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ICICI Securities Report
Our channel checks suggest demand in May 2021 likely declined in low double digit month-on-month owing to localised lockdowns, with improvement seen during the second half of May 2021.
On a YoY basis, May 2021 volumes saw low double-digit growth aided by low base.
Industry operated at ~65% utilisation (27 million tonne) with exit-May-21 utilisation crossing 75% and getting back to pre-Covid-19 utilisation, in-line with seasonality.
With receding Covid-19 cases and possible gradual relaxation in lockdowns, construction activities may gain momentum in June-21 before monsoon sets in.
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