Economy & Market
Cement prices pick up in AP
In Andhra Pradesh, cement prices have picked up since mid-May. This signals recovery of the cement industry in the south during the current fiscal. Terming the reversal in prices in Andhra Pradesh as 'a significant development, N Srinivasan, Vice- Chairman & MD of India Cements, said there is a decent chance the recovery will continue and expressed the hope that there will be stability in the marketplace for at least one year. The Andhra Pradesh market, he said, had seen prices slump to very low levels. The price recovery had enabled the company to raise the capacity utilisation to 77 per cent in the last two months or so; the capacity used during the same period last year was 67 per cent. Heidelberg cement prices go up Ashish Guha, CEO & MD of Heidelberg Cement, said that the company has raised cement prices by Rs 2-5 per 50 kg bag in some markets. The demand for the construction material has remained subdued and was not as buoyant as the company had expected. While the company expected a ten per cent increase in demand, the actual pick- up has been half that.