PET bottle resin prices ticked up 2 cents in March after increasing 3 cents in February. Prices for the material had surprised market watchers by dropping 5 cents in January.
The March increase was more connected to higher prices for feedstocks such as paraxylene and purified terephthalic acid (PTA), one source said.
Seasonal demand also was a factor in the PET price hike as retailers prepare for higher beverage sales during warmer summer months. Bottled water — the largest beverage segment in the U.S. and a major consumer of PET — continues to grow, but has slowed in recent years, according to a recent report from the Beverage Marketing Corp. consulting firm.