The increased demand for bottled water and soft drinks during the summer is leading to more demand for PET bottle resin, prompting a slight increase in pricing.
North American PET bottle resin prices ticked up an average of 1 cent per pound in April as a result of higher feedstock costs. Prices for that material had been flat for two consecutive months after climbing 2 cents in January.
Strong seasonal demand for bottled water and other beverages also played a role in lifting PET prices in 2022, as well as a lack of new capacity and freight and logistics challenges.
Regional PET supplies will be affected by Alpek SAB de CV's recent decision to close its PET resin plant in Charleston, S.C. The site known as Cooper River was built in the early 1970s, and has annual production capacity of about 375 million pounds.