Implement refrigerant pricing and absorb price increases

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Long term orders in the refrigerant market are gradually being implemented, with quarterly orders for R32 and R410a expected to rise to 41000 yuan/ton and 42000 yuan/ton, respectively. Top companies are offering small discounts of 200 yuan/ton, and there have been no new changes in retail order quotes.

In terms of foreign trade, enterprises have raised the prices of R32, R125, R410, and R134a varieties to over 42000 yuan/ton. R22's domestic trade prices have been coordinated and consistent. R404 and R507 have benefited from the rise in R125 market prices, with the current factory price increase to 42000 yuan/ton. In the retail market, enterprises have further raised their external offers. In December, the domestic refrigerant production industry started at a low level, and large-scale shutdowns and maintenance were common. This situation is expected to improve by the arrival of the new year. At present, mainstream production enterprises have low quota inventory and are operating with light equipment. Market prices are gradually consolidating under the expanding initiative of enterprises. Further implementation of current market transactions still requires time in the short term, but the long-term upward trend remains unchanged. In terms of demand, the production of air conditioning companies continued to increase year-on-year in the first quarter, and domestic sales data tended to stabilize. However, exports continued to grow, and major home appliance companies' overseas bases are expected to gradually release production in 2025. It is expected that the refrigerant export market will continue to rise at that time.