Collapsing polyester feedstock price weighed on the whole value chain recently

High inventory of PFY and fabrics has been obviously depreciated and the operating rate accelerated descending. Sales of fabric have almost been in stagnation when it is during off-season now and feedstock price kept decreasing. Sales of PFY sustained meager and stocks accumulated to yearly high, even higher than the level in 2020 when the pandemic started. Market players lacked confidence