Players voice their expectations for further price cuts in February citing low crude oil and naphtha costs in Europe in addition to eased tightness. ICE Brent crude futures almost sank to $30/barrel this week and even touched very slightly below this threshold which pushed spot naphtha costs down to almost $300/ton CIF NWE recently. 
PP prices in Europe had followed a firm trend in the last month of 2015 as sellers had applied price hikes prior to Christmas holidays supported by generally tight PP supplies across the region. January propylene contracts settled down €50/ton month over month.