
WearecautiousonChinacementsector,weexpectcementpricetodecline3%y-o-yin2013.WeexpectcementconsumptioninChinaisapproachingpeakespeciallyforEasternChinabasedonourtop-downanalysisforpercapitaconsumptionByregion,wearenegative(non-consensus)towardsEasternChinaonlowdemandvisibilityandprudentonSouthgivensupplypressure;wepreferNorthernandNorthwestern(excl.Xinjiang)regionsonlimitedASPdownsid...