Downstream buyers increased purchasing after oil price spiked during the National Day holiday

Downstream buyers increased purchasing after oil price spiked during the National Day holiday, ending up with better-than-expected sales, while overall sales were moderate as downstream buyers still held cautious mindset. PFY companies only slightly raised price, indicating high inventory burden, and most were cautious in price uplift as they wanted to destock at first. The weather cooled down obviously from Oct 5, which boosted some demand, while the spread of pandemic in some regions also repressed demand. According to the survey made by CCFGroup, most downstream plants saw unchanged business. Only warp knitting mills in Changshu witnessed slightly better business. Warp knitting plants, who saw good business earlier, also faced decreasing business