the whole value chain was still under weakness and in downward streak

As price of PTMEG and BDO extended lower and has not touched historic low, spandex plants controlled operating rate to reduce losses amid high inventory. The losses of spandex plants based on spot raw material prices have hit the highest since the COVID-19 pandemic in end-Q2 and early-Q3 of 2022. The inventory of spandex was near 50 days and has been devalued. Therefore, the actual losses of spandex companies was bigger.