Though JSTL's performance improved substantially on yoy basis, 24% sequential decline in EBITDA/tonne is disappointing despite higher volumes. This fall was due to higher iron ore cost on account of differential pricing by NMDC coupled with lower realization. Raw material prices rose by 15% qoq to Rs16,867/tonne, while overall expenses rose by 6% qoq to Rs24,792. Looking ahead, we believe that while volume and realization will increase in the near-term, raw material prices are expected to rise at...