) R410a foreign trade: ¥51,000/ton, unchanged from last week.

R125 market offers have risen to around 51,000 RMB/ton, with actual transactions expected to materialize gradually. R134a prices have surpassed 60,000 RMB/ton, supported by 2026 long-term agreements with automakers, with some orders reportedly reaching 63,000 RMB/ton. R32 quotations are expected to gradually increase.

Overall, the confirmed 2026 quota plan restores third-generation refrigerant supply to early 2025 baseline levels while granting enterprises flexibility in allocation. Current low inventory levels are expected to drive transaction execution and steady price increases, with companies demonstrating strong commitment to maintaining market confidence.

As an integrated internet platform providing benchmark prices, on December 12th, the benchmark price of R134a according to SunSirs was 54,666.67 RMB/ton, an increase of 1.86% compared to the beginning of the month (53,666.67 RMB/ton).

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