Q4FY21 was marked by a sharp increase in prices of key raw materials. Q4FY21 witnessed a steep rise in domestic iron ore prices by ~20-30% mainly due to supply constraint in Odisha from merchant mines. Furthermore, domestic coke prices in Eastern India increased ~22% QoQ, caused by limited availability, as merchant coke plants contracted for exports to avail better realisation. Despite a notable increase in prices of key raw materials, TML was able to report relatively steady EBITDA margin for the quarter. For Q4FY21, EBITDA margins were at 21.7% (23.1% in Q4FY20,...