Clinker and sand prices have more than doubled as a result of environmental measures, providing a profitable business extension for cement players. Large players with higher environmental standards are in a position to gain more market shares. On the other hand, higher coal and environmental costs also lay the foundation for stronger price coordination going forward, thereby supporting higher cement prices. There is a discussion of rolling out an environmental levy in 2018 which would hurt less efficient players the most. Small players tend to have higher unit coal consumption, while less efficient players will be forced to pay higher electricity tariffs or emission costs, facilitating industry consolidation. Current cement pricing is still in a healthy reasonable range, as it is still 30% below the peak in 2011. With the accelerating industry consolidation, cement price is expected to go up further. Recommended to invest in large players of the cement industry.