Why has China's 1-propanol price spiked above 10,000 yuan/mt despite only 290,000 tons of capacity?

Why has China's 1-propanol price spiked above 10,000 yuan/mt despite only 290,000 tons of capacity?
China's 1-propanol (n-propanol) market was stable at 7,400-7,800 yuan/mt through the first half, then broke out sharply in the second half, climbing roughly 3,500 yuan/mt by late October before accelerating. On November 13 producer quotes crossed the 10,000 yuan/mt mark to 10,250 yuan/mt, and by November 15 they jumped again to 13,000 yuan/mt. Some producers have stopped quoting outright, signaling genuine tightness rather than sentiment. The supply story is simple: capacity sits near 290,000 tons, with the last major additions being Ningbo Juhua's 50,000 tons in August 2020 and Luxi Chemical's 80,000 tons in March 2021. With no meaningful new capacity since, demand from coatings, inks, adhesives and pharma intermediates has outpaced supply, pushing the market into visible shortage.