How did MEK producer profitability evolve in 2022 and what drove the swings?

How did MEK producer profitability evolve in 2022 and what drove the swings?
MEK producers enjoyed significantly higher profits in 2022 compared to 2021, but the year was marked by extreme volatility. In Q1, MEK prices hit their annual peak, staying well above feedstock raffinate-2 prices. The spread widened into early Q2, reaching a maximum profit of around 6,800 yuan/tonne in mid-April. However, MEK prices then corrected sharply while feedstock costs remained relatively stable, compressing margins rapidly. By H2, market prices hovered near factory breakeven levels, leaving producers with minimal gains. Overall, the strong first-half performance lifted full-year profitability, but the second half served as a cautionary tale about how quickly the balance can shift when demand weakens and supply normalizes after maintenance turnarounds.