The recent rise in the price of raw materials has caused the cost of used PET bottles to rise, pricing plastics recyclers out of the market as new buyers emerge, seriously undermining the nation's domestic recycling process. The recycling process relies on used PET bottles being collected by municipal governments who sell them on to registered recyclers under the Containers & Packaging Recycling Law. However, due to recent oil-price-led rises in the cost of raw materials, demand for plastics made of recycled materials instead of those made of crude oil has increased, resulting in PET bottles being sold to Chinese companies at higher prices than domestic recycling companies are able to pay. The price of used PET bottles has increased 2.6-fold in the past 2 years, resulting in established recyclers & recyclers that were famous for advanced recycling technologies closing. their plants.
