Supply of PTMEG was high in China

Supply of PTMEG was high in China. The settlement of price was passive since Q2, mainly following the price trend of BDO, while the profitability of PTMEG started being feeble after Q2. Therefore, we directly compare the operation status of BDO and spandex market in the following part.

Spandex 40D has been unprofitable since Q2. BDO market also witnessed apparent losses after price slumped. The whole value chain suffered deficit. The stocks produced by earlier high-priced feedstock was greatly depreciated after price crashed in Jun-Aug