LONDON (ICIS)--November’s polyethylene (PE) and polypropylene (PP) prices have eased in the face of dispiriting demand and as maintenance season comes to a close in Europe.

ICIS senior editors Vicky Ellis and Ben Lake weigh up what's behind the November trends, how forex and logistics might be affecting the markets, and what’s coming for December.

They also discuss ICIS coverage of European PE, PP players adapting value propositions in the face of an evolving market, and Think Tank’s podcast episode: Trump trade war will drive end of globalisation for chemicals.

Editing by Will Beacham

Europe adipic acid and downstream nylon 6,6 markets face bleak prospects for demand in December, followed by a broadly flat outlook in 2025, with overall weak consumption from key derivative markets. Over the past few months, very slow demand and ample supply has continued to dominate European markets alongside rising costs of production.

In this latest podcast, ICIS editors Meeta Ramnani and Marta Fern share the latest developments and expectations for what lies ahead.

• Seasonal destocking to weaken buying interest further in December
• Demand could stay low in 2025; recovery depends on macroeconomic factors
• Q1 2025 could bring restocking; its magnitude unclear
• Asian adipic acid import volumes likely to increase in Q1

European chemical producers may have to keep paying high energy prices as geopolitical instability impacts sentiment more than the fundamentals of supply and demand.

- Europe spot electricity prices up 76% this year, ICIS TTF gas price up 40%

- Fear drives markets more than fundamentals which remain bearish

- Demand is reduced compared to five-year average, supply plentiful

- Above average temperatures forecast into December in Europe

- Gas storage around 90%, well above 5-year average

- New sources of US, Qatari liquefied natural gas (LNG) due onstream in 2025

- Renewable energy will ramp up quickly in Europe

- Donald Trump may increase LNG supply by unfreezing projects