spandex has high requirement for plant stability and belongs to chemical enterprises that need continuous operation

Firstly, spandex has high requirement for plant stability and belongs to chemical enterprises that need continuous operation. Spandex plants mostly ran at higher capacity than that of PFY and NFY factories in history. The operating rate of spandex, NFY and PFY plants was high and hit multi-year high in the second and third quarter of 2021, declined in Q4 2021 and Q1 2022 affected by the regulation of electricity consumption and the Spring Festival holiday and rapidly rebounded after Spring Festival holiday. The run rate of NFY and PFY plants quickly fell in end-Mar with worse spread of pandemic in some regions of China. Current operating rate of PFY plants, NFY producers and spandex factories declined by 20.2 percentage points, 13 percentage points and 4 percentage points respectively compared with the highest level in H1 2021 to 71.1%, 74% and 93% respectively. Spandex plants still ran at around 20 percentage points higher of capacity than NFY and PFY factories