NMDC missed our estimates (EBITDA Rs 6.4bn vs. estimate of 7.4 bn, -66.9% YoY, -28.6% QoQ). This was driven by lower realisations (Rs 2,058/t, -50.8% YoY, -15.3% QoQ, estimate of Rs 2,124/t). Selling costs jumped as exports resumed (NMDC bears freight/export duty and the ROM realizations are much lower than from domestic sales).