Polyethylene Terephthalate (PET) Price Trend and Forecast

Polyethylene Terephthalate (PET) Regional Price Overview

Get comprehensive insights into the Polyethylene Terephthalate market, with a focused analysis of the Polyethylene Terephthalate price trend across Asia, Europe, North America, Latin America, and the Middle East & Africa.

 

PET Price Trend for the Q4 of 2024

Product	Category	Region	Price	Time Period
Polyethylene Terephthalate (PET)	Packaging	China	913 USD/MT	October'24
Polyethylene Terephthalate (PET)	Packaging	China	845 USD/MT	December'24
Polyethylene Terephthalate (PET)	Packaging	Europe	1305 USD/MT	October'24
Polyethylene Terephthalate (PET)	Packaging	Europe	1257 USD/MT	December'24

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Asia

The polyethylene terephthalate (PET) market experienced price fluctuations driven by both external and internal factors. Crude oil prices declined due to increased supply in the market, significantly impacting production costs for PET, as the commodity is closely linked to feedstock prices. Early in the quarter, changes in interest rates and geopolitical factors caused short-lived volatility in international oil prices. However, these were temporary rebounds, and prices declined as the quarter progressed.
 

Polyethylene Terephthalate (PET) Price Chart

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Meanwhile, the supply chain remained relatively unregulated, limiting significant price increases, as downstream market activities were subdued amid the seasonal slowdown. Toward the end of the quarter, there was a slight uptick in demand. The monthly average prices were approximately 913 USD/MT in October and 845 USD/MT in December in Chinese markets. Overall, the PET market in Asia remained subdued throughout the last quarter of 2024.

Europe

The prices of PET in Europe were influenced by both cost pressures and subdued demand. Prices were around 1305 USD/MT (FOB) in October and decreased to 1257 USD/MT in December. A drop in feedstock costs led to a market reversal over the following months. External factors, such as fluctuating crude oil prices and cautious downstream demand, kept the overall market sentiment restrained.

Macroeconomic uncertainty, compounded by seasonal factors, created an environment where most buyers focused on essential purchases rather than speculative buying as the quarter ended. As a result, PET prices remained under pressure with limited opportunities for significant recovery. Overall, the combination of macroeconomic conditions and feedstock price fluctuations kept the PET market subdued during the last quarter of 2024.

North America

During Q4 of 2024, the PET price curve in North America experienced a decline. Downstream buyers remained cautious as economic and political uncertainties following the Presidential elections kept the market subdued. The decline in international crude oil prices reduced support for PET costs. Additionally, weak downstream demand and cautious restocking further exacerbated the situation. By the end of the year, PET prices stabilized slightly due to a modest improvement in feedstock prices, despite ongoing slowness in the manufacturing sector.

Analyst Insight

According to Procurement Resource, the prices of PET are expected to normalize in the upcoming quarter, primarily influenced by the feedstock prices. As the crude oil supply moderates, the prices of the downstream chemicals are anticipated to climb up.
 

Polyethylene Terephthalate (PET) Price Trend for the Q3 of 2024

Product	Category	Region	Price	Time Period
Polyethylene Terephthalate (PET)	Packaging	China	987 USD/MT	July'24
Polyethylene Terephthalate (PET)	Packaging	China	901 USD/MT	September'24
Polyethylene Terephthalate (PET)	Packaging	Europe	1296 USD/MT	July'24
Polyethylene Terephthalate (PET)	Packaging	Europe	1267 USD/MT	September'24

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Asia

The polyethylene terephthalate (PET) prices followed a declining trend during the third quarter of 2024 in the Asian market. In the Chinese market Spot prices fell from approximately 987 USD/MT in July to 901 USD/MT in September, reflecting a decrease of about 7.41%. This significant decline was driven by multiple factors. Traders exhibited caution in placing orders, while demand from downstream sectors remained subdued.

Lower trading activity further contributed to the downward pressure on prices. Additionally, export challenges added considerable strain to the overall pricing of PET. However, the market trend remained heavily influenced by fluctuations in raw material prices and unplanned equipment maintenance. These factors directly affected the supply-demand balance and shaped pricing trends in the PET market during the observed period.

Europe

The PET market in Europe exhibited mixed price movements, reflecting the intricate balance between supply and demand. Prices followed a slightly bullish trend, rising from approximately 1296 USD/MT (FOB) in July to 1267 USD/MT (FOB) in September, primarily due to supply constraints. However, overall demand remained subdued during the quarter, exerting downward pressure on prices. As the regional supply chains steadily improved, household finances also started improving which contributed to improved consumer confidence in the European market. This optimism is anticipated to boost the demand for packaging materials and bottle-grade PET, potentially influencing market dynamics in the near future.

North America

The PET market in North America exhibited a mixed trend during the quarter. Prices initially increased but later declined, reflecting similar patterns observed in other global markets. Demand for recycled polyethylene terephthalate (rPET) during this period was shaped by a combination of seasonal and economic factors. Warmer months typically drive higher consumer spending on PET-packaged products, boosting demand. However, economic challenges such as inflation and reduced purchasing power tempered overall market activity. In addition, the approach of Hurricane Francine in September disrupted production, as several manufacturing facilities in Louisiana were forced to shut down temporarily. This created a regional supply crunch, further influencing market dynamics during the quarter.

Analyst Insight

According to Procurement Resource, the prices of polyethylene terephthalate (PET) are expected to decline in the near future due to insufficient cost support and relatively loose supply prospects.
 

Polyethylene Terephthalate (PET) Price Trend for the Q2 of 2024

Product	Category	Region	Price	Time Period
Polyethylene Terephthalate (PET)	Packaging	China	1013 USD/MT to 994 USD/MT	Q2 2024

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Asia

During Q2 2024, the price trend of polyethylene terephthalate in China exhibited a weak downward trajectory as the monthly average of prices declined from 1013 USD/MT to 994 USD/MT due to multiple factors. Initially, after the holiday period, the cost support provided by the raw materials was low, resulting in the manufacturer’s quotations continuously lowered. Additionally, upstream prices for PTA and ethylene glycol showed a downward trend, further weakening polyethylene terephthalate market momentum.

On the other hand, downstream demand remained sluggish, with slow market shipments and a lack of strong restocking interest. Since the advent of May, the polyethylene terephthalate also market faced cost pressures and high inventory levels. Although in June, the domestic polyethylene terephthalate production saw a slight decrease to alleviate inventory pressures, the overall market supply remained sufficient. Overall, polyethylene terephthalate prices in the second quarter showed a narrow and weak trend, with a brief rise in late May as factory quotations operated at higher levels.

Europe

The polyethylene terephthalate market in European countries was shaped by the complex dynamics of oscillating end-user demand, improvement of economic indicators, and evolving consumer preferences. The primary drivers of the market, although they struggled with the lack of consumer support, the rising cost of production, and the limited influx of Asian produce amid escalating transport costs, supported the stabilization of the polyethylene terephthalate price trend. The market was also likely favored by the reduction of ECB interest rates in late June, raising the hopes of the trading community for the potential recovery of the market in the upcoming months after a long phase of stagnation.

North America

Polyethylene terephthalate prices in the US surged in the latter half of the second quarter due to supply disruptions and firm demand from the polyethylene terephthalate bottle and beverages industry. The early part of June saw a steady increase in polyethylene terephthalate prices despite stable prices for the feedstock PTA and a decline in MEG prices due to high inventory levels and the softness of demand. Polyethylene terephthalate supply remained steady in this phase, supported by optimistic production capacities, even though Far Eastern New Century/Phoenix Technologies International LLC in Ohio faced a force majeure event due to a power outage in late May.

The situation worsened mid-month as cross-border PET shipments to the US via Laredo slowed due to disruptions in Mexico caused by Tropical Storm Alberto, leading to severe flooding, power outages, and road closures. This caused significant supply chain disruptions and increased costs. Additionally, US container import spot rates from North Asia and Southeast Asia reached their highest level, driven by diversions in the Red Sea, causing capacity issues in East Asian shipping lanes and impacting polyethylene terephthalate prices.

Analyst Insight

According to Procurement Resource, the price trend of Polyethylene Terephthalate (PET) is estimated to surge along with the downstream demand of the commodity as the expected recovery of its feedstock sector in the adjacent quarters.
 

Polyethylene Terephthalate (PET) Price Trend for the Q1 of 2024

Product	Category	Region	Price	Time Period
Polyethylene Terephthalate (PET)	Packaging	India	935 USD/MT (FOB)	January 2024
Polyethylene Terephthalate (PET)	Packaging	India	982 USD/MT	March 2024
Polyethylene Terephthalate (PET)	Packaging	China	1071 USD/MT	March 2024
Polyethylene Terephthalate (PET)	Packaging	Europe	1185 USD/MT (FOB, NEW, Bottle Grade)	January 2024
Polyethylene Terephthalate (PET)	Packaging	Europe	1255 USD/MT (FOB, NEW, Bottle Grade)	March 2024
Polyethylene Terephthalate (PET)	Packaging	USA	1037 USD/MT (CIF)	January 2024
Polyethylene Terephthalate (PET)	Packaging	USA	1071 USD/MT	March 2024
Polyethylene Terephthalate (PET)	Packaging	South Korea	1000 USD/MT	March 2024

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Asia

The Asian PET market exuded steadiness and stability during the said period of the year 2024. Indian market performed fairly well, while the Chinese PET market, on the other hand, was more consolidated. In the Indian Polyethylene Terephthalate market, the monthly average prices went from about 935 USD/MT (FOB) in January’24 to around 982 USD/MT in March’24.

This provided an approximate 5% incline to the Indian PET market. A consistent incline in crude oil and energy prices during this time was the primary reason that the PET industry saw this price incline as the upstream costs rose with the rise in feedstock rates. Chinese PET industry, at the same time, exhibited borderline stagnancy as the prices averaged at around 1006 USD/MT throughout the discussed span of three months. This curve reflected the equaled nature of the supply and demand outlooks in the Chinese PET market. Overall, mixed market sentiments were witnessed.

Europe

The hikes in the domestic petroleum and energy sectors were replicated by the regional Polyethylene Terephthalate industry as well during the first quarter of 2024. The downstream demands from the bottle and plastics industries grew substantially as the summer months approached.

The monthly average prices went from about 1185 USD/MT (FOB, NEW, Bottle Grade) in January’24 to around 1255 USD/MT (FOB, NEW, Bottle Grade) in March’24. The European PET market saw a surge of about 5% as a result of this incline in monthly prices. Overall, positive market sentiments were witnessed.

North America

The American PET market mirrored the price trajectory of its European counterpart during the first quarter of the year 2024. Various geopolitical disruptions across the regions of the world mainly the Russian war in Europe and the Israeli war in the Middle East pressurized the global trade dynamics immensely. In the USA the prices were seen going from about 1037 USD/MT (CIF) in January’24 to around 1071 USD/MT in March of 2024. This yielded an overall inclination of about 3% in the American PET prices.

Analyst Insight

According to Procurement Resource, given the current supply and demand dynamics the PET prices are likely to continue growing in the coming months as well. The price trajectory is likely to incline further.
 

Polyethylene Terephthalate (PET) Price Trend for the October - December of 2023

Product	Category	Region	Price	Time Period
Polyethylene Terephthalate (PET)	Packaging	USA	1040 USD/MT	January-24
Polyethylene Terephthalate (PET)	Packaging	USA	1045 USD/MT	December-23
Polyethylene Terephthalate (PET)	Packaging	USA	996 USD/MT	October’23
Polyethylene Terephthalate (PET)	Packaging	Europe	1210 USD/MT	December-23
Polyethylene Terephthalate (PET)	Packaging	Europe	1235 USD/MT	October’23
Polyethylene Terephthalate (PET)	Packaging	India	986 USD/MT	December-23
Polyethylene Terephthalate (PET)	Packaging	India	983 USD/MT	October’23
Polyethylene Terephthalate (PET)	Packaging	China	950 USD/MT	December-23
Polyethylene Terephthalate (PET)	Packaging	China	965 USD/MT	October’23

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Asia

The Polyethylene Terephthalate or PET prices experienced short-range consolidation during the final quarter of the year 2023. This market trend was a direct result of the short gap between the supply and demand dynamics of polyethylene terephthalate in the Asian markets. The Indian PET market saw the monthly average prices shifting from about 965 USD/MT in October’23 to around 950 USD/MT in December’23. Similarly, in the Chinese polyethylene terephthalate market, the prices went from about 983 USD/MT in October to around 986 USD/MT in December’23, replicating similar marginal fluctuations as the Indian domestic market. Overall, borderline stagnancy was observed in the Asian polyethylene terephthalate market during the discussed time span.

Europe

Following along the similar fluctuating trajectory the monthly average polyethylene terephthalate prices in Europe went from about 1235 USD/MT (FOB NEW, bottle grade) in October’23 to around 1210 USD/MT in December’23. This led to a marginal decline of about 2% in the PET price trends during the last quarter of 2023 in the European markets.

North America

In contrast to the other major markets, the polyethylene terephthalate market in the USA was relatively more positive during the fourth quarter of the year 2023. The prices here moved up in the first half of the quarter as the demands inclined; however, with a decline in industrial activities during the holiday season, the prices tumbled marginally in the latter half, but the general market sentiments still remained positive. The average PET prices in the US market went from about 996 USD/MT (CIF) to around 1045 USD/MT in December’23. The market sentiments are likely to remain positive in the coming months; the PET prices are expected to waver around 1040 USD/MT in January’24.

Analyst Insight

According to Procurement Resource, Polyethylene Terephthalate price trends are expected to remain mixed in the coming months. The regional imbalances will likely affect the international PET market.
 

Polyethylene Terephthalate (PET) Price Trend for the July - September of 2023

Asia

The polyethylene terephthalate prices were witnessed to be wavering downwards during the third quarter of the year 2023. The first half of the quarter was slightly depreciating; however, the polyethylene terephthalate prices rebounded quickly in the latter half. The overall quarterly market outlook was positive throughout the said period.

In the Indian polyethylene terephthalate market, the monthly average prices went from around 940 USD/MT in July ‘23 to around 950 USD/MT in September ‘23 after wavering slightly downward in the previous month. The Chinese market on the other hand, saw the monthly average prices going from about 1002 USD/MT in July’23 to about 999 USD/MT in September’23. Overall, narrow-ranged fluctuations were observed in the price trend.

Europe

The European polyethylene terephthalate market followed the Chinese market very closely during the given quarter of the year 2023. Prices first increased by about 3% from July to August and then declined by about 6% in the next couple of months. These variations took place as the monthly average prices went from about 1288 USD/MT in July’23 to around 1250 USD/MT in December ’23.

North America

The American market trend for polyethylene terephthalate were more on the positive side as the price trend were observed to be inclining during the said quarter of 2023. The monthly average prices went from about 995 USD/MT in July to about 1045 USD/MT in September’23, registering an overall growth of 5% during Q3’23.

Analyst Insight

According to Procurement Resource, the Polyethylene Terephthalate (PET) price trend are expected to fluctuate as per the variations in the market demands in the coming months.
 

Polyethylene Terephthalate (PET) Price Trend for the First Half of 2023

Asia

The initial months of 2023 were favorable in terms of the prices of polyethylene terephthalate as the region gained back its production momentum after the Lunar holiday season. The rise in production activities was supported by the stable demand from the end-user industries, but this incline was short-lived as soon enough, the production rates exceeded the demand and led to a rise in the inventories. The saturated inventories destabilized the supply-demand dynamics causing the PET prices to decline. In China, the spot price of PET averaged around 1021 USD/MT in June’23.

Europe

A declining trajectory in the prices of polyethylene terephthalate was observed in the first two quarters of 2023. The major market drivers of polyethylene terephthalate, i.e., the packaging and beverages sectors, struggled to keep their sales afloat and thus reduced their offtakes. To further aid this downward movement, the inflation rates rose in the region, forcing the manufacturers to reduce their workforce, significantly impacting the polyethylene terephthalate market dynamics.

North America

In North America, the price trend of polyethylene terephthalate declined gradually as the demand for the commodity was low amid strong supplies. The rising cost of labor employment, high transportation, and production prices also influenced the prices. Amid these uncertainties, certain manufacturers were forced to shut down their production units completely, while others had to cut down their manufacturing rates to stabilize the market leading to the decline in PET prices.

Analyst Insight

According to Procurement Resource, the price of Polyethylene Terephthalate (PET) is estimated to decline in the upcoming quarters, given the rise in inflation rates and weak demand from the packaging sector.
 

PET (Polyethylene Terephthalate) Price Trend for Second Half of 2022

Asia

The Asian continent is the biggest producer and consumer of PET (Polyethylene terephthalate). The price trend for PET in the Asian market are detrimental. But Q3 2022 started with strict covid policies in China, which hampered the production capacities adversely, also the market demand could not sustain. Indian and Chinese markets reported a drop in demand. Overall, for H2 2022 price trend for PET (Polyethylene terephthalate) remained dampening.

Europe

European economies are faced with a crucial energy crisis because of the Russian-Ukraine conflict starting in 2022, this unforeseen hike in energy prices affected the overall purchasing capacities of citizens. So, end-user demand for PTA took a hit. As demand dipped the upstream costs also dipped because of a fall in feedstock prices. So overall price trend for Polyethylene terephthalate remained sullen. As China is the biggest exporter to the EU for PTA, the economic slowdown there because of covid restrictions also had implications for falling prices.

North America

Price trend for PET (Polyethylene terephthalate) in North America replicated the universal trend of slowdown. North America is one of the biggest consumers of PET and Chinese imports fulfil most of that demand, but as inflation rose and feedstock prices tossed both production costs and demand dropped. Winter season anyways is not much helpful for the bottling industry. So, the PET prices continued downhill trend.

Analyst insight

According to Procurement Resource, the market trend for PET do not look very promising. As inflation is still at an all-time high and feedstock resin has ample availability, PET prices do not look to be going up anytime soon.
 

PET (Polyethylene Terephthalate) Price Trend For the Second Quarter of 2022

Asia

The Asian PET (Polyethylene terephthalate) market witnessed a mixed price trend in Q2 2022. Market demand and feedstock prices remained two common determining factors. But the biggest Asian markets namely India and China observed conflicting trend. In China as consumer demand and feedstock prices both fell, the PET (Polyethylene terephthalate) market prices took a plunge, whereas, for the Indian market, both demand and feedstock prices rose pushing the PET (Polyethylene terephthalate) market up.

Europe

Price trend for PET (Polyethylene terephthalate) in Europe showed a similar sentiment with consumer demand and feedstock prices remaining the major market drivers. Q2 started strong for PET (Polyethylene terephthalate) in Europe with strong demands and strong feedstock prices, but later sufficient supplies eased down the market a little bit.

North America

The North American market for PET (Polyethylene terephthalate) had a good run in Q2 2022. Both consumer demands and strong feedstock prices supported the market very well. As energy prices elevated the upstream production costs, consumer behaviour with packed products also pushed the market trend. Overall, PET (Polyethylene terephthalate) prices inclined in the said period.
 

PET (Polyethylene Terephthalate) Price Trend For the First Quarter of 2022

Asia

Due to high demand and increasing cost pressure from upstream PTA, PET prices in the Asian market were stable. Consumer demand for PET bottles in the food and beverage industry has been on the rise as the Northern hemisphere gears up for the summer months. As a result, prices in China were estimated at 1280 USD/MT on CFR basis as of the second week of March. PET prices in India rose by 4.5% in the last few weeks, to 1420 USD/MT on CFR basis.

Europe

PET prices rose in Europe due to strong demand and tight supply, as well as increased pricing pressure from upstream olefins and others. The price of feedstock PTA (purified terephthalic acid) had also been high in the domestic market. Exporters were discouraged from bringing goods to European coastlines because of increased freight costs, and imports of PTA became prohibitively expensive as a result. As a consequence,  PET prices were estimated at 1750 USD/MT on FD basis, up 5% since the last assessment.

North America

As PET prices crossed the 2215 USD/MT level on FOB basis, the market for the plastic in the United States witnessed a strong upswing. Feedstock PTA prices, on the other hand, remained stable due to rising crude oil and derivative prices in the United States. The first quarter saw an increase in Mexican imports

Despite this, low energy prices made it difficult for Mexico to normalise its export prices, driving up the country's overall production costs. As food and beverage consumption rises, so does the demand for packaging, which is driving the industry forward.
 

PET (Polyethylene Terephthalate) Price Trend For the Fourth Quarter of 2021

Asia

PET prices were estimated at 97600 INR/MT Ex-Depot Baddi in late October. Low upstream ethylene prices and a seasonal pause in the demand pattern resulted in a drop in the product's pricing. PET Bottle grade prices continued to fall in December. In China, the Polyethylene Terephthalate market followed a similar trend, with demand inflow in early Q4 increasing prices, but demand degradation in late Q4 resulting in a price drop. In December, the price in China was estimated at 1045 USD/MT on a CFR basis.

Europe

The PET resin industry saw phenomenal growth, with prices exceeding 1500 EUR/MT on an FD basis for the first time in almost a decade. Additionally, recycled PET output remained stagnant, increasing the reliance of virgin PET. Limited local production of PTA and a lack of imports from Asia worsened the situation, resulting in substandard operating rates that harmed the whole supply chain. Additionally, manufacturers noted that rising feedstock prices had exacerbated the pricing pressure on PET.

North America

Downstream bottle demand continued to grow in line with the previous quarter's trend and remained robust throughout Q4. As a result, demand for the resin increased due to increased demand from packaging and other related industries. While demand for PE and PP slowed in the last quarter of the year, PET consumption volumes climbed. Imports from Asia remained constrained as well, owing to persistently high freight costs. In December, the price of polyethylene terephthalate was estimated to be 1900 USD/MT FOB.

Latin America

Due to the high demand for PET resins used in the manufacture of soft drink and other beverage bottles, the food and beverage sector has dominated the South American PET market. Brazil is the top consumer country in South America, owing to the enormous demand from the food and beverage industries. Supply constraints in Brazil's resin markets exacerbated in part by Covid-19-related surges in syringe and take-out container demand had driven prices to previously unheard-of heights, with more hikes anticipated.
 

PET (Polyethylene Terephthalate) Price Trend For First, Second and Third Quarters of 2021

Asia

Local demand remained strong in Asia, and domestic producers continued to operate effectively despite a scarcity of feedstock. Although prices in China continue to climb on a weekly basis, FOB PET prices in Quingdao, China increased from USD 907/MT in January 2021 to USD 1008/MT in March 2021. While prices soared significantly in China by the end of June, they then began to decline because to a lack of demand from pandemic-affected nations.

Meanwhile, the Indian market witnessed adverse effects as a result of diminished demand caused by pandemic mayhem in the nation, where sufficient supply also contributed to this downward trend in PET prices. However, prices increased in April as a result of material shortages and consistent demand from the domestic market as the summer season approached. As a result, PET prices in India reached 885 USD/MT (film grade) and 932 USD/MT (bottle grade) during the first week of June.

Reduced availability of feedstock, the Purified Terephthalic Acid (PTA) trend, along with the decline in demand for PET, resulted in a decrease in its pricing in Q3. PTA consumption declined in the quarter as a result of firm intakes. There was a decrease in the price of PET, which was previously valued at 1050-1100 USD/MT.

Europe

Europe faced a scarcity of PET for the home market, despite significant export demand from other nations. The US winter frost hindered commerce throughout Europe, reducing the supply throughout the area.

Container shortages along the Asia-Europe trade route also influenced the market and drove prices higher; the free delivery price across Northwestern Europe was USD 965.53 per MT during the first quarter whereas the market remained constrained, consistent with previous quarters in the next quarters. The European petrochemical industry's challenge with persistently high shipping costs and restricted container availability also hindered PTA shipments to Europe.

North America

Throughout the winter storm interruptions, when the majority of Texas manufacturing plants were shut down, demand for PET increased consistently month after month. Strong demand from packaging, container, and bottle producers, along with limited supply, resulted in a significant price increase throughout the session.

As a result, prices in Ohio and Texas increased by 5.46 % and 5.38 %, respectively, to USD 1410 per MT and USD 1565 per MT. Apart from the harsh cold across the US Gulf, lower supply from Mexico owing to a domestic shortfall also influenced the prices in North America in the first quarter.

PET prices continued to rise during Q2 2021, owing to strong demand and high logistical costs. As a result, a sharp increase in its price was seen in the United States, where it hovered over 1705 USD/MT during the final week of June in Texas. Imports of the feedstock PTA increased significantly in Q3 compared to prior quarters, when imports were severely curtailed due to Mexico's dropping production rates. Increased feedstock availability resulted in increased production rates of the polymer. Prices in the United States were stable in the region of 1650-1710 USD/MT on a DDP basis.
 

PET (Polyethylene Terephthalate) Price Trend For the Year 2020

Asia

Supply of PET in Asia was largely constant during the third quarter compared to the first two quarters. The majority of Chinese producers maintained output levels to meet India's and other Asian nations' increased demand for the polymer. Whereas many manufacturers, such as Sanfame Group, maintained low operating rates on concerns about continued market uncertainty.

While demand for bottled water and sanitizers was projected to grow during the early days of the Coronavirus epidemic, demand for other applications such as fruit juice and carbonated soft drink packaging fell. Asian manufacturing output was estimated to remain relatively strong in Q4 as downstream sectors ramp up production to compensate for the previous quarter's loss.

Europe

In the third quarter, Europe's demand was met with reasonably priced imports. In September and October, Italy and the Balkans received significant PET imports. Weaker US currency vs the euro and extreme weather conditions in the United States destabilized raw material prices, namely MEG. The epidemic of Covid-19 may have increased demand for single-use plastic packaging, hence raising demand for and costs of Polyethylene Terephthalate in Europe.

The U.K. government declared that as of April 2022, a charge on plastic packaging that does not include at least 30% recycled material will be set at GBP200/mt ($251.61/mt) for packaging manufactured in or imported into the UK. Based on statistics from March 2019 to March 2020, this rise might average GBP107/MT, assuming 30% recycled PET and 70% virgin PET.

North America

PET prices in North America were constant in Q3 due to strong demand for virgin PET in the food and beverage industry. Thus, PET resin sales in the packaging of sanitizing and cleaning goods increased significantly in Q3.

Bulk purchases resulted in out-of-season demand in North America. In comparison to Q1 and Q2, when resin demand decreased owing to poor economic growth, a trade war between the US and China, and dropping oil costs, demand stabilized in Q3 2020. In 2020, the worldwide price of polyethylene terephthalate was 725 USD/MT.

Latin America

PET prices in most Latin American countries remained unchanged in January, despite rising prices in Asia. Customers hesitant to expand inventory in the wake of the coronavirus epidemic reduced buying interest in the US and Latin American polyvinyl chloride markets.

South America's Pacific Coast and Brazil, both major Latin American markets for PVC imports, had no confirmed transactions despite declining pricing as market participants backed away in anticipation of additional demand drops. Since December, there was an increase in Asian pricing trend for raw materials, which slowly raised its costs and led to an increase in prices of 10-30 USD/MT in this region.

Procurement Resource provides latest prices of Polyethylene Terephthalate (PET). Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.