European PET bottle markets extend mild uptrend into Feb amid cost pressure and import delays

European PET bottle markets have entered February with a firmer tone for a third consecutive month, as rising feedstock costs, persistent import delays and a gradual pickup in inquiries continue to support sellers’ pricing stance. While demand remains far from robust, tightening availability and stronger cost fundamentals have allowed producers and distributors to push through further increases, exceeding earlier expectations in some cases.

The January PX contract settlement, which rose by €30/ton, provided a cost push heading into February. Meanwhile, the February MEG contract settled with rollovers, limiting immediate cost relief for converters and reinforcing producers’ arguments for margin protection.

€20–30 hikes gain traction, sub-€900 levels turn elusive

Market feedback suggests that February transactions have increasingly reflected hikes of €20–30/ton, with some buyers reporting even steeper increases compared to January levels. A buyer confirmed that their February prices rose by €20–30/ton, noting that the size of the hikes exceeded their initial expectations. According to the same source, material priced below €900/ton has effectively disappeared from the market, reducing buyers’ bargaining room. The buyer added that they are currently not interested in import material, citing long lead times and uncertain delivery schedules.

Another buyer reported having paid increases of around €40/ton for February material, securing volumes from their regular supplier, which remains the most competitive option despite the hikes. The buyer expects the firming trend to continue, suggesting that a further increase of around €30/ton could be achievable in March if current dynamics persist.

Distributors echoed similar observations. One distributor confirmed that they have started to conclude February sales with €20–30/ton hikes, noting that while demand is not strong, it remains regular for a typical February. The same source highlighted receiving additional inquiries from customers who had been waiting for import cargoes but faced repeated delays, pushing them back toward the domestic market.

Import delays and nearby supply tighten availability

Import uncertainty has become a key pillar underpinning the firmer market tone. Several players pointed to ongoing delays for material from nearby origins, including Türkiye and Egypt, with some buyers lamenting postponed deliveries. In this context, local producers have adopted a more confident stance in negotiations.

Indeed, prices in nearby Türkiye have risen sharply over the past month after a temporary $100/ton safeguard duty on bottle-grade PET imports significantly lifted import costs, discouraged inflows and reinforced domestic producers’ pricing power, tightening supply conditions in the market.

A distributor reported being largely sold out for nearby-origin material, further tightening prompt availability in Europe. Asian-origin imports were widely deemed unattractive, both in terms of pricing and logistics, limiting their ability to cap domestic prices. Asian PET bottle markets reached fresh highs, buoyed by firm polyester chain costs and pre-holiday restocking interest.

Another distributor said they had begun selling February material with slight increases, adding that prices slightly below €900/ton were still available earlier in the month but were becoming increasingly difficult to secure. While this source acknowledged that deals at €940/ton or above have not yet been widely accepted, they expect such levels to become more visible in the near term as availability tightens further. Although some buyers continue to complain about calm demand, the distributor pointed to “good requests” overall, particularly from customers affected by import disruptions.

Activity revives cautiously despite demand concerns

While demand remains uneven and far from seasonal highs, several market participants noted a visible revival in market activity compared to the start of the year. One buyer reported that a supplier had commented on improving activity levels, adding that this shift could help sellers pass on increases more consistently in concluded deals. Some players also suggested that earlier-than-usual seasonal buying may emerge, as constrained import flows leave buyers with fewer sourcing alternatives.

Overall, the European PET bottle market in February reflects a fragile but strengthening balance. Cost pressure from feedstocks, reduced import appeal and delivery delays have collectively lent support to higher prices, even as end-user demand remains measured. With sub-€900/ton levels becoming increasingly elusive and buyers gradually returning to the market out of necessity rather than confidence, attention is now turning to whether this mild firming can be sustained into March.