PET bottle resin prices took a late summer leap in August, despite lower demand than expected.
North American prices ticked up an average of 3 cents in August after moving up 1 cent in July. Prices for the material had dropped a combined 4 cents for May and June.
Regional PET prices are up a net of 2 cents so far in 2023.
The August increase was a result of higher feedstock costs.
PET demand has been lower than expected in 2023, even during the warmer summer months, which increase consumption of bottled water and carbonated soft drinks, two major PET end markets.
First-quarter imports of PET into the U.S. totaled about 420 million pounds, down 25 percent vs. the same quarter in 2022, according to global trading firm Czarnikow in London. Those totals also were down in the last two quarters of 2022.