- Midwest feedstocks gain 2.50 cents on day/week
- California value chain holds steady
The California recycled polyethylene terephthalate markets held steady on the day and on the week April 14, while the Midwest feedstock market saw large daily gains.
S&P Global Platts assessed spot LA premium and curbside post-consumer bottle bales unchanged on the day at 22.50 cents/lb and 14 cents/lb, respectively, maintaining previous market structure amid market talk of stable pricing and premium-grade bales talked at or around 22 cents/lb.
In the Midwest, prices were assessed up 2.50 cents/lb, based on an offer received at 14 cents/lb for mixed-color post-consumer bottle bales in Illinois.
Higher pricing comes after nearly four weeks of prices holding steady at 11.50 cents/lb and brings feedstocks in the Midwest on par with prices for its West Coast counterpart.
Market sources continued to note of high freight costs and availability in the region.
FOB LA packaging-grade flake remained flat on the day at 50 cents/lb amid previous market talk of pricing between 48-50 cents/lb.
R-PET food-grade pellets were assessed unchanged on the day at 69 cents/lb on formula-based pricing that accounted for current R-PET flake levels plus a premium that includes processing and transportation costs, as well as other variable costs. Unchanged pricing is also in line with a pricing indication received at 69-70 cents/lb.
The entire R-PET value chain, specifically packaging-grade material, continued to be talked "super tight" by market participants across the country, in line with sentiment seen in the virgin PET market as well.
According to the latest ITC data, February US exports of scrap plastic were down slightly from January, sliding from 47,400 metric tons to 46,300 metric tons on the month.
Vietnam saw one of the largest decreases of US imports, falling roughly 28% month-on-month, bringing exports to the country to 2,900 metric tons. Canada remained the US's largest export destination, absorbing nearly 13,600 metric tons of material.