Cement stocks rally

Cement stocks rally
Published: 10 March 2009

Shares in Korean cement manufacturers jumped after negotiations between cement manufacturers and ready-mixed concrete makers were settled on Monday, reports Forbes.

Both parties agreed to raise the prices of cement by 14.4 percent per tonne, a Ssangyong Cement spokesman said.

Even though the settled price is lower than cement makers asked for last year, it will certainly help. Cement makers have been suffering from rising raw material prices and other manufacturing costs, said Sung June-won, an analyst at Goodmorning Shinhan Securities.

Shares in Hyundai Cement jumped 14.62 percent to 12,150 won, Ssangyong Cement rose 12.07 percent to 5,570 won as of 0157 GMT.