It may be the start summer, when sales of cold beverages soar in North America, but prices for PET bottle resin aren't rising with the temperatures.
Regional prices for PET bottle resin slumped an average of 3 cents per pound in May. The material remains in abundant supply, sources said.
Operating rates for PET resin as well as for paraxylene and MEG feedstocks remain low, sources said, making it difficult for producers to increase prices.
PET prices also had decreased by 1 cent in April after climbing 1 cent in March. Prices for the material also had been up 1 cent in February. The net result of these moves has North American PET prices down 2 cents per pound since Jan. 1.