For the Quarter Ending March 2025
North America
In Q1 2025, the North American Polyethylene Terephthalate (PET) market followed a generally bullish trajectory, characterized by price hikes in January and February, then a slight pullback in March. In January, PET prices rose despite favorable feedstock dynamics, largely due to the anticipated strike by the International Longshoremen's Association slated for January 15. Fears of potential disruptions across the East and Gulf Coast ports drove up procurement activity, placing an upward pressure on prices.
By mid-Q1, PET prices continued to climb amid rising PTA feedstock costs, while MEG prices stayed mostly unchanged. This upward trend was supported by increased industrial output across key end-use sectors and persistent trade barriers on Chinese PET, which shifted sourcing to alternative suppliers. While severe winter weather limited bottle demand, stable consumption from food packaging and evolving policies promoting recycled PET (rPET) contributed to reshaping the market landscape.
In March, PET prices dipped slightly due to muted buying interest and excess product availability. Elevated stock levels, stable upstream pricing, and reduced shipping rates from Asia resulted in a cost-balanced yet demand-weakened scenario. Despite targeted promotions to lift sales, lukewarm demand and intensifying rPET competition pushed prices down, moderating the earlier bullish trend. In the region, the US market saw the widest fluctuations, with PET prices edging up 1% by quarter's end from the previous quarter, maintaining levels at USD 1190/MT FAS Houston.
APAC
In Q1 2025, the Asia-Pacific (APAC) Polyethylene Terephthalate (PET) market exhibited a consistent bearish price trend, with prices declining consecutively through January, February, and March. This downward trajectory was primarily influenced by subdued demand, elevated inventory levels, and softened upstream cost dynamics. In January, PET prices remained stable initially due to balanced supply-demand conditions and steady feedstock Mono Ethylene Glycol (MEG) prices. However, as the month progressed, weak post-holiday demand, high inventories, and declining Purified Terephthalic Acid (PTA) prices—resulting from oversupply—triggered a price drop by month-end. February sustained the bearish outlook amid tepid domestic consumption, particularly in the beverage sector affected by cold and wet weather, while rising regional inventories and lower Asian import prices pressured prices further. Feedstock PTA continued its weak streak and market confidence remained low due to softened consumer sentiment. March extended this trend with persistent oversupply, weak procurement from downstream sectors, and falling MEG and freight costs. Despite seasonal demand recovery during the start of summer, supply outweighed demand, and PET producers maintained high operational rates, amplifying market pressure. By March end, prices had cumulatively dropped to USD 790/MT from USD 829/MT in early January, in Indonesia.
Europe
In Q1 2025, the European Polyethylene Terephthalate (PET) market witnessed a mixed price trajectory, shaped by shifting market fundamentals across each month. In early Q1, PET prices declined, primarily due to sluggish downstream demand and cautious procurement across the bottle and food packaging industries following the pre-holiday stocking phase. Despite steady supply and unchanged feedstock prices (PTA and MEG), weak consumer confidence and subdued end-user activity restrained upward price movements. Compounding this, logistical concerns and moderate export activities further limited buying interest, leading to a softening price environment. In February, PET prices increased, supported by rising production costs. This uptick in raw material costs prompted manufacturers to adjust pricing to protect margins. Simultaneously, demand showed signs of recovery, driven by seasonal consumption. Although broader economic concerns persisted, the impact of proposed U.S. tariffs had limited immediate effects on PET trade flows, offering short-term insulation. In the end of Q1, PET prices declined marginally after initial stability. Ample supply, supported by consistent production and high inventory levels, met steady but unremarkable demand. Feedstock prices remained unchanged, offering no cost push. Meanwhile, subdued procurement activity and increasing import availability exerted slight downward pressure, causing prices to dip by the end of the month, reflecting a well-balanced yet cautious market landscape. In the region, the Netherlands market faced notable fluctuations, with prices standing at USD 1122/MT FD Rotterdam by the quarter’s end.
South America
In Q1 2025, the South American Polyethylene Terephthalate (PET) market, exhibited a bullish price trend during January and February, followed by a downward adjustment in March. In January, PET prices rose as global shipping concerns arose, particularly with potential disruptions on the East and Gulf Coasts in the US, buyers in Brazil kept a close watch on regional supply chain dynamics. Further Brazil’s manufacturing slowdown and logistical uncertainties such as rising container rates and the lack of ample feedstock MEG due to the limited import from US amidst the shutdown of units, supported the prices to rise. In February, PET prices rose in mid-month. This upward shift was attributed to a rise in PTA feedstock prices and a temporary tightening in regional supply following maintenance shutdowns at Alpek’s Suape plant. Additionally, seasonal demand from beverage and packaging sectors lent further support, despite macroeconomic headwinds like low consumer confidence and persistent inflation. However, March reversed the bearish trend. This decline was primarily driven by oversupply, high inventory levels, and muted downstream consumption. Even as feedstock costs remained stable, the market faced a demand-side weakness and increased imports due to lower freight rates, which collectively suppressed price momentum. The Brazilian market experienced significant fluctuations during the period, with prices reaching USD 1122/MT FOB Santos by the end of the quarter.
MEA
In Q1 2025, the Polyethylene Terephthalate (PET) market in the MEA region exhibited an overall bearish price trend, marked by a consecutive monthly decline in prices across January, February, and March. Initially, January began with stable pricing, supported by steady imports from Asia, consistent domestic production aided by stable feedstock costs—particularly MEG—and balanced demand from the beverage and packaging sectors. Despite minor logistical disruptions and subdued regional sentiment, stable inventory management and resilient non-oil economic performance helped sustain price levels. However, by February, A combination of sluggish global demand, weak freight rates, and anticipatory inventory stockpiling ahead of Ramadan led to excess supply in the market. Additionally, lower MEG and PTA feedstock prices reduced production costs, enabling sellers to offer competitive prices, pushing values down. In the end of the quarter, bearish momentum intensified, driven by elevated inventories, weakened Asian import flows, and subdued procurement activity. Softening global crude oil prices and declining feedstock MEG costs pressured manufacturers’ margins, contributing to further price reductions. Despite a seasonal demand uptick during Ramadan, PET prices remained under pressure due to oversupply and cautious downstream procurement. This overall market trajectory signaled a persistent bearish sentiment throughout the first quarter, culminating in a 4.0% price drop in Saudi Arabia by the end of Q1 compared to the previous quarter, with rates settling at USD 1,049/MT Ex-Riyadh.
For the Quarter Ending December 2024
North American
PET prices in North America exhibited a sluggish trend during Q4 2024, with a notable decline observed throughout the quarter. In the early part of Q4, prices dropped due to weak demand from key sectors like bottle and food packaging, along with low production costs driven by a significant decrease in PTA prices. The influx of imports from Asia and an oversupply in the market further pressured prices. Despite stable feedstock costs, weak demand and high supply levels sustained the downward trend.
In the mid-quarter period, the market stabilized as weak demand persisted and supply remained abundant. Although feedstock prices fluctuated, including a rise in MEG, PET prices stayed steady, bolstered by high inventory levels and limited production. Economic challenges, including low consumer demand, led to cautious purchasing strategies across industries, which further subdued market activity.
By the final weeks of Q4, PET prices continued to decline, driven by weak demand, minimal support from feedstock costs, and subdued market activity. Logistics pressures and geopolitical factors exacerbated the situation. As a result, PET prices in Mexico dropped by 10.6%, reaching USD 1118/MT DEL Veracruz.
Europe
The European PET resin market experienced a consistent decline throughout Q4 2024, influenced by weak downstream demand, lower production costs, and economic challenges. In the early part of the quarter, reduced demand from the bottle and food packaging sectors, coupled with a significant drop in PTA prices, drove the bearish trend. Although MEG prices remained stable, oversupply from increased imports and domestic production pressured the market further. Low consumer confidence amid economic uncertainty added to the weak sentiment. By mid-Q4, the market's downward trajectory continued, with cautious purchasing behavior, steady PTA costs, and a decline in MEG prices sustaining the trend. Logistical challenges, such as port disruptions, further strained the market, while downstream demand remained subdued despite marginal improvements in domestic production. In the late part of the quarter, seasonal stocking ahead of the holiday season and moderate supply levels provided little relief as weak demand persisted. The transition to recycled PET (rPET), coupled with logistical uncertainties and concerns about 2025, further impacted market activity. Conclusively, PET prices in Europe fell 8.8%, reaching USD 1165/MT FD Antwerp by December-end.
South America
The South American PET market, particularly in Brazil, exhibited a declining trend throughout Q4 2024 due to weak demand, reduced production costs, and lower feedstock prices, especially for PTA. In the early quarter, subdued downstream demand and high supply from previous months kept market conditions bearish. Midway through the quarter, despite weak demand and abundant supply, prices stabilized due to steady feedstock costs and high inventory levels supported by low-priced Asian imports. Rising inflation and weak consumer activity further dampened demand, while supply disruptions from strikes and a slight rise in crude oil prices had minimal effect on pricing. By December, the market faced additional pressure from economic uncertainty, high interest rates, and inflation concerns, exacerbated by global factors like the U.S. election results. Despite stable supply and lower feedstock costs, cautious market sentiment and limited consumption drove a further decline in PET prices. Conclusively, the South American PET market saw a 9.2% decline in Brazil during Q4 2024, reflecting ongoing economic challenges and subdued demand across the region.
MEA
The PET resin market in the MEA region experienced an overall declining trend during Q4 2024, despite monthly fluctuations. In early Q4, Saudi Arabia's PET prices saw a downturn due to low-cost Asian imports, and declining feedstock prices. Weak downstream demand, rising inventories, and falling crude oil prices further pressured the market. Traders adjusted prices to address oversupply challenges. In mid-Q4, PET prices in Saudi Arabia stabilized due to sufficient inventories and steady imports, particularly from China, where prices declined. Moderate demand from the packaging and beverage sectors supported this stability. Crude oil price hikes following OPEC+ decisions had limited impact on PET market dynamics, as supply and demand remained balanced, and feedstock prices remained steady. Strategic inventory management by traders also contributed to the stable pricing environment. By late Q4, the downward trajectory resumed as strong import volumes and abundant domestic supply led to elevated inventories. Despite stable feedstock costs and moderate demand from packaging and beverage industries, subdued market activity and cautious purchasing kept prices under pressure. Asian exporters offered significant discounts to clear inventory, further driving a 3.7% decline in PET prices in Saudi Arabia by the quarter's end.
APAC
During Q4 2024, the APAC PET market experienced a persistent decline due to multiple factors. Early in the quarter, falling international oil prices and weak downstream demand weighed heavily on market sentiment. While a brief increase in PTA costs provided momentary support, limited domestic demand, abundant supply, and reduced export activity led to downward price adjustments. Midway through Q4, the bearish trend continued as declining feedstock and crude oil prices further eroded cost support. Domestic consumption remained sluggish, and overseas inquiries were minimal, reflecting a cautious market environment. The rising freight costs and logistical uncertainties further dampened export activities, adding to market pressures. By the end of November, PET prices had fallen, reflecting the ongoing supply-demand imbalance and subdued sentiment. In the final phase of Q4, weak demand from the bottle chip sector and seasonal factors, combined with high inventory levels, maintained downward pressure on prices. Despite steady production and stable raw material costs, low procurement activity before the Christmas and New Year period further impacted the market. By quarter-end, PET prices in China had declined by 7%.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Polyethylene Terephthalate (PET) market experienced a notable decline in prices, influenced by several critical factors. Following a stable trend in the first two months, prices dropped significantly in the latter part of the quarter. This decline was primarily driven by weak downstream demand, an oversupply resulting from the restart of production plants, and low production costs. The reduction in raw material prices, particularly for key feedstocks such as Mono Ethylene Glycol (MEG) and Purified Terephthalic Acid (PTA), also significantly contributed to the downward pressure on PET pricing.
Mexico notably experienced the most pronounced price fluctuations during this period. Despite the overall declining trend in PET prices throughout the quarter, the market showed a 4% increase compared to the previous quarter, indicating some resilience. Additionally, MEG prices remained elevated compared to the same quarter last year, reflecting a 16% increase, which highlights the complexities in the raw material market.
By the end of the quarter, the price for PET Bottle Grade in Veracruz, Mexico, was recorded at USD 1251/MT. This figure underscores the challenging market environment characterized by declining prices and shifting demand dynamics throughout Q3 2024.
South America
In Q3 2024, the South American Polyethylene Terephthalate (PET) market saw a significant decline in prices due to several key factors. After a stable trend in the first two months, prices dropped sharply in the latter part of the quarter. This decline was mainly driven by weak downstream demand, an oversupply resulting from the restart of production facilities, and low production costs. Additionally, falling raw material prices exerted considerable downward pressure on PET pricing. Brazil experienced the most pronounced price fluctuations during this period. Despite the overall downward trend in PET prices throughout the quarter, the market recorded a 4% increase compared to the previous quarter, indicating some resilience in the face of challenges. Furthermore, MEG prices remained elevated compared to the same quarter last year, showing a 14% increase, which underscores the complexities within the raw material market. By the end of the quarter, the FOB price for PET Bottle Grade in Santos, Brazil, was reported at USD 1330/MT.
MEA
In Q3 2024, the pricing landscape for Polyethylene Terephthalate (PET) in the MEA region exhibited a dynamic and mixed trend. The initial two months saw a notable increase in prices, primarily driven by high import costs. Contributing factors included rising feedstock prices, particularly for MEG and PTA, along with elevated upstream crude oil prices and significant shipping charges. This combination was further bolstered by strong consumption levels across various downstream sectors, particularly in the beverage and packaging industries. However, the latter part of the quarter marked a significant shift, as prices began to decline sharply. This downturn can be attributed to reduced import costs from international markets and a decrease in key feedstock prices, which alleviated some of the upward pressure previously experienced. In Saudi Arabia, the market witnessed substantial price changes, with a 2.5% increase from the previous quarter. Despite this, PET prices remained 5.5% higher compared to the same quarter last year, signaling a resilient market. By the quarter's end, the price for PET Resin Bottle Grade in Saudi Arabia reached USD 1193/MT Ex-Riyadh, reflecting the ongoing volatility and complexity of the PET market dynamics.
APAC
In Q3 2024, the Polyethylene Terephthalate (PET) market in the APAC region experienced a notable decline in prices, driven by several critical factors. Weak demand from downstream sectors, coupled with limited trading activity, created downward pressure on market prices. Insufficient support from raw material costs further exacerbated this decline, leading to a predominantly negative market sentiment. Buyers exhibited little urgency to restock, resulting in diminished confidence across the market. Additionally, oversupply in the latter part of the quarter stemmed from increased production, as manufacturers anticipated higher future orders that ultimately did not materialize. China witnessed the most significant price fluctuations during this period, aligning with the broader regional trend. PET prices in China saw an 8.5% decrease compared to the same quarter last year, while a 5.5% drop occurred relative to the previous quarter of 2024. By the end of the quarter, the recorded price for PET in China stood at USD 977/MT, underscoring a challenging pricing environment characterized by persistent declines.
Europe
In Q3 2024, the European Polyethylene Terephthalate (PET) market faced a significant decline, influenced by a combination of supply and demand dynamics, consumer sentiment, and broader economic conditions. Initially, prices rose due to increased feedstock costs and supply disruptions, primarily driven by fluctuating crude oil prices. However, as the quarter progressed, the balance between supply and demand began to shift. While production levels improved, and inventory levels remained ample, moderate demand from downstream sectors limited any significant price increase. The stagnant market was further exacerbated by the lack of urgency among buyers to restock, despite some fluctuations in feedstock prices. Within the region, Germany experienced the most notable price changes, reflecting these broader trends. Interestingly, PET prices in Germany increased by 7.5% compared to the same quarter last year, with a 3% rise relative to the previous quarter of 2024. By the end of the quarter, PET prices in Germany were recorded at USD 1248/MT, FD Hamburg, underscoring a challenging pricing environment.
For the Quarter Ending June 2024
North America
In the second quarter of 2024, the Polyethylene Terephthalate (PET) market in North America showed a steady increase, driven by several factors. The period saw notable price rises due to ongoing supply limitations, heightened demand, and disruptions caused by severe weather events. Production constraints, particularly from plant closures in Ohio and Louisiana, worsened the supply deficit. Concurrently, increased costs of raw materials, driven by higher crude oil prices and elevated import prices of Mono Ethylene Glycol (MEG) into the US market, played a significant role in driving up prices. Seasonal spikes in demand, especially from the beverage and PET bottle sectors, further bolstered price pressures.
Within the USA, the market experienced the most significant price movements in North America. The quarter witnessed an overall positive pricing trend, with PET prices climbing 10% compared to the same period last year and 7% from the previous quarter. Seasonal demand fluctuations were pivotal, with summer months stimulating higher consumption of PET products, contributing to a 5% price increase in the latter half of the quarter. Despite efforts to stabilize supply, the imbalance between supply and demand persisted, reinforcing the upward trend in prices.
As of the end of Q2 2024, the price for PET Bottle Grade was USD 1330/MT FAS Houston, highlighting a consistently strong pricing environment throughout the quarter. This sustained price escalation reflects a market characterized by robust demand, constrained supply, and significant volatility, primarily influenced by external disruptions and dynamics in raw material prices.
APAC
In the second quarter of 2024, Polyethylene Terephthalate (PET) prices across the APAC region demonstrated notable stability, driven by a combination of factors that balanced market dynamics. Key influencers included stable supply levels and moderated prices for feedstocks such as Mono Ethylene Glycol (MEG) and Purified Terephthalic Acid (PTA). These consistent feedstock prices provided predictability in costs for producers. Moreover, manufacturing operations in the region encountered a few disruptions, ensuring a steady flow of PET resin to meet demand from industries like beverages and packaging, which maintained a cautious yet steady procurement approach.
In Japan, there were significant price movements, albeit within a stable context. Overall trends showed a slight upward trend influenced by seasonal demand during the peak summer months, driven by increased requirements for PET bottles and packaging. Compared to the same quarter last year, prices remained unchanged, indicating equilibrium, while there was a modest 2% increase from the previous quarter in 2024, signaling a slight positive shift. Prices were consistent between the first and second halves of the quarter, reinforcing the stable pricing environment.
The latest quarter-ending price for PET Bottle CFR Tokyo stood at USD 1015/MT, reflecting sustained stability throughout the period. This price stability underscores a balanced market environment characterized by steady supply-demand dynamics and minimal volatility, which bodes well for stakeholders in the PET resin industry.
Europe
In the second quarter of 2024, the European Polyethylene Terephthalate (PET) market has seen a noticeable increase in prices. Several factors have contributed to this rise. A significant factor has been the escalating costs of feedstocks, particularly Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG), influenced by substantial fluctuations in crude oil prices. Geopolitical tensions in the Middle East and production cuts by OPEC and its allies have further intensified these underlying cost pressures. Additionally, spikes in seasonal demand, especially from the beverage and packaging sectors, have played a significant role in driving prices upwards. Anticipation of higher summer demand has tightened supply further, leading to price increases.
Germany, experiencing the most significant price movements within Europe, exemplifies these dynamics. The overall trend for the quarter has been positive, with PET prices showing consistent growth. There was a slight decrease of 1.5% compared to the same quarter last year, and no change from the previous quarter in 2024. Seasonal fluctuations were influential, with increased demand in the latter part of the quarter contributing to a 1% price rise compared to the first half. As of the end of the quarter, the price for PET Bottle FD Hamburg stood at USD 1240/MT, indicating a sustained upward trajectory.
MEA
In the second quarter of 2024, the Polyethylene Terephthalate (PET) market in the MEA region saw varied price trends. Early in the quarter, there was a positive market sentiment driven by increased downstream consumption during the festive season of Ramadan and Eid. However, midway through the quarter, prices began to decline significantly due to several factors contributing to this downward trend. A surplus of PET in the region, combined with steady but low feedstock prices, played a major role in driving prices down. Reduced operational activities following Ramadan and Eid led to decreased demand from industries like PET bottle manufacturing. Towards the end of the quarter, prices started to rise again, influenced by fluctuations in feedstock prices and higher freight costs, particularly on Asian routes, due to global port congestion and berth delays.
Looking specifically at Saudi Arabia, market trends mirrored those of the broader MEA region, characterized by notable price volatility. Seasonal effects were evident, with peak summer demand unable to offset the oversupply situation. Price changes showed a consistent, moderate trend, with a 1.5% increase compared to Q2 of the previous year and no change from Q1 2024. The latest quarter-ending price for PET resin bottle grade Ex-Riyadh was recorded at USD 1223/MT, indicating a predominantly neutral pricing environment influenced by moderate consumption. Overall, the quarter was characterized by stability with a declining tendency initially, followed by a return to positive sentiments towards the end.
South America
In the second quarter of 2024, the South American region experienced a notable rise in Polyethylene Terephthalate (PET) prices, led by Brazil. This period, the dynamics of PET pricing were primarily influenced by several factors. Firstly, there was a significant increase in feedstock prices, particularly Mono Ethylene Glycol (MEG), which played a critical role in driving up PET prices. Additionally, disruptions in global supply chains and logistical challenges, including higher marine freight charges, further contributed to the price hike. Increased demand from downstream industries like beverages and food packaging also played a pivotal role in pushing PET prices higher.
Specifically in Brazil, the market saw substantial price fluctuations, reflecting an overall trend of price escalation. PET prices increased by 9% compared to the same quarter last year, indicating a significant upward trend. Furthermore, there was a 7.5% increase quarter-on-quarter, showing sustained growth in pricing. Comparing prices between the first and second halves of the quarter revealed a consistent 5% rise, demonstrating a steady upward trajectory. Ultimately, the quarter-ending price of USD 1357/MT for PET Bottle Grade FOB Santos in Brazil highlighted the positive and increasing pricing environment prevailing in the region.
