Cement – Monthly Update – Prices slip further as demand stagnates
Published on 28 Nov 2025
We interacted with cement dealers across regions in India to assess demand and pricing trends in Nov’25. Our discussions indicate that demand remained muted across most markets, weighed down by sluggish construction activity, liquidity constraints, and delays in government fund flow. While a few markets saw marginal improvement, overall recovery was slower than expected at the time of GST 2.0 implementation. Prices largely remained flat MoM in the North, Central & South, but declined across the East and West regions as weak demand and rising competitive intensity limited the ability to sustain prices. Dealers across regions do not expect any significant price hikes in Dec’25, with several markets indicating that government restrictions, higher cement production and weak construction activities (e.g. GRAP in Delhi, sand unavailability in East) will keep prices capped at least until mid-January. The all-India price fell by ~Rs4/bag mainly due to sharp decline in Kolkata region.
