VFY price further increase in Nov

VFY price further increase in Nov. The supply was still restrained with operating rate of the industry around 70%. Sales in China local market kept relatively mild, while exports performed better. In early Nov, downstream plants raised run rates with the relieving power rationing policy. Moreover, overseas consumption warmed up apparently with improving situation of the COVID-19 pandemic. Coupled with the stimulation of price rise (VFY plants further adjusted up offers by 2,000yuan/mt), downstream buyers were more active to build up stocks, though the implementation needed further observation.