Refrigerant: Anticipating A New Round of Price Increases in 2025

The stocks of refrigerant factories continued to be tight, the circulation market digested the inventory, and the new order purchase pricing was subject to the factory offer. 

Taking R134a as an example, the current quotation of 40,000 yuan/ton has been gradually implemented. In December, the remaining quota of enterprises was insufficient, the shutdown and maintenance plan was clear, and some downstream household appliance manufacturers faced insufficient quotas, which may further stimulate the refrigerant market price to continue to rise. The refrigerant inventory of the factory at the end of the year is significantly lower than that at the end of 2023, and a new round of increases in 2025 is brewing under the low inventory. 

R125 enterprises have insufficient production reduction quotas, R410a market supply is in short supply, and associated product prices have risen. At present, the price of R134a factory has been increased to 42,000 yuan/ton, and the transaction in the circulation market has been implemented one after another.

R32 products are mainly sold to air-conditioning companies, and the tense trend in December is obvious, and the offer is expected to continue to break through the previous high, and the order price is still expected to rise in the first quarter. After a short period of silence, it slowly rose against the backdrop of the upcoming large-scale production cuts by enterprises.