India’s top cement makers have announced a price increase of 5 rupees per bag in Mumbai and neighbouring markets, dealers said on Wednesday.
"Companies have intimated to us a 5 rupees hike from Nov. 1," a dealer told Reuters, adding the new prices would come into effect when the market reopens after Diwali holidays this week.
Retail cement prices would rise to 180 rupees per 50-kg bag, while those for institutional and bulk buyers would be about 165 rupees after the latest price increase, dealers said.
Cement companies such as Associated Cement Companies Ltd, Gujarat Ambuja Cements Ltd, UltraTech Cement Co. Ltd. and Grasim Industries Ltd are the major cement suppliers in western India.
Cement companies had raised prices by a similar margin in October to take advantage of a seasonal pick-up in demand after the June-September monsoon season. ($1 = 45.2 Indian rupees)