3G Refrigerant Gas Prices Increase at New Year Start

As of March 2, 2026, the prices of mainstream third-generation refrigerants and blends R134a/R125/R32/R410 were RMB 58,000/56,000/62,500/56,500/ton, with weekly increases of +1.75%/+9.80%/+0.81%/+2.73%, monthly increases of +1.75%/+9.80%/+0.81%/+2.73%, quarterly increases of +5.45%/+24.44%/+2.46%/+8.65%, and yearly increases of +28.89%/+27.27%/+42.05%/+28.41%. With the peak season approaching and downstream recovery and export rebound, prices of mainstream products are expected to continue to rise after demand warms up.

The total production quota for third-generation refrigerants in 2026 is 797,844 tons, with 394,082 tons allocated for domestic use. Compared to 2025, the total production quota for third-generation refrigerants in 2026 increases by 5,962 tons, and the domestic quota increases by 4,502 tons. The increase in production quotas in 2026 is mainly due to an increase of 1,171 tons for R32, 3,242 tons for R134a, and 2,918 tons for R245fa; the decreases are in R143a (1,255 tons), R227ea (517 tons), and R152a (63 tons). Quota issuance will continue throughout 2026, indicating a rigid supply.

Air conditioner demand remained high. According to the National Bureau of Statistics, domestic air conditioner production totaled 266.97 million units from January to December 2025, a year-on-year increase of 0.7%. Exports continued to be high, with total exports reaching 58.95 million units, a year-on-year decrease of 4.30%. Automobile demand grew rapidly. According to the National Bureau of Statistics, domestic automobile production totaled 34.7785 million vehicles from January to December 2025, a year-on-year increase of 9.80%, while exports reached 7.0976 million vehicles, a year-on-year increase of 21.13%.On the supply side, the freeze period for third-generation refrigerants in China began in 2024, resulting in rigid supply due to quota constraints. On the demand side, refrigeration equipment such as air conditioners and automobiles maintained growth. With the continuous increase in vehicle ownership, refrigerant demand will continue to rise. Given the rigid supply of third-generation refrigerants due to quota constraints, and with the gradual increase in downstream demand, the third-generation refrigerant market is expected to experience an upward cycle.