Most downstream plants will resume operation near the Lantern Festival

Most downstream plants will resume operation near the Lantern Festival (Feb 15). Only sporadic plants have restarted now and focused on finishing orders taken before the LNY holiday. Demand for PP may be limited in short run.

In summary, spot PP price is still expected to be mainly supported by cost but discounts may be available due to limited downstream demand. Overall spot price is anticipated to shiver at high level. The cost side and downstream demand should be noted