R125 Led The Price Increase, And Many Other Refrigerants Followed Suit.

With increased expectations for air conditioner production after the New Year and exports gradually recovering since January, seasonal demand confidence among enterprises and distributors has rebounded, leading to price increases for many products. 

However, due to high prices, market inventory buildup has slowed, and channel inventory has fallen to its lowest level in nearly two years. The quota system has become a key constraint on supply, and the highly concentrated market share of enterprises has further solidified market confidence. 

Regarding long-term contracts for the first quarter, the market trend is gradually becoming clearer. 

By product type, R125 is leading the price increase and current offers are gradually being implemented. Some small and medium-sized manufacturers have stopped production due to the exhaustion of their quotas, while mainstream enterprises are controlling supply and raising prices. Market offers have risen to around 51,000 yuan/ton, and transactions are gradually being implemented. 

Inquiries for refrigerated products such as R404 and R507 have increased, and prices have risen accordingly. 

The R410a market followed the price increase of R125, with long-term contract orders expected to rise further in the first quarter. 

R134a, supported by long-term contracts with automakers in 2026, has broken through 60,000 yuan/ton, with low channel inventory expected to maintain its high price level. 

R32's circulation has weakened due to air conditioner production adjustments, leading to slight increases in company quotes, and long-term contract orders are expected to rise by 1,000 yuan/ton. 

Second-generation refrigerant R22 is seeing company quotes at 17,000 yuan/ton, with significant activity in the small-package market compared to the bulk market, and companies continuing to control bulk order volume. With demand recovering, the current low inventory levels are expected to drive transaction completion and a steady price increase, indicating a strong willingness among companies to maintain stable prices.