Russian steelmaker MMK Group today via press release stated that it has decreased its production volumes amid spread of coronavirus pandemic.
‘At the current peak of the spread of the coronavirus and the decline in business activity, MMK Group is carrying out equipment repairs alongside a planned decrease in production volumes. At the moment, there is no critical impact on sales in the Company’s main markets. However, the further development of the pandemic may negatively affect both global business activity and business activity within Russia’, the company shared in its press release.
Prices for steel products on the domestic market over the next 2-3 months will strive towards export parity, normalizing the premium of the domestic market. It should be noted that the Company, if necessary, has the ability to re-allocate a portion of its metal products sales to export markets, MMK said in its press release.
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