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MMK Group Sees Decline in Domestic Steel Prices

Steel News - Published on Wed, 25 Mar 2020

Image Source: MMK Steel Coronavirus COVID-19 Lockdown
Russian steel giant MMK said “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. 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 added “To date, MMK Group has not experienced any difficulties with the supply of basic raw materials, as well as supplies of equipment and spare parts. All raw materials are taken under special control and tracked in terms of both their consumption in production and inventory.”

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Posted By : Yogender Pancholi on Wed, 25 Mar 2020
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