North American prices for PET bottle resin continued to slide through the third quarter.
Prices fell an average of 1 cent per pound in November, marking the fourth consecutive month with lower prices. Prices had dipped 4 cents in October. The total four-month price drop was 10 cents.
Prior to these declines, prices for the materials had been up 1 cent in both June and July. The November price drop followed lower prices for raw materials, including paraxylene and purified terephthalic acid.
Combined with previous increases and decreases, PET prices now are down a net of 9 cents so far in 2024.
PET demand in North America has been in decline since August. Seasonal demand for bottled water and carbonated soft drinks often influence North American PET prices. Demand from those markets typically declines when weather cools in most of the region later in the year.