Why did China's acetonitrile prices surge to a 5-year high in 2020?

Why did China's acetonitrile prices surge to a 5-year high in 2020?
China's acetonitrile market experienced extreme volatility in 2020. Supply contracted sharply in the first half, pushing prices from a low of 16,500 yuan/ton in April to 30,000 yuan/ton by mid-year, a 10-year high. After a brief correction in June, prices rallied again from mid-September through December. The full-year average reached 23,581 yuan/ton, up 15.35% year-on-year. The tightness was driven by reduced output from major producers, as acetonitrile is primarily recovered as a byproduct of acrylonitrile manufacturing. Demand from pharmaceuticals, agrochemicals, and HPLC-grade solvent users remained steady, while supply-side disruptions created a structural imbalance. The episode highlights how dependent the market is on acrylonitrile plant operating rates, making acetonitrile pricing vulnerable to upstream production decisions.