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The 2022 profit pattern highlights how MEK margins are more sensitive to price spikes than to feedstock cost trends. Traders should monitor refinery-level C4 availability and downstream solvent demand seasonality—especially coating and adhesive sectors—as these determine whether the wide spreads seen in early 2022 can repeat.
This divergence between nameplate capacity and actual output is a critical nuance for buyers. Rather than relying on capacity statistics, track weekly operating rates from major producers and regional inventory levels. The regulatory burden also means new entrants face hurdles beyond capital, reinforcing the incumbent advantage of established players like Qixiang.