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ICICI Securities Report
Our channel checks suggest improved demand recovery in June 2022 led by pre-monsoon push, pick-up in infrastructure projects, reduction in prices of steel, cement, etc. and better manpower availability.
We believe industry volumes likely grew in high teens YoY and low teens month-on-month to ~34 million tonne, implying 7% volume compound annual growth rate on a three-year basis.
With pan-India utilisation at nearly 80%, we believe industry likely saw the second-highest volumes in June 2022 after peaking in March 2022, in the past seven months.
Average U.S. pet coke price fell 10% month-on-month in June-2022 and similar drop was reflected in domestic pet coke price with-effect-from July-2022, providing some respite on cost front.
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