JSW Steels 2QFY17 numbers were below expectations (Standalone EBITDA/t Rs 6,566/t vs est Rs, 7981), primarily due to a hardening in RM costs (Rs 16,867/t, Flat YoY, 15.0% QoQ). Volumes were above estimates (3.84 mT, 20.4% YoY, 15.0% QoQ), helped by strong export performance.