Based on interactions with channel partners, Indian cement manufacturers may announce discounts
and schemes now to meet year-end volume targets, while raising prices early next month, according
to Motilal Oswal Financial Services (MOFS).
Cement companies attempted price increases in February and March, but most of them were
reversed by offering discounts, incentives, and price cuts. As a result, the all-India average cement
price appears to be flat to marginally negative in 4QFY23 vs 3QFY23, according to IANS.
According to MOFS, cement manufacturers who use imported coal in their overall fuel mix will see a
higher reduction in fuel costs than players who use more petcoke in the coming months.
According to MOFS’ calculations, average fuel costs for the industry should fall by Rs 80-90/t in
4QFY23, followed by Rs 200/t in 1QFY24 (based on current coal/petcoke prices).
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