Softening demand was the major reason for weakening PTMEG market.

Softening demand was the major reason for weakening PTMEG market. The operating rate of fabric mills decreased more in Nov when new orders failed to chase up and earlier orders came to an end with the pass of traditional peak season. Downstream players are cautious in production, worrying later demand. The Spring Festival is in late-Jan, 2023. The production of orders for spring and summer will be longer than previous years after the Spring Festival holiday. With cautious mindset and falling prices of chemical fibers, factories show low production activity. Therefore, fabric mills witness faster reduction of run rate. In addition, as some big fabric and apparel wholesale markets in China such as the Gungzhou Zhongda Market are under lockdown amid the spread of pandemic, some plants start cutting or suspending production in advance.