Why did China's MIBK imports surge over 50% in 2023 despite domestic capacity?

Why did China's MIBK imports surge over 50% in 2023 despite domestic capacity?
China's MIBK market tightened sharply in 2023 after LCY Chemical permanently shut its 50,000-tonne plant in Zhenjiang at end-2022 due to environmental issues. Domestic output fell 19.24% year-on-year to just 78,500 tonnes, creating a clear supply gap. Import volumes responded with a 51.17% jump. The closure removed a major low-cost producer and left the remaining six domestic players, all using the acetone one-step process, unable to fully cover demand. This supply-demand imbalance has been a key price driver, while anti-dumping duties on Korean, Japanese and South African material continue to shape import flows and pricing dynamics.