Compared to the steep price increase between late September 2020 and late November 2020, we have seen price of GTO begin stabilizing. The main driver is market price, which has reached a level where downstream users might wait for better prices to buy. Some derivate producers were able to divert to CST based production. With bidding season over, demand has slowed down. Expectations are this price level will continue for a while due to increased shipping cost and shipping space availability. Also the currency exchange rate especially USD/RMB has a big influence on the pricing compared to 6 months ago. Please refer to Figure 1 for an in-depth look at the price development of Gum Turpentine.