MOIL continued its strong delivery (EBITDA: Rs1.22bn, -11% QoQ, YoY Not comparable due to loss). Non-fines pricing was stronger QoQ (Rs 13,474/t 2.4x YoY, 29% YoY) and this could likely be due to a better mix. Volumes were lower than estimates (216kT, -43% YoY, -39% QoQ), as MOIL pricing was higher than imports for a considerable period in the quarter, before it could respond to sharp global pricing changes.