Our interaction with cement dealers suggests that average cement price has decreased by ~1% MoM in Jan-21. Price decrease is seen in North/West/East by 2-3% MoM, Central is at -1% and South at +3% MoM. And cost has moved up, in Jan-21 imported coal price (adjusted for exchange rate) is up 26% MoM. But still, average coal price is down 16% in YTDFY21 vs. FY20. But we need to watch for the trend as coal cost has moved up in the last 4 months. All India cement production in Nov-20 has decreased by 7% YoY vs +3% YoY increase in Oct-20. Decline in Nov-20 is led by festivities leading to slow pickup in construction activity and...