India: Ratings agency ICRA has forecast a 25% year-on-year decline in cement sales during the first quarter of the 2022 financial year to 30 June 2021. Domestic cement demand fell by 4% year-on-year and by 35% month-on-month in April 2021, according to the Press Trust of India. The agency said that this was due to the spread of the Covid-19 outbreak to rural areas and the imposition of numerous regional lockdowns. Pent-up demand is expected to drive a gradual recovery in the second quarter from July 2021. Costs for cement companies increased by 5% nationally year-on-year in April 2021. Increased fuel, power and transport costs all contributed to the rise.
Second Covid-19 wave expected to reduce quarterly Indian cement sales by 25%
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