MOIL delivered strong numbers in 3QFY17 (Revenue/EBITDA 4/9x YoY to Rs 3.55/1.37 bn respectively). This was driven by both strong pricing (Rs 9,365, 65.1% YoY, 62.7% QoQ) and volumes (348 kT, 155.9% YoY, 11.9% QoQ). Supplies from South Africa were restricted due to rail bottlenecks, while traders in Chinese ports stocked up.