Yes. BOPET is in bad shape. BOPP too but relatively better. Q3 may see bottoming out of BOPP margins in short run. BOPET, there is lesser clarity on it.
The capacity addition of approx 40% over 3 years may not actually materialize. When industry goes thru such phases companies often delay the projects and sometimes scrap it altogether too. So there is an additional balancing mechanism which is there in the mid term 12-36 months range.
So, things may not turn out as bleak in the mid term as it seems. But definitely, difficult times ahead.
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