VFY market was gradually closed for Chinese Lunar New Year holiday

As for downstream demand, VFY market was gradually closed for Chinese Lunar New Year holiday in Jan and downstream plants gradually suspended operation after building up stocks, which had not resumed until mid-Feb. However, the new wave of COVID-19 infections in some regions of China affected the production and transportation of downstream plants, coupled with capital issue. The demand in China local market was not strong, while there was healthy growth of exports since orders from Southeast Asia like India and Vietnam increased significantly with the resumption of work