North American prices for PET bottle resin fell 6 cents in November, reflecting an expected seasonal decline.
Market watchers cited lower demand and improving supplies of purified terephthalic acid and other raw materials as reasons for the November decline, which was expected by many buyers. Demand for bottle resin typically declines in the fall and winter months, the result of declining sales of bottled water and carbonated soft drinks.
IN October, regional PET bottle resin prices declined by an average of 1 cent per pound which, ended a streak of two consecutive monthly price hikes. Prices had jumped 6 cents per pound in September after a 2-cent hike in August.
Longer term, sources said that the U.S. International Trade Commission's decision not to place antidumping 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.
Three U.S. PET resin makers — DAK Americas LLC, Indorama Ventures USA Inc. and Nan Ya Plastics Corp. America — filed an appeal Nov. 30 with the U.S. Court of International Trade.