KEY CONTEXT
Jindal SAW's quarterly raw materials expenses dropped 14.4% from a year ago. The falling prices of iron ore and coking coal, key raw materials for steel firms, were expected to partially offset the weak steel prices, analysts had said.
Steel prices in India plunged to a more than three-year low in August, as the world's second-biggest crude steel producer remained a net importer of the metal. India's stainless steel maker Jindal Stainless posted a decline in second-quarter profit on lower steel prices on Thursday.
Industry majors JSW Steel and Jindal Steel are yet to report their September-quarter results.
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