Cement Sector Check - Prices Soft In July: IDBI Capital
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IDBI Capital Report
Our interaction with cement dealers across India suggests that after a strong price increase of 6% QoQ in Q1 FY22, average cement price was flat month-on-month in July 2021.
We understand this is primarily due to pick up in the monsoon season.
Cost continues to move northward with imported coal up 7% month-on-month in July-21 and this is after increase of 14% QoQ in Q1 FY22.
Freight cost index is up 1% month-on-month in June-21 and average of the index is up 4% QoQ.
On demand front, in May-21 production is up 8% YoY and numbers are better than estimate.
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