(Yicai Global) April 27 -- China's Dawn Polymer will invest up to CNY80 million (USD11.3 million) to more than double its face mask raw material output due to rising demand spurred by the Covid-19 epidemic.

The daily production capacity of modified polypropylene is expected to rise to 1,200 tons from the current 500 tons by the end of May, the Shandong province-based polymer composites maker said in a statement today. 

Amid the Covid-19 pandemic, many Chinese companies have rushed to produce the much-needed meltblown nonwoven fabric for face masks as prices have surged by as much as 20 times. Before the outbreak, only some 10 domestic firms made modified polypropylene, a material for the fabric, with an annual output of about 82,000 tons. 

Dawn Polymer's stock price [SHE: 002838] rose by 0.8 percent to CNY35.60 (USD5) in the afternoon. The shares have more than tripled their price since Jan. 23 when the Wuhan lockdown started.

Editor: Emmi Laine