Our channel check suggests, average cement prices at an all India level is down by 2% MoM in Sept-20. After factoring Sept-20 weakness, avg. cement price is up 1% at all India level vs. March-20 and is up 3% vs. Sept-19 cement prices. We understand weakness in the cement price is seasonal due to softness of cement demand in monsoon. India has received 7% higher rainfall in this monsoon season versus past averages. Cement production in India for the month of July-20 (Latest available data) has decreased by 14% YoY to 24mt, which is more than June-20 decline of 7% YoY. This is due to increase in the intensity of rainfall in July/Aug-20...