SunSirs: Refrigerant Prices Remain Firm at High Levels, Building Momentum for the Peak Season

As of April 10, 2026, the domestic HFC refrigerant spot market continued to hold steady at high levels with subdued trading activity. Prices have shown no significant fluctuations over the past two days, with core varieties remaining largely stable and experiencing only minor adjustments in some areas. Long-term contract pricing provides strong support for the spot market, and expectations for the peak season continue to materialize gradually.

Based on today’s SunSirs benchmark prices and market transactions, the spot performance of mainstream varieties is as follows: R32 spot prices are quoted at 63,000–63,500 RMB/ton, a slight pullback from previous highs. Industry operating rates remain around 70%, with a focus on controlling supply to stabilize prices; R134a spot prices are quoted at 58,500–59,000 RMB/ton, showing a steady upward trend, with strong support from end-user demand; R125 bulk quotes are at 54,000–57,000 RMB/ton, remaining firm at high levels; R410 bulk quotes are at 56,500–57,500 RMB/ton, rising slightly in line with long-term contracts.

The price dynamics over the past two days have exhibited three key characteristics:

First, long-term contracts provide a floor while spot prices follow suit. The Q2 long-term contract price adjustments took full effect in early April, with core grades such as R32 and R410a seeing month-on-month increases of RMB3,000–5,000 per ton, locking in the price benchmark for the second quarter. Spot prices are consolidating within a narrow range around the contract levels, with little room for significant declines, and the market remains largely focused on stabilizing prices and adopting a wait-and-see approach.

Second, demand has been delayed but has not disappeared. External factors have impacted logistics and trade sentiment, leading distributors to adopt a cautious approach to purchasing. Transactions are primarily small orders driven by immediate needs, reflecting disruptions in the sales rhythm. With the summer cooling peak season approaching, downstream inventory replenishment demand will gradually materialize;

Third, quota constraints and supply rigidity: As a major global supplier of HFCs, domestic production is strictly limited by quotas. The industry is operating with low inventory levels, leaving no room for supply-side easing, which provides underlying support for prices.

On the cost side, fluctuations in upstream raw material prices have not effectively been passed on to the refrigerant end market. Upstream fluorite, hydrofluoric acid, and chlorinated raw materials have all risen across the board, leading to a significant increase in refrigerant production costs. The industry’s ability to pass on price increases remains stable, with raw material price hikes fully transmitted to the end market, creating a positive cycle of “raw material price increase → cost increase → steady rise in refrigerant prices.” Although trading volume has been light over the past two days, prices have shown extremely strong resistance to declines.

Fluorite (Calcium Fluoride): The core starting material for the fluorochemical industry. Acid-grade fluorite concentrate (97% purity), SunSirs benchmark price: 3,575 RMB/ton, up 0.53% month-on-month. Supply tightening: A mining accident in Zhejiang has led to production halts and safety inspections in the region, with strong sentiment to support prices and hold back sales.

Anhydrous Hydrofluoric Acid (AHF): A core intermediate in refrigerant synthesis, produced by the reaction of fluorspar and sulfuric acid. SunSirs benchmark price: 15,100 RMB/ton, up 2.95% month-on-month. Rising costs have driven a sharp surge in sulfuric acid prices (SunSirs benchmark price: 2,000 RMB/ton, up 26.58% month-on-month), thereby increasing the cost of hydrofluoric acid.

Refrigerants combine the stability of consumer goods with the cyclicality of commodities; tight supply of chloride raw materials has driven prices higher in tandem.

Amid external uncertainties, the fundamental supply-demand dynamics remain unchanged; short-term caution does not alter the positive medium-term trend.

Overall, the refrigerant spot market has been dominated by price stabilization and a wait-and-see attitude over the past two days, with pricing dynamics centered on three key factors: quota supply, support from long-term contracts, and restocking for the peak season. As market expectations gradually clarify and temperatures rise, low channel inventories will drive the start of restocking activity. Spot prices are expected to strengthen again after stabilizing, with the market maintaining a high-level consolidation trend and an upward shift in the price center throughout the second quarter.

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