IOL Fluorine Chemical Weekly Report: Refrigerant Market Temporarily Stable with Fluctuations, Fluorine-containing Polymers See Significant Price Hikes in Mainstream Products

Refrigerant: Rising Raw Material Prices Accelerate, Refrigerant Prices Remain Stable and Consolidate
This week, the refrigerant market remained stable and consolidated, with a strong bullish sentiment among industry players due to multiple influencing factors. Key market characteristics during the week: Supply side: Refrigerant plants operated at orderly effective capacities, with inventories at historically low levels and spot supplies in tight supply. Cost side: Short-term price surges in upstream raw materials such as methanol and sulfuric acid led to a projected 1,100 RMB/ton+ increase in AHF procurement prices for refrigerant plants in April. Current new order trading prices have risen above 13,000 RMB/ton, directly driving up costs for all fluorine chemical products. Demand side: With temperatures rising, the peak sales and usage season for cooling equipment like air conditioners and automobiles is approaching, while the domestic market is expected to see continued growth in pre-sale and after-sale demand. Overall, driven by three factors—rigid supply constraints, rising cost centers, and the imminent peak demand season—mainstream refrigerant prices remained stable and consolidated, with the market generally holding optimistic expectations for future performance.

Fluorinated polymers: Cost, supply, and demand converge to drive upward momentum, with mainstream products experiencing significant price increases
This week, driven by the combined effects of cost, supply, and demand, the fluoropolymer market saw a collective rise in product prices, with market characteristics showing a low inventory level, strong cost support, and a stable yet improving supply-demand trend. On the cost side, significant fluctuations in oil and natural gas prices drove increases in methanol, sulfuric acid, chloroform, as well as R22 and R142b, leading to a synchronized rise in the cost centers of TFE, VDF, and HFP series products. On the supply side, constrained by cost pressures and weak demand, industry operating rates remained low, with low inventory levels. The market exhibited a characteristic of ample supply for lower-end products and relatively tight availability for high-end products. On the demand side, strategic emerging industries such as new energy and semiconductors still faced short-term weakness in demand with limited new growth; traditional demand was dominated by domestic substitution, while high-end demand relied heavily on imported sources, resulting in a clear price-volume dynamic. In summary, it is predicted that multiple factors will converge to drive an upward trend in the fluoropolymer market in the short term. After a significant price surge for mainstream products, the market will likely stabilize and consolidate gains to digest the price increases.

Weekly news
01
Zibo Feiyuan 30000 tons/year R32 project completion acceptance
On March 19th, according to relevant websites, the environmental protection acceptance of the 80000 tons/year green refrigerant production project (Phase III 30000 tons/year R32) of Zibo Feiyuan Chemical Co., Ltd. was announced upon completion. The project has an investment of 116.5 million yuan and will build a new R32 production facility with an annual capacity of 30000 tons. It is reported that the 80000 tons/year green refrigerant production project (Phase III 30000 tons/year R32) of Zibo Feiyuan Chemical Co., Ltd. started construction on November 8, 2025 and was completed on January 26, 2026. On March 1, 2026, the project began debugging and operation.
02
Dongyue Group's revenue for 2025 is 14.355 billion yuan, with a year-on-year increase of 102.5% in net profit
On the evening of March 25th, Dongyue Group released its 2025 performance announcement. As of December 31st, 2025, the company's total revenue was 14.355 billion yuan, a year-on-year increase of 1.23%; The profit attributable to the owners of our company for the year was RMB 1.642 billion, a year-on-year increase of 102.5%; The basic earnings per share are 0.98 RMB. By 2025, Dongyue Group's revenue from refrigerant products will increase significantly by 52.1%, reaching 4.94 billion yuan. During this review period, the quota policy continued to have an impact on the refrigerant industry, with some product prices (such as R32, R134a, etc.) further increasing compared to 2024, resulting in an increase in external sales revenue for this division. However, the cost increase is not very significant, so the performance of this division has achieved significant growth.
03
Fujian Haidefu 20000 ton high-performance fluorine material project completion acceptance
On March 23rd, Fujian Haidefu New Materials Co., Ltd. announced the environmental protection acceptance information for the completion of the third phase of the 15000 ton/year high-performance fluorine material project (Phase I) and the fifth phase of the 5000 ton/year high-performance fluorine material project (Phase 1.5). After the completion of the project, the product scale includes 5000t/a hexafluoropropylene (HFP), 500t/a tetrafluoroethylene (TFE), 1000t/a polytetrafluoroethylene (PTFE) suspension resin, 800t/a polytetrafluoroethylene (PTFE) dispersion resin, 1000t/a polytetrafluoroethylene (PTFE) dispersion lotion, 250t/a fusible polytetrafluoroethylene (PFA) resin, 250t/a fusible polytetrafluoroethylene (PFA) lotion and other products.
04
India launches anti-dumping investigation on polytetrafluoroethylene resin from China
According to the China Trade Remedy Information Network, on March 20th, the Indian Ministry of Commerce and Industry announced that it has initiated an anti-dumping investigation into polytetrafluoroethylene (PTFE) originating from or imported from China and Russia, in response to an application submitted by Indian domestic enterprise Gujarat Fluorochemicals Limited.

This case involves products under the Indian customs code 39046100. The dumping investigation period of this case is from October 2024 to September 2025 (12 months), and the injury investigation period is from 2022 to 2023, 2023 to 2024, 2024 to 2025, and October 2024 to September 2025.