Players on polyester and downstream markets hold pessimistic view now

Players on polyester and downstream markets hold pessimistic view now. Coupled with shrinking processing fee of the whole industrial chain, downstream buyers are estimated to have one bottom-fishing before the Spring Festival holiday. By that time, inventory burden of polyester goods may mitigate periodically. However, it is still too early to say it as players' mindset will not recover until feedstock price stabilized. Even if buy-the-dip appears, it is simply a transfer of polyester inventory. Polyester companies are still expected to face big pressure to cut production during the Lunar Chinese New Year holiday.