Why did cyanuric chloride margins swing so violently for Chinese producers?

Why did cyanuric chloride margins swing so violently for Chinese producers?
Margin volatility in this product is extreme. One listed producer reported cyanuric chloride gross margin jumping from about 4.2% to 50.5% year on year in a single half, while its legacy colorants business saw margins slip. That swing, not volume, drove the earnings surge — revenue rose roughly 50% but net profit multiplied several times over. The likely driver was pandemic-era supply chain disruption rather than a permanent step-up in product value. For buyers, this is the key risk: cyanuric chloride pricing can detach sharply from underlying demand, so contract structures and inventory timing matter as much as posted prices.