Cement, steel, aluminium & EMS: CLSA's Indrajit Agarwal breaks down sector winners and risks

Cement demand and pricing trends surprised positively in Q2, supported by consolidation and broad-based recovery across housing, rural demand, and government capex, says CLSAs Indrajit Agarwal. While metals face global oversupply pressures, Indias EMS sector is set for a long-term growth boom. Agarwal outlines key sector trends, pricing dynamics, capex cycles, and investment implications for 2025.