TCMA responds to concerns over upcoming price hike

The Turkish Cement Manufacturers' Association (TCMA) has responded to concerns raised by the Construction Contractors Confederation (İMKON) regarding a price hike of 40 per cent on cement products.

"Despite the cost increases, our sector will not boost prices as high as 40 percent, just to stay within the scope of the overall anti-inflation program," said Nihat Özdemir, chair of Limak Holding and president of the TCMA.

Regarding the alleged 40 per cent price hike, İMKON had stated that construction work may be forced to a halt. "If this price hike is put into effect we will apply to the Competition Authority. If we cannot find a solution, we may call on our members to stop works in the construction sector, which has almost come to a halt," said İMKON chair, Tahir Tellioğlu.

However, Mr Özdemir noted that respectively lower price hikes will be put into action as a result of surging costs and exchange rate depreciations in 2018.

"The increase in exchange rates has created a domino effect on energy, raw material and financing costs and the cement sector has been affected," he said.