PURPOSE: To improve dimensional accuracy, reliability and durability by a method wherein grooves parallel with the axis line of a heat exchange element material are cut at equal intervals in the circumference to form a plurality of heat exchange elements and a heat exchange medium comprising the heat exchange elements and a support is released from a molding die in the direction of the axis line.

CONSTITUTION: A support 12 formed endless circumferentially is applied on the outer circumferential surface of a cylindrical molding die 10 formed in axial length dimensions larger than width dimensions of the support 12 through a die releasing agent 14. A heat exchange element material 13 formed in a ring is fitted into the outer circumferential surface of the support 12 through an adhesive 15 and the support 12 and the heat exchange element material 13 are fastened integrally by a high temperature hydrostatic pressurization. Thereafter, grooves 4 parallel with the axis line of the heat exchange element material 13 are cut at equal intervals in the circumference to form a plurality of heat exchange elements 3 and a heat exchange medium 1 comprising the heat exchange element 3 and the support 12 is released axially from the molding die 10. This can improve dimensional accuracy, reliability and durability.