North American PET bottle resin prices declined by an average of 1 cent per pound in October, ending a streak of two consecutive monthly price hikes.
Prices had jumped 6 cents per pound in September after a 2 cent hike in August. Market watchers cited improving supplies of purified terephthalic acid and other raw materials as reasons for the October decline.
Sources added that buyers may see more price declines for PET in November. Demand for bottle resin typically declines in the fall and winter months, the result of declining sales of bottled water and carbonated soft drinks.
Longer-term, sources said that the U.S. International Trade Commission's decision not to place anti-dumping duties on PET resin imported into the United States from Brazil, Indonesia, South Korea, Pakistan and Taiwan could increase the volume of lower-priced PET.
ITC's decision came even though the U.S. Department of Commerce previously had determined that PET from those countries are sold in the United States at less than fair value.