China's PFY exports reduced in Jul as expected. Players held looking-on mindset in the first half of month when the extension of BIS certification was not announced. In the second half of Jul, many orders from India were placed, while actual delivery was limited. Therefore, market participants focused on the delivery of export orders in Aug. The delivery tempo is slightly delayed in PFY companies in Aug, while the delivery volume is large. After the shipment to India increased, the freight of Indian and Pakistani route gradually firmed up. PFY exports are likely to hit yearly high in Aug.