Defra has released revised glass recycling business targets. The new target has been set at 75 per cent, with a view to it rising to 77 per cent in 2016.
Chris Taylor, Clarity's PRN trader, said of the news: "This will come as a welcome boost to glass PRN buyers who have been waiting in their majority for this announcement before committing to large tonnages for their 2014 obligations. There is wide expectation that a reduced target will make it easier than last year to comply, resulting in a drop in price of the PRN.
"The government suggests that this is a "best of both worlds" option. The new 75 per cent business targets are low enough to push PRN prices down, but the growing targets over the next two years will encourage the industry to strive forward and increase their recovery activity.
"We will have to wait and see how this pans out over the course of the year. It will certainly create an interesting trading environment in the short term, as buyers and suppliers of PRNs try to find a pricing level that both are happy with."
Clarity has been buying and selling packaging recovery notes (PRNs) since our business started in 2002. We are now one of the largest and most experienced open market traders of PRNs. To talk to our team about buying or selling any grad of packaging recovery note (PRN), contact our team on 0845 129 7177.
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