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IDBI Capital Report
Our interaction with cement dealers across India suggests that average cement price at an all India level has been flat month-on-month in August 2021.
Cement price has remained steady versus our expectation of weakness led by the monsoon.
Recall in Q1 FY22 average cement price is up 6% QoQ and in Q2 FY22 so far all India average cement prices are flat QoQ.
Cost continues to move northward with imported coal price up 9% month-on-month in August-21 and Q2 FY22 (till August) imported coal prices are up 34% QoQ.
Freight cost index is up 2% month-on-month in July-21.
Cement production in India for the month of June-21 has increased by 4.3% YoY at 27.6 million tonne. Low base has led to volume growth.
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