Cash flow of PFY was tolerable especially POY

Sales of PFY experienced 3 round of improvement since the beginning of Sep, but lasted short, mainly lasting for below 1-2 days. Generally, the highest and lowest stocks of POY, FDY and DTY differed within 3 days.

Operating rate of downstream plants slightly increased in Sep compared with Aug, and PFY plants did not see big inventory burden supported by rigid demand. Cash flow of PFY was tolerable, especially POY.

Therefore, operating rate of PFY industry was slanting high now in the second half of 2019, around 82-83%.