Plastics News this week is reporting a 1 cent per pound price increase for PET bottle resin that took effect in June.
The price hike followed higher prices for raw materials, including paraxylene and purified terephthalic acid, according to an industry source contacted by PN.
Higher seasonal demand for bottled water and carbonated soft drinks also played a role in the June increase.
Regional PET prices had surprised some market watchers by dropping an average of 1 cent per pound in May. Combined with previous increases and decreases, prices for the material now are flat so far in 2024.