A key ingredient in hand sanitizers and medical disinfectants has become hard to obtain, triggering its price to surge to an all-time high.

Isopropyl-alcohol prices have more than tripled in the U.S. since March 10. They reached $3,160 a metric ton Tuesday, according to S&P Global Platts, the highest price on record dating back to 1986. In a sign of the strain on supplies, one buyer wasn’t able to get the niche petrochemical after offering to pay as much as $4,900 a ton, or more than twice the previous high, according…

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