Our interaction with cement dealers across India suggest that an average cement price has increased by 2% MoM in May 21. This is 4th consecutive month of, MoM price hike by the industry. Over the last 4 months, price hike in East is highest followed up by the South region (Fig 1-6). Cost has moved up too, in May-21 imported coal price (adjusted for exchange rate) is up 2% MoM. On demand front, PIB release suggest India cement production increased by strong 33% YoY (supported by low base) but we note the absolute cement volume was still lower in Mar-21 versus Mar-19. On cement demand for April/May-21, our interaction...