App was informed that the release of national credit securities reported a steady increase in the data on within-air conditioner sales discharges in the first half of 2025, with a pass-down in export concessions in january-february, a gradual start in march, and a significant boost to the two new policy thrusts, in addition to the impact of seasonal supply factors, and a strong increase in output discharges in may, as 618 major nodal points approached the boom in demand. In the second quarter, driven by high summer temperatures, refrigerant consumption enters a dynamic season, increasing trade activity in low-stock settings. Looking ahead to the third quarter, against the backdrop of the continued growth of the "old-for-new" policy and the gradual introduction of high-volume production in the first half of the year into the overhaul cycle, market prices are expected to show a monthly spiral upwards in the third quarter and markets are expected to grow further with a mild boost。
The main points of view of national securities are as follows:
Domestic trade prices
R134a's offer rose to $47,500 per ton compared to the previous month; r125's offer to $46,000 per ton; r32's offer to $49,000 per ton compared to the previous month's offer to $1,000 per ton; r410a's offer to $48,000 per ton; r152a's offer to $28,000 per ton; r142b's offer to $30,000 per ton; and r143a's offer to $46,000 per ton。
Export prices
As of april 2025, the foreign trade prices of r22, r32, r134a and other products remained in reverse: foreign trade prices were lower than domestic trade prices, but the price differentials for r32 and r134a and others were shrinking rapidly. Specifically, in april 2025, r32 export prices averaged $41885 per ton, representing a difference of $6815 per ton; r22 export prices averaged $24577 per ton, representing a difference of $9923 per ton; r134a export prices averaged $42241 per ton, representing a difference of $409 per ton; and r125/r143 series exports averaged $31499 per ton, representing a difference of $14751 per ton。
Ministry of ecology launched china's national programme for the implementation of the montreal protocol on substances that deplete the ozone layer (2025-2030)
On 23 april 2025, the ministry of ecology published china's compliance; national programme (2025-2030), the main objectives of which are: production and use of controlled uses of hcfcs was reduced by 67. 5 per cent and 73. 2 per cent of baseline values by 2025 and by 97. 5 per cent of baseline values by 2030, respectively, on the basis of baseline values of 29. 1 million tons and 189 million tons of ozone-depleting potential; production and use of controlled uses of hfcs were reduced by 10 per cent of baseline values by 2029 on the basis of baseline values of 1,853 and 905 million tons of carbon dioxide equivalent (tco2)。
In the second quarter of 2025, overall air conditioning output continued to grow year-on-year
In the first half of 2025, there was a steady increase in the data on within-air-conditioning sales discharges, with a slowdown in exports in january-february, a gradual start-up in march and a significant boost to two new policy developments, in addition to the impact of seasonal preparations, and a strong increase in output discharges in may as the 618 flashpoints approached a boom in demand. Moreover, as last year's replenishment began to be fully rolled out in the off-season season, and this year's replenishment benefited the entire year, some of last year's unsustained needs were catalysed in the second quarter of the boom. In terms of exports, according to customs data, our cumulative exports of air conditioners in january-april were 2. 97 million, or +17. 4 per cent in the same year, while latin america, europe, the middle east and africa continued to perform better in april, with the exception of the fall in tariffs on the north american market. In june-august, the year was marked by a decline in output from the high base of the same period last year and the transfer of some of the tariff adjustment orders to overseas production。
In the area of production, according to the industry's online domestic air-conditioning sales report, in june 2025, 13. 66 million, or +29. 3 per cent, were discharged; in july, 11. 37 million, or +22. 8 per cent, were discharged; and in august, 6. 94 million, or -9. 2 per cent. In terms of export effluents, 6. 84 million were exported in june 2025, compared to 18. 3 per cent; 5. 76 million in july, compared to 16. 9 per cent; and 5. 15 million in august, compared to 6. 6 per cent. Overall output in june was 2. 5 million, compared to +11. 5 per cent。
This month's fluoride industry
The quakers group: proposed $4,091 million to purchase 60 per cent of the shares of san ai-fu; tutored the initial ipo for the start-up material of the perfluorosulfonate spectrum supply section。
Risk tip
Demand for fluorinated products fell short of expectations; policy risks (higher environmental policies for fluorine refrigerants, faster upgrading processes, changes in quota issuance policies, etc.); global trade frictions and export disruptions; low life-cycle performance in real estate; lower-than-anticipated start-up of companies ' projects; higher prices of raw materials; chemical safety production risks, etc。
