The quarter also saw some slippage in product mix. The share of value-added products (VAP) fell 315 basis points year-on-year to 55%. At the same time, domestic hot rolled coil (HRC) prices, a key input, spiked amid the ongoing conflict, raising concerns on margins. That said, the broader business context suggests that these are likely one-off operational disruptions, rather than the start of a sustained downtrend.
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