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5) Fertilizers: Cost Curves Meet Rates
Fertilizer demand is resilient, but margins are rate-sensitive through:
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Gas pricing structures
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Inventory financing
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Dealer credit terms
When rates are high, cost visibility matters more than volume spikes. This is why policy-linked cost relief can outperform demand-led narratives in tight cycles.
6) Cement & Cyclicals: The Rate Casualties
Cement is the classic rate victim:
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Capex-heavy
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Debt-funded expansion
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Demand tied to construction finance
Even strong dispatch numbers struggle when rates choke project economics. The sector needs easing to work sustainably.
7) Dividends vs Growth: Rates Decide the Winner
When rates are high:
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