# Fluorochemicals and refrigerants: Correlation Prices it moves with, and why Source page: https://www.materialinsights.org/chemicals/fluoro_intermediates/correlation/ Fluorochemicals include refrigerant gases such as R-32 and R-134a, fluorinated intermediates for drugs and agrochemicals, and fluoropolymer feedstocks. All start from fluorspar via hydrogen fluoride, so Chinese supply, HFC quotas and cooling demand set prices. Proxy **US PPI: other industrial gases incl. fluorocarbons** index (BLS base period =100) · monthly, Jun 2009 to Sep 2026 There is no free public price for fluorochemicals and refrigerants itself, so this tab uses the closest public series as a stand-in. Read the numbers as an indication, not as the price of this exact item. #### What its price moves with Selected link ##### Fluorochemicals and refrigerants and Hydrofluoric acid Monthly changes 0.11 little or none correlation 12-month changes 0.41 moderate correlation Last 5 years 0.27 monthly changes Lead or lag none No clear lead or lag Price function, Jun 2009 to Sep 2026 Fluorochemicals and refrigerants ≈ 0.535 × (Hydrofluoric acid)^1.26 R² 0.35 On this fit, a 10% higher hydrofluoric acid price goes with a 12.7% higher fluorochemicals and refrigerants price over the long run. Units: index (BLS base period =100) and index (BLS base period). Chart: Fluorochemicals and refrigerants and Hydrofluoric acid prices rebased to 100 at Jun 2009, log scale Both prices rebased to 100 at Jun 2009, on a log scale so equal percentage moves look the same size. Chart: Fluorochemicals and refrigerants price against Hydrofluoric acid price, monthly, log scales, with fitted line Each dot is one month; paler dots are older (2009), darker dots recent (2026); the ringed dot is the latest month. The dashed line is the fitted price function. Both axes are logarithmic. Commodity [F Fluorspar](https://www.materialinsights.org/commodities/fluorspar/)Mineral source Acid-grade fluorspar is the only commercial source of fluorine, and China supplies much of it. Fluorspar shortages or Chinese export curbs raise costs across the whole fluorochemical chain, including for Indian producers. Not enough overlapping price history to measure. Chemical [HF Hydrofluoric acid](https://www.materialinsights.org/chemicals/hydrofluoric_acid/)Direct input 0.11 Hydrogen fluoride, made by reacting fluorspar with sulphuric acid, is the reactant for refrigerants and fluorinated intermediates. Against the inorganic acids proxy, monthly moves correlate at 0.11 and yearly moves at 0.41. little or none co-movement month to month · 207 months Show charts Chemical [Cl2 Chlorine](https://www.materialinsights.org/chemicals/chlorine/)Chlorocarbon feed 0.04 Refrigerants are made by fluorinating chlorinated feedstocks such as chloroform and methylene chloride, which come from chlor-alkali chains. Against the chlor-alkali proxy, monthly moves correlate at 0.04 and yearly moves at 0.29. little or none co-movement month to month · 207 months Show charts Chemical [PTFE Fluoropolymers (PTFE, PVDF)](https://www.materialinsights.org/chemicals/fluoropolymers/)Product made PTFE, the main fluoropolymer, is made from a monomer derived from the refrigerant R-22, so refrigerant and fluoropolymer chains are linked. Indian firms such as SRF and Gujarat Fluorochemicals make both. Not enough overlapping price history to measure. Energy [HP Heat pumps, air conditioning and refrigeration](https://www.materialinsights.org/energy/e_heat_pumps/)Refrigerant demand 0.12 Air conditioners, refrigerators and heat pumps need refrigerant charges and refills. The equipment index correlates at 0.12 for monthly moves and 0.43 for yearly moves, while HFC phase-down quotas also drive refrigerant prices. little or none co-movement month to month · 207 months Show charts How to read these numbers **Correlation of monthly changes** (the number in the coloured pill) compares how much each price moved, month by month, since 2006 or the first month both series exist. It runs from −1 to +1: near +1 the two usually rise and fall in the same months, near 0 there is no link, and a negative number means they tend to move in opposite directions. Above 0.7 is strong, 0.4 to 0.7 moderate, 0.2 to 0.4 weak. **12-month changes** compare year-on-year moves, which shows whether two prices share the same cycles even when the month-to-month noise differs. **Price function** is a straight-line fit of the two prices on logarithmic scales: price ≈ k × (partner price)^β. β is how much this price moves, in per cent, for a 1% move in the partner over the whole period, and R² is the share of the variation the fit explains. Two prices that both drift up with inflation can fit well without any real link, so read it together with the monthly correlation. **Lead or lag** checks whether the monthly correlation is clearly higher when one price is shifted by 1 to 6 months. Correlation is not cause. The reasons on each card explain the economic link; the numbers show how strongly it has shown up in prices. Proxy series are US producer price indexes or related prices and can blur the real link. Data: World Bank Commodity Price Data (Pink Sheet), October 2026; US Bureau of Labor Statistics producer price indexes, IMF primary commodity prices and US EIA prices via FRED, Federal Reserve Bank of St. Louis, retrieved November 2026. Calculations by this site. ## Other sections - [Summary](https://www.materialinsights.org/chemicals/fluoro_intermediates/index.md) - [Overview](https://www.materialinsights.org/chemicals/fluoro_intermediates/overview/index.md) - [Production route](https://www.materialinsights.org/chemicals/fluoro_intermediates/routes/index.md) - [Production](https://www.materialinsights.org/chemicals/fluoro_intermediates/production/index.md) - [Feedstocks](https://www.materialinsights.org/chemicals/fluoro_intermediates/feedstocks/index.md) - [Cycles](https://www.materialinsights.org/chemicals/fluoro_intermediates/cycles/index.md) - [Trading](https://www.materialinsights.org/chemicals/fluoro_intermediates/trading/index.md) - [Movement](https://www.materialinsights.org/chemicals/fluoro_intermediates/movement/index.md) - [Regulation](https://www.materialinsights.org/chemicals/fluoro_intermediates/regulation/index.md) - [Characteristics](https://www.materialinsights.org/chemicals/fluoro_intermediates/characteristics/index.md) - [Emissions](https://www.materialinsights.org/chemicals/fluoro_intermediates/emissions/index.md) - [Relationships](https://www.materialinsights.org/chemicals/fluoro_intermediates/links/index.md)