SMM

According to SMM statistics, China's APT production in September increased by about 5% MoM. During September, APT smelters increased production slightly to meet long-term contract demands and supplement spot inventory. Looking ahead to October, due to lower-than-expected inventory replenishment in September and mediocre performance in new orders from downstream markets, some APT smelters opted for production halts and maintenance during the National Day holiday. APT production in October is expected to decrease slightly.