raw material reference prices on the world market are that the HMS 1&2 (80:20 ratio) scrap USA export price of the third quarter of 2018 was averaged at USD 312/mt. FOB, decreased from the previous

environment. The raw material reference prices on the world market are that the HMS 1&2 (80:20 ratio) scrap USA export price of the third quarter of 2019 was averaged at USD 250/mt. FOB, decreased from the

quarter of 2020 was averaged at USD 248/mt. FOB, increased from the previous quarter at USD 240/mt. FOB, and pig iron Russia export price of the first quarter of 2020 averaged at USD 346/mt. FOB, rose from

/DB) in 2018 averaged at 10.57 $/BBL, a decrease of 4.28 $/BBL when compared to 2017, due to pressure from decreased oil demand in China. A result of their economic slowdown, and a shrink in car sales

Mogas/Dubai crack spread (UNL95/DB) in Q1/2018 averaged at 13.69 $/BBL, a decrease of 1.01 $/BBL compared to Q1/2017, resulting from the demand slowing growth for Mogas after the price adjusted upward

-90% Crack Spreads Analysis  The Mogas / Dubai crack spread (UNL9 5 /DB) in Q2/ 2 0 1 8 averaged at 1 2. 15 $/BBL which decreased by 2.02 $/BBL from Q2/2017, influenced by decreasing demand for Mogas

Analysis  The Mogas/Dubai crack spread (UNL95/DB) in Q3/2018 averaged at 11.52 $/BBL which decreased by 4.58 $/BBL from Q3/2017, due to the demand pressure for Mogas product during the summer travel season

1&2 (80:20 ratio) scrap USA export price of the fourth quarter of 2017 was averaged at USD 313/mt. FOB, decreased from the previous quarter at USD 319/mt. FOB, and pig iron Russia export price of the

and Analysis (MD&A) for year 2017 (Revised) 7 The raw material reference prices on the world market are that the HMS 1&2 (80:20 ratio) scrap USA export price of the fourth quarter of 2017 was averaged

ratio) scrap USA export price of the second quarter of 2017 was averaged at USD 263/mt. FOB, still remained the same level as previous quarter, and pig iron Russia export price of the second quarter of