Taiheiyo Cement shares advance on report on price increases

Taiheiyo Cement shares advance on report on price increases
Published: 18 April 2008

Taiheiyo Cement Corp led gains in cement producers in Tokyo trading after the Nikkei newspaper reported prices rose 10 per cent this fiscal year on higher coal costs.

Taiheiyo shares added 2.8 per cent to 259 yen as of 10:13 a.m. on the Tokyo Stock Exchange, after rising as much as 5.6 per cent. Sumitomo Osaka Cement Co., the No. 3 producer, gained 1.9 percent, while Ube Industries Ltd. climbed 2.1 percent.

Tokyo cement prices advanced for the first time in four years, rising between ¥1000-1200 to as much as ¥10,000/t from last year, the Nikkei reported today, without saying where it got the information. The import price of coal is about US$150/t, double the price a year earlier, the newspaper said.

“It’s too early to say to what extent prices have increased,” said Taiheiyo Cement spokesman Naotaka Mochimatsu, declining to comment further on the report. Taiheiyo Cement seeks to increase cement prices to concrete makers by as much as 2,000 yen per ton this fiscal year, he said.