UK prices of PET – which is the most common material used in the manufacture of plastic bottles – have slumped over the past year.

Prices have declined 15.8% as global supply has increased. Production capacity is forecast to rise by 20% to 29.4 million tonnes this year – well ahead of estimated global consumption of less than 20 million tonnes.

Steel prices have fallen by double-digit rates because of weak demand from China, where industrial output has slowed. Global steal production is relatively steady – up 2% in the year to April.

The two biggest risers are polypropylene and testliner. Prices of polypropylene have risen 9.5% year on year because of tight supply and relatively strong demand.

Prices of recycled paper product Testliner have increased by 5.6% year on year. High demand for high-quality grades of waste paper from Asia has supported prices of lower grades.

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