Although China is about to usher in the Lunar New Year (February 11-17), companies and factories will resume operations sooner than expected after the Spring Festival. Considering the increasing number of coronavirus cases in the north, some cities and regions will In January, the lockdown was implemented, and millions of migrant workers were promoted to celebrate the New Year on the spot.
The problem is that the extent of the recovery in plastic demand in Asia remains to be seen, because companies resume operations earlier than the past few years. In previous years, Chinese factories would generally be closed for 2-4 weeks during the Spring Festival.
"Most small and medium-sized plastic processors in China will gradually resume operations after February 26. As some workers will not return to their hometowns this year, demand may recover earlier than in previous years. This year's labor shortage may not be serious." ICIS senior analyst AmyYu said.
This new trend of companies quickly resuming work after the Spring Festival is a positive for China's economy, which has been expanding its manufacturing industry for 11 consecutive months, and for plastic demand in Asia as a whole.