Stronger demand and higher feedstock costs combined to push North American PET bottle resin prices up an average of 3 cents per pound in April.
Some buyers saw only 2 cents in upward price movement, while others saw 4. The 3-cent average is being shown on this week's Plastics News resin pricing chart.
The increase is the second consecutive monthly hike to hit the regional PET bottle resin field, following a 1-cent-per-pound increase in March. Prices had been flat in February after tumbling a total of 16 cents between November and January.
The April hike surprised some market watchers who had expected prices to be stable. But upward pricing pressure was created in part by a surge in the price of oil, which was around $51 per barrel April 1 but was just under $60 when the month ended.