Cement demand in Morocco during the first two months of the year fell by 18 per cent as the recovery of the construction sector remains out of reach. Total cement consumption over the two months is 2.4Mt.
Public works are feeling the pinch as is the new tax regime on the sale of undeveloped land. Capital gains on these sales have seen an increase in tax rate from 20 to 30 per cent on land held for more than five years.
Meanwhile, cement prices remain stable at MAD1100.