/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

business 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 2017 was averaged at USD 319/mt. FOB, increased

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 previous quarter at USD 279/mt. FOB

6.90 11.00 14.32 -3.32 12.75 -1.75 FO/DB 2.36 (16.57) (7.30) (18.59) 11.29 0.54 -7.84 Crack Spreads Analysis  Gasoline and Dubai crack spread (UNL95/DB) in Q1/2020 averaged at 6.54 $/BBL, a decline of