As the George Gershwin classic almost said, it's summertime and the resin pricin' is easy.
PET was the only major North American commodity resin to show any movement in June, and that material recorded only a half-cent-per-pound increase for bottle resin. Prices for all other grades of polyethylene, polypropylene, polystyrene and PVC were flat for the month.
The PET hike was tied into higher demand for the material and slightly higher feedstock costs. It came after prices had slipped a penny per pound in May. The June hike ends a streak of three straight monthly declines totaling 3.5 cents per pound for the material.
Prior to those declines, regional PET prices had increased for six consecutive months, with those increases totaling 9.5 cents per pound.