Displaying items by tag: China

Vietnam: State-owned Vicem Ha Tien has despatched its first shipment of cement to the US. The Vietnam government says that Vicem Ha Tien will continue to further diversify its markets.

Domestic-focused cement producers like Vicem Ha Tien have experienced increased competition in the past year due to a slowdown in the Chinese market.

China: CNBM’s sales from its cement businesses fell by 16% year-on-year to US$6.14bn in the first half of 2023 from US$7.34 in the same period in 2022. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 39% to US$991m from US$1.63bn. The group’s sales volumes of cement and clinker fell by 1% to 127Mt and 15% to 15.4Mt respectively. Sales volumes of concrete decreased by 10% to 35.6Mm3 from 39.5Mm3. Overall the group’s sales fell by 8% to US$14bn and its adjusted EBITDA by 27% to US$2.03bn.

The company said that its building materials division faced weakening demand, high inventory, low prices and declining profits. It noted that industry overcapacity remained high, despite supply-side structural changes, and that although the price of coal was declining it was insufficient to offset the fall in cement prices and profit in turn.

China: Anhui Conch grew its concrete and aggregate sales in the first half of 2023 to increase overall sales. Its revenue grew by 16% year-on-year to US$8.99bn in the first half of 2023 from US$7.73bn in the same period in 2022. However, its cement and clinker sales fell by 7% to US$6bn from US$6.46bn. Sales revenue fell in all of its domestic sales regions, although they rose overseas. By contrast, sales and trading of other products more than doubled to US$2.7bn. The group’s sales volumes of cement and clinker increased by 3% to 134Mt. Its total profit fell by 32% to US$928m from US$1.37bn.

In its interim results the company said that it had “actively responded to the complicated and difficult industry situation and strived to overcome the impact of unfavourable factors such as declining real estate investment, sluggish market demand and intensified industry competition.”

China: Tangshan Jidong Cement’s operating income fell by 14% year-on-year to US$1.99bn in the first half of 2023 from US$2.31bn in the same period in 2022. Its sales volumes of cement and clinker grew by 14% to 44Mt. However, it reported a loss of US$50.7m compared to a profit of US$157m previously. Its operating income fell in all regions domestically except the North-east of the country. The company noted that low cement prices had led to a decline in the profits of the cement sector.

China: Xinjiang Tianshan Cement recorded a profit of US$19.5m during the first half of 2023, Reuters has reported. This corresponds to a 96% decline from first-half 2022 levels.

China: Jiangxi Wannianqing Cement recorded a profit of US$36.6m during the first half of 2023, Reuters has reported. This corresponds to a year-on-year decline of 46%.

China: West China Cement recorded sales of US$605m during the first quarter of 2023, up by 5.6% year-on-year from US$573m in the first half of 2022, Reuters has reported. Nonetheless, its net profit dropped by 19% to US$72.9m from US$90.6m.

China: Gansu Qilianshan Cement followed the general downward trend in Chinese cement producers’ results in the first half of 2023. Reuters has reported that the company recorded a net profit of US$32.6m, down by 53% year-on-year from first half of 2022.

China: Anhui Conch Cement is seeking coal suppliers for two of its subsidiaries. The producer has tendered for bids for contracts to supply 410,000t of bituminous coal, high-sulphur coal and lignite to Naiman Banner Hongji Cement and 10,000t of lignite to Chifeng Conch. Online bidding will open on 25 August 2023 and close on 27 August 2023.

China: China Resources Cement’s turnover was US$1.69bn during the first half of 2023, down by 27% from US$2.23bn during the first half of 2022. Reuters has reported that China Resources Cement recorded a net profit of US$86m, down by 66% year-on-year from US$250m.