Key takeaway: The fluorochemical chain shows a clear divergence — anhydrous hydrofluoric acid is up nearly 40% year-to-date, while general-purpose suspension PTFE has slipped back to roughly RMB 31,800/t, near cash cost. Acrylonitrile jumped 8.1% in a single week, putting a cost floor under carbon fibre. PI film is the only genuinely tight material this period: secure volume rather than price.
1. Price Overview
| Material | Current price range | Week on week | Trend |
|---|---|---|---|
| PTFE resin (suspension, medium particle) | RMB 31,800–34,000/t | 0% to -1% | Soft but stable (down ~30% from the 30-day high of 45,500) |
| PTFE dispersion resin | RMB 54,000/t | 0% | Stable (low producer inventory, moderate run rates) |
| PEEK virgin resin (domestic China) | RMB 300,000–400,000/t (mainstream quote 380,000) | 0% | Stable with a downward bias |
| Carbon fibre T300-12K | RMB 90/kg | 0% | Bottoming out |
| Carbon fibre T700-12K | RMB 118–120/kg | 0% | Bottoming out |
| PI film (electrical/electronic grade, 6051 series) | RMB 180–255/kg | 0% to +1% | Firm |
| Technical ceramic feedstock (high-purity alumina micropowder) | RMB 130–180/kg (discounts on bulk) | 0% | Soft but stable |
| [Cost driver] Anhydrous HF | RMB 15,000–16,500/t | 0% | Strong (up ~40% YTD) |
| [Cost driver] Acrylonitrile | RMB 12,000/t | +8.1% vs. early Aug | Turning strong |
2. Notable Moves
- Acrylonitrile +8.1%: from RMB 11,133/t on 1 Aug to RMB 12,033/t on 4 Aug. Precursor costs for carbon fibre are rising, but industry inventory of about 15,670 t (up 27.3% from the start of the year) is blocking pass-through, so finished carbon fibre has not followed.
- Anhydrous HF up nearly 40% YTD: Korean semiconductor-grade HF buyers have stepped up China sourcing, lifting high-purity grades to RMB 16,000–16,500/t from under RMB 12,000/t in January. Downstream, R32 has risen to RMB 64,500–65,500/t and R22 holds at RMB 24,000–25,000/t, with Q3 contract prices up close to RMB 3,000/t quarter on quarter.
- PTFE down roughly 30% over 30 days: a clear break from upstream. Higher fluorspar and HF costs cannot be passed into commodity PTFE grades; overcapacity plus need-only buying has compressed processing spreads to historic lows.
- PI film firm: the Asia-Pacific supply gap in high-end electrical-insulation PI film has widened to about 18,000 t/year. The global market now exceeds USD 2.8 billion with a CAGR near 7.2%, and demand from EV traction-motor insulation, wind generator insulation and hydrogen high-temperature applications is growing more than 15% a year.
3. Impact Analysis
Procurement cost: The strong-upstream / weak-downstream pattern in fluorochemicals means commodity PTFE is already close to cash cost, so further downside is limited and restocking at these levels carries manageable risk. High-end fluoropolymer grades (dispersion resin, PFA/FEP), by contrast, will catch up with HF and should be volume-secured early. For carbon fibre, acrylonitrile cost push makes RMB 90/kg for T300-12K an effective floor; waiting for further declines is becoming less rewarding.
Supply chain: PI film is the only true seller’s market right now, where lead time and allocation risk outweigh price risk, especially for imported high-end electrical-insulation grades. In PEEK, Zhongyan has set up a Jiangsu subsidiary to build 10,000 t/year of PEEK capacity, so domestic quotes are more likely to fall over the medium term — avoid locking long-term contracts at today’s prices. The macro backdrop remains soft: of 50 key production materials tracked nationally in early August 2026, 12 rose, 31 fell and 7 were flat, so a broad-based materials rally is unlikely.
4. Recommended Actions
- Lock in (3–6 months): PI film, prioritising high-end electrical-insulation grades — secure volume ahead of price; PTFE dispersion resin and other high-end fluoropolymers such as PFA/FEP; any externally sourced anhydrous HF exposure.
- Stay on the sidelines: commodity suspension PTFE (restock on demand once cost support is confirmed); carbon fibre T300/T700 (buy in small tranches at the bottom and push for acrylonitrile-indexed clauses); PEEK (renegotiate after new capacity starts up).
- Monitor: fluorspar and sulphuric acid prices as leading indicators for HF cost; weekly carbon fibre industry inventory; PI film localisation and capacity-expansion progress.
Data note: compiled from public quotations and industry monitoring. Technical ceramic feedstocks trade largely on enquiry with no daily price index, so ranges are indicative only. PEEK and PI film are quoted at monthly frequency; week-on-week is treated as flat.