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CEMENT PRICES SEE STEEPER CORRECTION IN EAST, SOUTH INDIA IN NOVEMBER

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Investors fear that muted demand would weigh on cement prices. Photo: Hindustan
Times  (Hindustan Times)
1 min read . 12:00 PM ISTHarsha Jethmalani

 * On an average, cement prices on a pan-India level declined by around 3% in
   November compared to the previous month



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With demand growth in cement fizzling out, mainly due to unseasonal monsoon in
many parts of India, sales have taken a knock.

"As per our channel checks, industry volumes likely declined in high-teens
month-on-month (high single-digit year-on-year) in Nov’21 owing to festivities,
construction ban in north, sand mining issues in the eastern region, heavy rains
in parts of South India, limited labor availability, and a higher base,"
analysts at Emkay Global Financial Services Ltd said in a report on 2 December.

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Consequently, investors' fears that muted demand would weigh on prices, which
were raised only recently, have come true.



The latest dealers channel checks by various brokerages show that on an average
cement prices on a pan-India level declined by around 3% in November compared to
the previous month. Among regions, east and south India saw higher price
corrections than other markets.

"Within regions, the highest decline was seen in the South (-4.8%
month-on-month), followed by the East (-3.2% month-on-month); while for the
North, West and central region, prices remained largely unchanged during the
month. Key point to highlight: price decline in the East has completely reversed
the hikes taken in October 2021 and prices are now back to the end-September
level," analysts at IIFL Securities Ltd said in a report on 3 December.

The IIFL report further pointed out that the November-exit price is are sharply
down by 5% compared with October-exit prices. One cement bag, which weighs 50
kilograms, now costs around Rs336.

In the backdrop of cost pressures, the rollback of prices does not bode well for
operating margins of cement companies. Even though prices of petroleum coke and
coal have seen some moderation from their peaks, its benefits would reflect with
a lag, keeping margin growth subdued even in the December quarter, analysts
said.

Meanwhile, dealers expect volumes to meaningfully improve in Q4 of the financial
year as construction-related activities increase.

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AS DEMAND COOLS, WILL THE CEMENT PRICE HIKES HOLD?

1 min read . 10:42 AM IST
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