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Bottles & Closures
HDPE and Homopolymer PP resins moved higher in North America in February by about 3%.
PET and rPET resins declined by about 3% in February in North America

Rigid plastics resins moved higher by more than 5% in Latin America in February after prices had been depressed for several months.

Most resins continued to soften in February for Europe but we are approaching an inflection point for rigid plastic resins. in the region.

In China and Southeast Asia, rigid plastic resins were flat to higher.  PP resins moved upward by more than 5% in February.  And PVC resins
were up quite sharply in the region.

2023 Forecast Update Highlights for Bottles and Closures

North America
HDPE blow molding resin Modestly higher in all regions
PP Injection molding resin Lower price trend has likely ended and modest increases are projected
PET Bottle Resin Prices in North America will be up by more than 4% in 2023
PVC Bottle Resin Very week prices in North America have ended
HDPE Prices will move up in Q1 but much less than resin producers are seeking
PP Higher in Q1 on stronger monomer prices

Latin America
HDPE Prices have been depressed on competitive imports.  Latin American prices
                                                        will move up by 5% to 10% in 2023
PP Similar to HDPE, PP has been depressed in Latin America and will snap back in 2023

HDPE Resin Prices are still softening but this trend will end by February
PP Similar to HDPE
PET Bottle Resin Declines for PET resins came to Europe later and inflation for 2023 will likely
underperform other regions
HDPE Modestly higher in 2023 if crude oil prices advance as some believe will ocur
PP Supply outages impact PP resins more in Asia and this will be inflationary
PET Bottle Resin Softer in January but will regain strength later in beverage season but only modestly so.

The 2023 Packaging Material Cost Forecast Update was completed in late January. This 325 page report has become an important part of purchasing and budgeting for more than half the top 25 Food and Consumer Products companies. 

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