respectively. The reference prices for hot-rolled coil on the world market are that China export price average for second quarter of 2019 was USD 523/mt, FOB, increased from the previous quarter at USD 516/mt

Discussion and Analysis (MD&A) For Q2/2017 7 continuously in the fourth quarters of 2016 and the first quarter of 2017 and then decreased again in the second quarters of 2017. The reference prices for hot

Chart of raw material reference prices on world market for Q1/2013 – Q3/2017 Processed price data from: Metal Expert Hot Rolled the prices for hot-rolled coil on the world market during the first quarter

from Q4/2016 to Q1/2017 and decreased again in the second quarter of 2017 then rebounded again in the second half of 2017. The reference prices for hot-rolled coil on the world market are that China

370/mt. in the previous quarter. Chart of raw material reference prices on world market for Q1/2013 – Q4/2017 Processed price data from: Metal Expert Hot Rolled the prices for hot-rolled coil on the

/mt. from the previous quarter. Chart of raw material reference prices on world market for Q1/2014 – Q1/2019 Processed price data from: Metal Expert Hot Rolled the prices for hot-rolled coil on the

then rebounded again in the second half of 2017. The reference prices for hot-rolled coil on the world market are that China export price average for Q4/2017 was USD 574/mt. FOB, increased from the

previous quarter. Chart of raw material reference prices on world market for Q1/2013 – Q4/2017 Processed price data from: Metal Expert Hot Rolled the prices for hot-rolled coil on the world market during the

Discussion and Analysis (MD&A) For Q3/2017 9 Chart of raw material reference prices on world market for Q1/2013 – Q3/2017 Processed price data from: Metal Expert Hot Rolled the prices for hot-rolled coil on

maintain the price level at USD 500/mt until second quarter of 2019 and fell again in third quarter of 2019. The reference prices for hot-rolled coil on the world market are that China export price average