For the Quarter Ending March 2025
North America
In Q1 2025, the price of anhydrous hydrofluoric acid (AHF) in the U.S. remained high, primarily driven by increasing production costs and tight supply of key raw materials, particularly fluorite.
The domestic fluorite industry continued to face challenges, including the gradual phase-out of older mines and difficulties in exploring new deposits. Strict U.S. regulations on mining, coupled with low inventories and raw material shortages, limited production capacity. Despite these challenges, AHF prices remained relatively stable throughout January and February, with a slight rebound in market activity post-holiday.
The downstream demand from the refrigerant sector remained steady, supported by abundant refrigerant quotas, which spurred increased procurement of AHF. However, some producers hesitated to sell at current price levels due to concerns over rising production costs and limited raw materials, tightening market conditions and pushing prices higher. The overall market outlook was supported by these dynamics, with the refrigerant industry playing a crucial role in driving demand and maintaining price stability. Despite some weak sulfuric acid demand, AHF prices were bolstered by supply constraints and growing refrigerant sector demand.
APAC
In Q1 2025, the price of anhydrous hydrofluoric acid (AHF) in the APAC region followed the northward price momentum, with some upward pressure due to supply constraints and growing demand from the refrigerant sector. The fluorite supply continued to face challenges, including the closure of outdated mines and difficulties in exploring new deposits. This resulted in tight supply conditions, which supported AHF prices. Despite a decline in sulfur prices, which slightly reduced production costs, the overall market remained steady, as the refrigerant industry continued to drive demand for AHF, especially after the Spring Festival. However, some producers were reluctant to sell at current prices due to concerns over rising production costs and limited raw material availability, tightening market conditions. Throughout the quarter, AHF prices showed little movement, reflecting a balance between stable raw material prices and cautious demand. As the refrigerant market recovered and quotas increased, AHF prices were supported, but the market remained sensitive to shifts in supply chain dynamics and regulatory changes. The outlook for the remainder of the year depends on these ongoing factors.
Europe
In Q1 2025, anhydrous hydrofluoric acid (AHF) prices in Europe showed a increasing increasing trend, primarily driven by the rising costs of raw materials and supply chain disruptions. Fluorite supply in Europe remained constrained, with significant challenges in mining operations, particularly in key producing countries such as Spain and France. The closure of older mines and difficulties in developing new ones due to stringent environmental and safety regulations created supply shortages. As a result, AHF production costs continued to rise, contributing to price increases in January and February. Despite these challenges, demand from the downstream refrigerant market remained relatively stable, with consistent demand for AHF as a crucial raw material for refrigerant production. The market was further supported by the ongoing transition to more energy-efficient refrigerants, which increased the need for AHF. However, some concerns over fluctuating energy costs and the availability of raw materials added uncertainty to the market. By March, AHF prices remained high, with manufacturers cautious about selling at current price levels due to the tight supply conditions and regulatory pressures. The overall outlook for the AHF market in Europe remained cautiously optimistic, supported by stable demand but limited supply.
South America
In Q1 2025, the price of anhydrous hydrofluoric acid (AHF) in South America remained relatively stable, despite rising production costs. The region's fluorite supply faced significant challenges, with mining operations constrained by outdated infrastructure and difficulties in developing new mineral deposits. Tightening regulations on fluorite mining in countries like Chile and Argentina also added pressure on the industry. Raw material shortages continued to restrict the ability of AHF producers to meet demand, although inventories remained somewhat stable. While demand from the downstream refrigerant sector showed moderate growth, especially in Brazil, AHF prices remained largely unaffected in January and February due to stable market conditions. However, the introduction of stricter regulations and fluctuating exchange rates impacted the cost of imported raw materials, creating potential upward pressure on AHF prices. By March, the price trend remained steady, with slight price increases expected in the coming months due to ongoing supply constraints. The refrigerant industry’s steady demand for AHF was a key factor supporting market stability, although challenges in the supply chain and regulations on mining continued to affect the overall market outlook.
For the Quarter Ending December 2024
North America
In Q4 2024, Anhydrous Hydrofluoric Acid (AHF) prices in the U.S. saw an upward trend due to rising production costs and supply constraints. The key raw materials for AHF production, including sulfuric acid and fluorite, experienced price increases, which contributed to the overall rise in AHF prices. The U.S. fluorite industry continued to face challenges, with constrained upstream supply and stable enterprise operating rates.
This was further complicated by the gradual phasing out of older mines and difficulties in new mineral exploration. Regulatory tightening in the U.S. on fluorite mining also restricted production capacity, creating upward pressure on fluorite prices. As a result, the overall cost of producing anhydrous hydrofluoric acid rose. On the demand side, the refrigerant market showed growth, with quicker inventory turnover and a focus on on-demand purchasing.
Although raw material consumption remained limited, the increased focus on maintenance and potential equipment shutdowns supported demand for AHF. Despite the supply challenges and price increases, the market remained relatively stable, with continued upward pressure on prices throughout the quarter.
APAC
In Q4 2024, Anhydrous Hydrofluoric Acid (AHF) prices in Asia saw a continued upward trajectory, driven primarily by escalating production costs and ongoing supply challenges. The prices of key raw materials, such as sulfuric acid and fluorite, increased during the quarter. The fluorite industry in the region faced persistent issues, with mining supply remaining tight and the phase-out of outdated mines further straining supply. Exploration for new mineral deposits was difficult, and stricter regulations on fluorite mining imposed by regional authorities added to the complexity.
Despite the rectification process nearing its conclusion, its effects continued to be felt, resulting in low inventories and production limitations. The downstream refrigerant market experienced growth, fueled by faster inventory turnover and on-demand purchasing, although overall raw material consumption remained limited. The winter storage season and anticipated maintenance or shutdowns of several equipment models put additional pressure on the fluorite supply chain, contributing to upward price movements. Despite these challenges, AHF prices remained relatively stable in December, supported by consistent demand in the refrigerant sector, though companies adopted a cautious approach to procurement amid tight supply conditions
Europe
In Q4 2024, Anhydrous Hydrofluoric Acid (AHF) prices in Europe experienced a gradual increase, influenced by rising production costs and ongoing supply constraints. The prices of essential raw materials, such as sulfuric acid and fluorite, saw upward pressure during the quarter. The fluorite industry in Europe struggled with limited upstream supply, as mining operations continued to face challenges. The closure of older mines, combined with difficulty in exploring new mineral deposits, led to further supply disruptions. Additionally, stricter regulations on fluorite mining imposed by local authorities compounded the difficulties faced by producers.
These factors resulted in low inventories and limited production capacity for fluorite-based producers. Despite these hurdles, the downstream refrigerant market saw growth, with quicker inventory turnover and an emphasis on on-demand purchasing. However, the overall consumption of raw materials remained limited, and some factories in the refrigerant sector experienced shutdowns due to maintenance schedules. By the end of the quarter, AHF prices remained relatively stable, although manufacturers maintained a cautious outlook. The ongoing tight supply and regulatory challenges led to a sustained period of higher prices, with procurement remaining constrained throughout the quarter.
South America
In Q4 2024, Anhydrous Hydrofluoric Acid (AHF) prices in South America experienced an upward trend, driven by rising production costs and ongoing supply challenges. The prices of key raw materials, such as sulfuric acid and fluorite, increased, contributing to the overall rise in AHF prices across the region. The South American fluorite industry faced similar issues as other regions, with limited upstream supply and stable operational rates. The gradual phase-out of older mines and difficulties in new mineral exploration compounded the supply constraints.
Additionally, stricter regulatory measures on fluorite mining in some South American countries further limited production capacity, increasing the upward pressure on fluorite prices. This, in turn, drove up the overall cost of producing anhydrous hydrofluoric acid. On the demand side, the refrigerant market in South America showed some growth, supported by quicker inventory turnover and a shift towards on-demand purchasing. However, raw material consumption remained somewhat limited. Despite these challenges, the market remained relatively stable, with prices continuing to rise throughout the quarter as the region navigated supply shortages and rising production costs.
For the Quarter Ending September 2024
North America
In the third quarter of 2024, Anhydrous Hydrofluoric Acid prices exhibited a declining trend amid moderate demand from downstream refrigerant and battery manufacturing industries, which initially enhanced material availability in the consumer market.
However, adverse weather conditions, including high temperatures and heavy rainfall in southern regions, significantly impacted fluorite mining operations and the final supply of the commodity. Despite these challenges, the demand outlook in the U.S. remained stable, as sectors utilizing fluoropolymers, cleaners, and refrigerants did not show significant growth. Air conditioning manufacturers ramped up production in anticipation of peak season, but unfavorable weather resulted in higher inventory turnover for refrigerant companies.
Additionally, inquiries from downstream industries slowed, as consumers became more cautious about placing new orders, and spot transactions decreased, leading to reduced trading activity. As the industry entered the off-season in July and August, this shift led to diminished purchasing enthusiasm, with demand primarily driven by essential procurement needs, prompting production enterprises to scale back operations and limit inventory accumulation.
APAC
The APAC region witnessed a decline in the prices of Anhydrous Hydrofluoric Acid throughout the third quarter of 2024. The Japanese market experienced pressure from imports of cheaper goods from China. The monsoon season significantly curtailed fluorite mining activities in China, resulting in supply shortages and rising hydrofluoric acid prices due to strong demand during the peak refrigerant usage season. However, high inventory levels and a slight slowdown in purchases were noted. Consequently, the hydrogen fluoride market softened. In Japan’s domestic fluorite industry, operating rates remained stable, but upstream mining activities faced tight supply conditions as older, less efficient mines were phased out and new projects encountered exploration difficulties. Additionally, the Japanese government’s impending regulatory overhaul in the fluorite mining sector was expected to impose stricter safety and environmental requirements, potentially further constraining production capabilities. This combination of reduced demand and cautious purchasing behavior was expected to influence the market in the short term, with implications for supply chain dynamics and pricing.
Europe
In the third quarter of 2024, Anhydrous Hydrofluoric Acid prices in Europe followed a declining trend, driven by moderate demand from downstream refrigerant and battery manufacturing sectors, which initially increased material availability in the consumer market. However, adverse weather conditions, including heatwaves and heavy rainfall in southern Europe, significantly affected fluorite mining operations and the overall supply of the commodity. Adding to these factors, the supply chain in the domestic market also witnessed restricted flow due to geopolitical issues and port functions. Despite these obstacles, the demand outlook in Europe remained stable, as industries utilizing fluoropolymers, cleaners, and refrigerants showed limited growth. Air conditioning manufacturers increased production in preparation for peak season, but unfavorable weather led to higher inventory turnover for refrigerant companies. Moreover, inquiries from downstream industries slowed as buyers became more cautious about placing new orders, and spot transactions declined, reducing overall market activity. With the onset of the off-season in July and August, purchasing enthusiasm diminished, as demand was primarily driven by essential procurement, leading production enterprises to reduce operations and limit inventory buildup.
South America
In the third quarter of 2024, Anhydrous Hydrofluoric Acid prices exhibited a declining trend amid moderate demand from downstream refrigerant and battery manufacturing industries, which initially enhanced material availability in the consumer market. Demand for Anhydrous Hydrofluoric Acid from the refrigerant and other end-use sectors in Brazil remained weak, with overseas orders also slowing. Seasonal factors and unfavorable weather conditions significantly impacted order volumes, prompting production enterprises to reduce operations and keep inventory levels low. Additionally, ocean spot rates on key trade lanes reached their highest point of the year last week, though the pace of increase slowed after sharp jumps earlier in the month. Major carriers did not announce any further surcharges for the rest of the month or August. Moreover, the Central Bank had not provided a clear timeline for interest rate cuts, suggesting that Brazil's high-interest rate environment could persist longer than anticipated. This prolonged environment was likely to exert additional pressure on overall demand in the market, adding to the challenges faced by production enterprises already dealing with weakened demand and disrupted supply chains.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American market for Anhydrous Hydrofluoric Acid experienced a notable downtrend in prices, driven by a convergence of factors. Increased domestic inventories and continued imports significantly contributed to the price decline. Despite stable inquiries from downstream industries such as refrigerants and battery manufacturing, consumers refrained from placing new orders, resulting in sluggish spot transactions and reduced trading activities. Elevated production costs and tighter supply of upstream fluorite further strained the market, impacting the overall profitability and stability of manufacturers and suppliers.
The USA, witnessing the most pronounced price changes, encapsulated the overall market sentiment. Anhydrous Hydrofluoric Acid prices followed a consistent bearish trajectory, marking a 1% drop from the previous quarter (Q1) in 2024. Seasonality played a lesser role compared to the prevailing market dynamics, with inventory levels and supply-demand imbalances taking precedence.
The comparison between the first and second half of the quarter further underscored the negative pricing environment, registering a 1% decline. This persistent decrease reflects broader market trends, characterized by cautious purchasing behaviors and heightened inventory levels. The quarter concluded with Anhydrous Hydrofluoric Acid prices settling at USD 2440/MT DDP Houston in the USA.
Overall, the pricing environment for Anhydrous Hydrofluoric Acid in Q2 2024 has been negative, influenced predominantly by macroeconomic factors and supply chain dynamics, illustrating a challenging landscape for market participants.
Asia- Pacific
In Q2 2024, the Anhydrous Hydrofluoric Acid (AHF) market in the APAC region experienced a notable uptick in prices, driven primarily by robust demand across various downstream industries such as refrigerants and semiconductor manufacturing. The quarter saw a significant influence from high raw material costs, particularly in the fluorspar market, whose prices surged due to regulatory measures aimed at curbing illegal mining and improving safety standards. Additionally, freight charges remained elevated, exacerbating the overall cost structure for AHF. The culmination of these factors led to sustained price increases throughout the quarter.
Focusing on Japan, which experienced the most significant price changes, the pricing environment was markedly bullish. The overall trends indicate a strong seasonality effect, with the peak season for refrigerant usage playing a critical role in driving up prices. The correlation between increased demand during the summer months and higher AHF prices was evident, as downstream industries ramped up stockpiling activities. From the previous quarter in 2024, the price increased by 1%, reflecting a steady increase. Comparing the first and second half of the quarter, a 7% rise was noted, underscoring the sustained upward momentum in the latter part of the period.
Despite these increases, the market sentiment remained stable, as evidenced by the latest quarter-ending price of USD 1451/MT CFR Osaka. This price level suggests that while the market has experienced upward pressure, the pricing environment has been relatively positive, buoyed by strong demand fundamentals and supply-side constraints.
Europe
The prices of the Anhydrous Hydrofluoric acid market have witnessed an upward trajectory in the German market during the second quarter of 2024 due to imports of expensive goods in the domestic market of Germany. China, a significant exporting nation, has reported a rise in prices of upstream raw materials. In the fluorspar market, upstream prices have remained elevated. However, on the demand side, inquiries from the downstream refrigerant and other industries have declined, despite the seasonal demand. Though, it had a limited impact on the price of AHF. Overall, market activities have been subdued amid macroeconomic headwinds, with transactions remaining at an average level. Furthermore, escalating tensions between Iran and Israel lead to increased freight charges and insurance premiums for shipping vessels operating on global routes. This heightened risk is particularly significant for ships bound for Western European countries and the US, keeping the prices elevated in the domestic market. Generally, the availability of AHF was relatively limited to meet the existing downstream demand which further lifted the prices of AHF.
South America
In Q2 2024, the pricing trend for Anhydrous Hydrofluoric Acid in the South America region has been predominantly influenced by several key factors. Elevated prices were primarily driven by increased manufacturing costs due to higher raw material prices, particularly in the fluorspar market. Manufacturers in exporting nations responded by raising factory prices, resulting in a continuous upward trajectory for market prices. Additionally, the ongoing surge in demand, fueled by accelerated construction activities, further supported the price increase. The market also experienced elevated freight charges, attributed to strong demand and congestion on major sea trade routes. In Brazil specifically, the market saw the most significant price changes, with a notable 7% increase from the same quarter last year. However, there was a slight decrease of 2% from the previous quarter in 2024. The second half of the quarter witnessed a 5% price increase compared to the first half. The quarter-ending price for Anhydrous Hydrofluoric Acid CFR Santos Port in Brazil stood at USD 1540/MT, reflecting a consistently positive pricing environment marked by increasing sentiments.
