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Average Pan-India cement prices have declined by 1% month-on-month (Rs 4/bag) in Dec-22, after witnessing gradual price hikes for the past three months. Prices declined by 2% MoM in the East and South, while staying largely flat in other regions, in Dec-22. In Q3FY23, all-India average cement prices increased by 2-2.5% (Rs 8-10/bag) on YoY and QoQ bases. Industry volumes are likely to have been flat-to-marginally positive YoY and MoM in Dec-22. In Q3FY23, volumes are expected to have increased by 7-8% YoY, led by a favourable base and strong infra push by the government, with the East and South leading regionally. Post gradual price hikes for the past three months, average Pan-India cement price is likely to have declined by 1% MoM (Rs 4/bag) in Dec-22. Prices in the North and West are likely to have stayed flat QoQ, while possibly declining by 2% QoQ in the central region. Post gradual price hikes for the past three months, average Pan-India cement price is likely to have declined by 1% m-o-m (Rs 4/bag) in Dec-22. Prices in the North and West are likely to have stayed flat QoQ while possibly declining by 2% QoQ in the central region. Also Read NHAI seek bids for widening NH 75 section of Shiradi Ghat New housing supply surges by 51% in 2022 across seven cities