At an all-India level, cement prices fell four per cent MoM basis from INR369 (US$4.98)/50kg bag in July to INR356/bag in August, according to Kotak Institutional Equities.

Central India was the least hit with a price correction of INR3/ bag in August, while some regions have recorded drops as steep as INR30/bag.

"Dealers in large states like Madhya Pradesh and Uttar Pradesh report a strong pick-up in trade sales in August after a weak July 2021 led by the monsoon. Dealer feedback for central also suggests improved rural demand, higher individual home building demand from incomplete projects and revival of infrastructure demand with the restart of government projects," said Kotak Institutional Equities said in a report.