the market was almost closed during the Spring Festival

In the first quarter, the market was almost closed during the Spring Festival. After the holiday, the new wave of COVID-19 cases in Northeast China and the epidemic control policy in other areas of China weighed on production of enterprises, circulation of staffs, transportation and freight cost. In external environment, the price of energy surged due to the Russia-Ukraine war and consumption outside China was restrained by the enhancing inflation. In the second quarter, the trading volume of VFY kept hitting new highs as orders from Southeast Asia increased significantly with the relaxing of pandemic control policy. There was weaker demand in China local market in the third quarter because of the slack season, as well as bad weather and power rationing, but exports continued to bolster VFY market. There was falling export and production cut by Chinese companies in the fourth quarter, but the performance was not so bad.