In January, trade prices fell ₹19 month-on-month (m-o-m) to ₹359 for a 50 kg bag, said an analyst from Nomura Financial Advisory and Securities (India) after meeting dealers.
This means healthy prices seen in October and November have failed to sustain as weak demand has led to partial rollbacks. Unseasonal rain in Tamil Nadu due to cyclone Michaung at the end of December, delayed infrastructure spending by state governments in the key markets of Kerala, Telangana and Karnataka, and labour unavailability have weighed on the region's demand growth, and prices.
In effect, prices in some key markets such as Kerala fell by 9.6% m-o-m and by 6.8% m-o-m in Chennai, according to the Nomura report on 9 January.
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