Prices are continuing to rise for recycled PET resin pellets.
Sources told Plastics News recycled PET resin prices increased by an average of 5 cents per pound during the last quarter.
Clear post-consumer PET resin prices increased by 6 cents and green post-consumer pellets are up by 4 cents. These price changes are shown on this week's Plastics News resin pricing chart.
"It's depending on availability, and where certain things are, and yield," said a manufacturer in the South Central U.S. "All the ESG claims are coming in for July. Most people are pre-buying for April, May and June right now, so you are seeing an uptake on demand."
In the first half of 2023, recycled PET prices fell and in the second half of the year prices began to increase. Prices for 2024 are expected to continue to rise through the next couple of months.
"Everyone is converting to a recycled PET so there's not enough capacity," said a consultant in Ohio.
"We really have not taken advantage of the fact that if you really did create — and I almost hate to use this word — a circular economy the prices could go down," added the consultant.