the slowdown in production cut of downstream polyester plants has also brought

In addition to the decrease in the supply side, the slowdown in production cut of downstream polyester plants has also brought support to the PTA market. In early and mid-December, as the epidemic control policy changed and the crude oil price dropped to around US$70/barrel, the speculative demand from downstream mills increased. Some polyester filament yarn producers slowed down the production cut seeing lower product inventory. The polyester polymerization rate has dropped from 72.8% in early December to current 66.8%.