Fluorspar: Cycles
A price that has risen every year since 2021
What this tab covers Price history and what drives booms and busts, including this commodity's super-cycles, the drivers behind them and the metrics to track. It charts monthly prices (World Bank) with a switch to inflation-adjusted annual prices; where there is no World Bank series it uses USGS US prices.There is no exchange benchmark. The US import unit value for acid grade climbed every year, from $322/t in 2021 to $470 in 2025. Metallurgical grade rose from $151 to $400. The driver is supply. China, still a major exporter, has also become a large importer as rectification measures suspend mines at home. New mines take years and need permits. Canada restarted one in 2025, and a large Xinjiang mine opened.
US price, Acid-grade fluorspar, average unit value of US imports, c.i.f.
2021 322 2022 387 2023 428 2024 464 2025 470 dollars per metric ton. USGS MCS 2026; 2025 is an estimate.Super-cycles in fluorspar
Fluorspar prices are set by China's policy more than by geology. China flooded the market in the late 1980s, then restricted exports after 2003 to keep fluorine for its own chemical industry, which pushed prices to records around 2011-2012. A long slump followed as refrigerant regulation and weak demand capped HF use. Since 2021 China has turned importer as safety 'rectification' closes mines, while batteries and new refrigerants add demand, so prices have climbed again. There is no exchange; the cycle shows in Chinese FOB quotes and US import values.
- Late 1980s-1990s
Chinese exports flooded the market and pushed prices below many producers' costs; North American mines closed and significant US mine output ended by 1995.
No price series in sources; US mine production not reported since 1995 (USGS 2026; Mining.com 2012).
- 2008-2012
China used export licences to keep fluorspar at home and sold downstream fluorochemicals instead; a WTO ruling against China's restrictions eased supply from 2012.
Prices about $310-450+/t over 2008-2011 (Mining.com, Nov 2012); acidspar FOB China peaked at $440/t in mid-2012 (Roskill, 2015).
- 2012-2016
Flat demand, F-gas and HFC regulation and new capacity outside China hit prices; world output fell from 7.3 Mt (2011) to 5.7 Mt (2016).
Acidspar FOB China averaged $300/t in H1 2015 and $270/t in August 2015 (Roskill, 2015).
- 2021-2025
Chinese mine closures for safety rectification, refrigerant transition and battery demand tightened supply; China's imports rose 48% in H1 2025.
US acid-grade import unit value $322/t (2021) to $470/t (2025); metallurgical grade $151/t to $400/t (USGS MCS 2026).
What drives the cycle
- Chinese mining and export policy. China mines about 60% of world output; licensing, safety closures and export rules swing world supply.
- Refrigerant regulation. The Montreal Protocol, Kigali amendment and EU F-gas rules change which fluorocarbons are made, shifting HF demand.
- Lithium-ion batteries. LiPF6 electrolyte and PVDF binders add new acidspar demand as EV and storage output grows.
- Steel output. Metallurgical grade follows steel production, especially in China and India.
- Phosphate-derived FSA. Cheaper fluorine from phosphate plants can cap acidspar prices where conversion capacity exists.
Metrics to track
| Metric | Why it matters | Where to track it |
|---|---|---|
| Acidspar and metspar prices (FOB China, CIF Rotterdam) | Main market prices | Fastmarkets; Argus; SMM |
| US import unit values by grade | Free long-run proxy | USGS Mineral Commodity Summaries |
| China fluorspar imports and exports | Shows whether China is short | China Customs; UN Comtrade (HS 2529.21/22) |
| Mongolia fluorspar exports | China's main import source | Mongolia National Statistics Office; Chinese customs data |
| HFC quota allocations and refrigerant production | Largest HF use | China Ministry of Ecology and Environment; EU F-gas registry; US EPA |
| Battery electrolyte (LiPF6) output | Fast-growing demand | Chinese battery industry data (e.g. SMM) |