China soft drink O/R initially declined and then rallied in Q1

Soft drink operating rate: 1. China soft drink O/R initially declined and then rallied in Q1, mainly impacted by Spring Festival holiday. Q2 is purchasing peak season, and downstream plants primarily built stock intensively at low rates. Afterward, as market price increased end Q2, purchasing demand flattened. Soft drink O/R began to slipping early Q3. In end Q3, as weather cooled down, PET demand in N. China retreated. Overall, soft drink production maintains a steady y-o-y growth in Jan-Sep, but the pace slows down.