Cement sales jump 23pc in first quarter

Construction activities appeared to have revived in the first quarter of FY24 following a 17.7 per cent jump in domestic cement sales to 10.122 million tonnes from 8.602m tonnes in the same period last fiscal year. Exports during 3MFY24 posted a whooping growth of 72pc to 1.751m tonnes from 1.019n tonnes due to rupee devaluation during July-Aug 2023. As a result, total cement despatches (local and export) grew by 23.4pc to 11.873m tonnes from 9.621m tonnes in 3MFY23. A cement exporter/manufacturer said cement exports have been made to Sri Lanka, Bangladesh, and West Africa. Domestic cement sales were strong during July-Sept 2023 as there were floods in July-Aug 2022. Due to rising construction activities, steel bar makers raised prices by Rs10,000 per tonne in Aug, with hints of another increase in the last week of Sept, despite the rupee appreciating since Sept 5. In Sept 2023, total cement despatches (domestic and export) were 4.115m tonnes as against 4.284m tonnes in the same month 2022, down by 4pc.