Our channel check suggests, average cement prices at an all India level is up 0.8% MoM in June-2020. Cement prices are holding up the sharp price hike seen in May20. Recall, in May-20 cement price increased by ~6% MoM. Price hike is implemented for the partial recovery of fixed costs as demand took a hit due to lockdown. Cement industry production decreased by 86% YoY for April 2020 (latest data available). Led by pent up demand, cement companies has seen sharp increase in the utilization to 65% in May-20 (implying cement volume of -20% to 25% YoY in May-20). We expect the gradual improvement in demand led by rural India. Segment wise, cement demand is driven by Infra (25%), Commercial (14%) and Housing (61%). In Housing, its sub segment Rural housing (35%) is expected to...