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Steppe Cement Ltd preliminary update to 31 December 2015

14 January 2016, Published under Cement News

Steppe Cement Ltd recorded revenue for the year ended 31 December 2015 of KZT19,537m (US$54m), which was seven per cent lower than the KZT20,925m recorded in the corresponding period of 2014. Sales volumes reached 1.6Mt, an improvement of two per cent YoY. The average price (ex-VAT) for delivered cement was KZT11,890/t in 2015, an eight per cent decrease compared with KZT12,975/t in 2014, mostly due to price pressure from Russian imports until the KZT devaluation in August 2015. For 2015,...

Subdued demand recovery outlook after 2015 nadir

06 January 2016, Published under Cement News

While global cement consumption in 2015 contracted, cement producers can look forward in 2016 to modest gains in demand, but the scenario remains mixed with higher demand unable to raise low capacity utilisation and cement pricing power. By John Fraser-Andrews, HSBC, UK. The year 2015 looks set to mark the first reduction in global cement consumption since 1990 (see Table 1), with HSBC forecasting a five per cent contraction in China (which accounts for over 70 per cent of global demand) ...

India: average price declines in December

04 January 2016, Published under Cement News

The average cement price in India declined by 7.3 per cent YoY in December mainly due to weak demand, according to a report by Reliance Securities published in the Economic Times (India). The national average price of cement dropped to INR285-290 (US$4.28-4.36) per bag last month, compared to INR308/bag in December 2014, according to the report. Regional variances Prices in the northern and western regions saw the biggest correction of between 10-12 per cent. In the eastern and centra...

Egyptian cement prices 'stable' through the year

24 December 2015, Published under Cement News

Egyptian cement prices were considered stable through fiscal 2015 as cement companies provided their final report of monthly disclosures on cement prices to the Ministry of Supply for the month December, Minister of Supply Khaled Hanafy said in a Wednesday statement. The average cement production per week in December was recorded at 1Mt compared to an average of 989,000t per week in November, Mr Hanafy added. As part of the Ministry of Supply's attempt to ensure market fairness, Hanafy note...

Optimism returns to US and wider markets

18 December 2015, Published under Cement News

This week saw the first rise in US interest rates in seven years as the US Federal Reserve signalled its belief that the economy was getting back on its feet and that the financial recovery was gaining momentum. The renewed optimism for the US economy and the prospects for greater cement consumption in the coming year is based on a more vigorous uptake of construction and housing projects. The strength of the recovery is far from certain though and financial markets will need to see contin...

US cement prices to see 8% growth in 2015

17 December 2015, Published under Cement News

Following the Great Recession when US cement prices contracted for five years, they appear to be back in the lift. In 2013-14 domestic prices increased  by five per cent YoY. In 2015, the rise is accelerating to eight per cent, according to analysts at IHS. The last time growth approached these levels was in 2005-06, when the price of cement advanced by 13 per cent. The reactivation of idled kilns, which is leading to expensive upgrades to comply with the latest NESHAP emissions rules, ...

CMA consults on cement price announcement order

16 December 2015, Published under Cement News

The Competition and Markets Authority (CMA) has said it is consulting on a further draft order to prohibit Great Britain cement suppliers from sending price announcement letters to their customers. The CMA consulted on the proposed order in September and following changes made as a result of responses received to the first consultation, is now consulting on an amended version. The order sets out that GB cement suppliers will be prohibited from sending generic price announcement letters...

BofAML forecasts 2H16 oil price recovery; downside risks prevail as OPEC meeting ends in acrimony

14 December 2015, Published under Cement News

Brent crude oil prices are expected see a recovery in the second half of next year, leading to average price of US$50/bbl in 2016, according to Bank of America Merrill Lynch (BofAML). However, the "deep sense of acrimony" that emerged from last Friday's OPEC meeting creates downside risks to BofAML's 2016 pricing assumptions, it cautions. BofAML highlighted that its expectations for next year "embed rational economic behaviour." The forecasts include relatively robust global oil demand grow...

Competition Appellate Tribunal sets aside penalty on 11 cement companies

14 December 2015, Published under Cement News

The Competition Appellate Tribunal of India has set aside a US$945m penalty imposed on 11 cement firms by the Competition Commission of India (CCI) on accusations of cartel behaviour and asked the fair trade regulator to hear the matter afresh. The Tribunal also allowed the cement manufacturers to withdraw the 10 per cent penalty amount already deposited with the CCI, according to local press reports. The judgement follows appeals filed by the cement firms and their industry body, th...

Cemex planning another price rise in Mexico

09 December 2015, Published under Cement News

Cemex plans to increase prices for bulk cement in Mexico starting January 2016, according to local media. Reforma reported that a letter was sent by Cemex to its customers in November to inform them of the pending hike. JP Morgan has noted that Cemex had raised prices by 21 per cent over FY-2015 which resulted in a decline in the company’s market share as peers had raised prices to a much lower extent. In the research house's view, this is likely to result in continued volume improvement ...