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While the cement industry was adversely impacted during FY21 by the global Covid-19 pandemic, cement production volumes have shown a high 25 per cent YoY growth for the first nine months of FY22 supported by the Government’s Infrastructure push through various schemes and allocations towards creation of hard assets and a low base effect.
Cement players had undertaken price hikes in October 2021 which had to be rolled back due to slump in demand for the commodity- during the early part of Q3 FY22. Consequently, cement prices slightly moderated in November and December 2021.
Going forward, we expect prices to continue to strengthen during the fourth quarter of FY22 (after having already risen by around 5 to 8% on a month-on-month basis in January 2022). This price increase is supported by expected ramp-up in demand leading to strengthened pricing power for the cement players, encouraging pass-through of increased input costs.
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