IOL Fluorochemical Weekly Report: Refrigerants continue to maintain stability and fluctuate before the holiday. Fluorinated polymers are expected to stabilize and improve after the year

One week market
Refrigerant: Mainstream products continue to face tight supply situation, with strong market consolidation before the holiday as the main focus
This week, the refrigerant market is experiencing tight supply, with prices maintaining stability and exploring upward trends. Market characteristics of the week: weak demand for upstream raw materials such as fluorite powder and hydrofluoric acid, weak prices, and stable operation; The overall production and sales of other raw material products are light, with prices mainly fluctuating within a narrow range. However, the current refrigerant market prices are mainly affected by supply and demand, and cost fluctuations have little impact on their prices. Entering 2025, the quota for each fluorine-containing refrigerant product will come into effect for the new year, and most factories will gradually resume production. However, the overall operating load is relatively low, and the overall supply situation continues to be tight. R32 and R410A are mainly supplied to air conditioning factories in the domestic market, while the foreign trade market has resumed normal pricing, which is basically consistent with the domestic market price. However, due to the delay in license issuance and the approaching Spring Festival holiday, foreign trade delivery is not optimistic; Due to the relatively high prices of refrigerants, there is a strong wait-and-see atmosphere in the retail market, resulting in fewer overall transactions. As the Spring Festival approaches, transportation restrictions, vacation arrangements, and other factors will further affect overall production and sales volume. It is expected that refrigerant prices will remain stable and fluctuate before the year, but in the long run, limited supply and strong demand will support price exploration within the year.

Fluoropolymer: Factory maintains normal production, market is expected to stabilize and improve after the year
This week, the fluorine-containing polymer market showed a low season at the end of the year, with factories maintaining normal production at low loads. PVDF prices rebounded at a low level due to rising costs, improved demand, and downstream recovery. From the perspective of the industrial chain, the supply-demand contradiction between overall oversupply and weak demand still exists. Individual products have been fluctuating at a low level for a long time, and the overall supply and demand relationship and cost support are insufficient to support the rebound of the market. Practitioners have provided feedback that a low inventory market after the new year is conducive to market recovery, but the global economy is characterized by a "low growth rate normal", so traditional demand growth is limited. New demands such as: AI+、 New quality productivity related industries such as data centers and cloud computing may become new demand growth points. Based on the above prediction, the short-term market for fluorinated polymers will continue to absorb the pressure brought by rapid supply growth, and the market is expected to stabilize and improve after the year.

Weekly news
01New Progress in the 5000t/a Giant Core Coolant Project of Juhua Subsidiary
On January 13th, the Intelligent Manufacturing New City Branch of Quzhou Ecological Environment Bureau announced its approval opinion on the Environmental Impact Assessment Report of Zhejiang Chuangfu High tech New Materials Co., Ltd.'s 5000t/a Giant Core Cooling Liquid Project - Perfluoropolyether Derivative Process Research Project. The project has an investment of 28.6792 million yuan and will build a 500 ton/year perfluoroether derivative pilot test line on the south side of the main plant area in the factory. The pilot period is 2 years. It is reported that the "Zhejiang Chuangfu High tech New Materials Co., Ltd. 5000t/a Giant Core Cooling Liquid Project" will be constructed in two phases, with the first phase constructing 1000t/a Giant Core Cooling Liquid and the second phase constructing 4000t/a Giant Core Cooling Liquid. The first phase of the project has been completed and put into operation.

02800 million time and space: Nantong Zhanding will continue to develop electronic fluorine liquid and other products
Recently, during the reception of institutional investors for research, 800 million spacetime stated that Nantong Zhanding is an enterprise in which the company will participate in 2022. Nantong Zhanding produces electronic fluorine liquid and other products, mainly used in semiconductor manufacturing, immersion cooling liquid for supercomputer servers, and other fields. According to public information, with the explosive demand for AI computing power and the increase in server power consumption, the industry needs to apply new technologies to efficiently remove heat, and liquid cooling technology will become the best solution. Based on the catalytic demand for AI heat dissipation, Nantong Zhanding is currently developing well and still has a certain scarcity. The company remains optimistic about the prospects of the industry and will continue to follow up on industrial cooperation and capital support in the future.

03The Shaowu Yonghe project with an annual output of 5000 tons of PVDF and 3000 tons of HFPO has been completed
On January 13th, Shaowu Yonghe Jintang New Materials Co., Ltd. announced the completion of the environmental protection acceptance of the Shaowu Yonghe annual production of 10kt polyvinylidene fluoride and 3kt hexafluoroepoxy propane expansion project (phased). Due to market reasons, the current maximum production of PVDF (polyvinylidene fluoride) is only 5000 tons. Therefore, the project will be accepted in stages. The design scale for this acceptance is an annual production of 5000 tons of PVDF (polyvinylidene fluoride) and 3000 tons of HFPO (hexafluoroepichlorohydrin).

04The first phase of the Fuduobang Fluorine New Material Industry Construction Project has started construction
On January 10th, the groundbreaking ceremony for the first phase of the Fuduobang Fluorine New Materials Industry Construction Project of Sansteel Group was held in Jinxing Industrial Park, Qingliu County. It is reported that the project will be implemented in three phases, with the first phase planned for a construction period of three years. Two sets of 25000 tons/year anhydrous hydrogen fluoride units will be built on approximately 110 acres of land in Fubao, and 40000 tons/year R22 units, 20000 tons/year TFE units, 17000 tons/year PTFE units, and 3000 tons/year FEP units will be built on approximately 520 acres of land in Jinxing. The total investment of the first phase of the project is about 1.65 billion yuan, and the construction period is from January 2025 to December 2026 (24 months).