As capacity distribution in North China is scarce

As capacity distribution in North China is scarce, and Anyang Chemical turnaround just comes to an end, hence stock is quite limited. Later, Yisheng Dalian announces turnaround plan mid-May, market supply substantially shrinks. In South China, China Resources Zhuhai 500kt/year restarts, modestly easing the supply tightness. Downstream PET sheet plants begin to sell PET bottle chip instead of taking end-user order as feedstock price hikes too quickly. Demand for PET bottle chip reduces. So far as we know, most of the large beverage factories have been running at full rate, and O/R of most edible oil factories has risen to around 70%. Running rate of PET sheet factories in East China ranges from 60% to 70%, while that in South China is only 30%