Concrete Insights May: Limited pricing momentum; demand weakening into monsoon

Research evidence excerpt

Concrete Insights May: Limited pricing momentum; demand weakening into monsoon

Sanjay Mookim AC Asia Pacific Equity Research

(91-22) 6157-3600 18 May 2026 J P M O R G A N

sanjay.mookim@jpmorgan.com

Key industry metrics

Industry trends: Cement

Figure 1: Dealer channel checks across India: Limited price increases in May as demand has been

unsupportive of price hikes

Region Name Location Prices Volumes

No improvement in demand.

No change in prices in May.

Continues to be weak. A bit

East Dealer 1 Kolkata Companies hinting at increasing

hopeful over the longer term

prices due to diesel price hike.

due to the new gov't.

Current demand is slow. Infra

Proposed Rs15/bag hike but the projects had paused. New gov't

East Dealer 2 Kolkata

market only absorbed Rs5/bag. may look to review existing

projects.

Was notified about a Rs25/bag Noticable slowdown in cement

South Dealer 3 Hyderabad hike but it got rolled back. We movement. Demand is softer

are back to April prices than normal.

Demand is not supportive for

Prices couldn't be hiked yet but

any price hikes but companies

South Dealer 4 Bangalore expect a push after the diesel

keep saying they want to

price hike.

increase prices.

Hiked prices by Rs10/bag in the Demand is not doing well. NRIs

West Dealer 5 Gujarat beginning of May but we are aren't sending money back

back to April prices now. home like they used to.

Prices up by Rs5-8/bag after Demand is decent but weaker

West Dealer 6 Mumbai some discounting. Proposed than it usually is during this time

hike was Rs15-20/bag. of the year.

Prices up by Rs5/bag. Plan was People seem hesitant to spend

West Dealer 7 Mumbai to increase by Rs15/bag but money on construction.

demand wasn't supportive. Sentiment seems sour.

Companies hiked prices on

paper by Rs10-15/bag but had