Our channel check suggests, average cement prices at an all India level is marginally down by 0.6% MoM in Aug-20. As on Aug-20, avg cement price is up 3% at all India level vs. March-20. And baring west region, Aug-20 cement prices is up vs exit prices of March-20 in all the other four regions. Cement industry production decreased by 7% YoY in June 2020 (latest data available). Cement demand has seen sharp improvement in June-20 vs May-20 and is driven by trade sales. But given the monsoon, we expect the demand to remain soft now. We are modeling in cement demand at -14% YoY in FY21E with H1FY21 demand at -26% YoY and...