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Displaying items by tag: Import

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Bangladesh Cement Manufacturers Association lobbies against import taxes

20 March 2025

Bangladesh: The Bangladesh Cement Manufacturers Association (BCMA) has requested that the National Board of Revenue (NBR) lower an import tax on clinker to US$1.7/t. The lobbying is taking place ahead of the upcoming budget for the 2025 – 2026 financial year, according to the Financial Express newspaper. The association also expressed concern that a 10% duty was levied on limestone imports, but it expects this to be relaxed in the upcoming budget. The BCMA has urged the NBR to simplify customs regulations and impose a tariff system on value-added tax (VAT) calculations.

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Kyrgyzstan cement imports up by over threefold

17 March 2025

Kyrgyzstan: Cement imports rose by 330% year-on-year to 38,000t in January 2025, according to the National Statistics Committee. Kazakhstan supplied 24,700t, Uzbekistan 13,100t and Iran 189t. Total cement imports in 2024 increased by 220% to 0.5Mt, while domestic production rose by 4.3% to 3.1Mt.

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Argentina cement production up by 9% in February 2025

14 March 2025

Argentina: Cement production reached 0.74Mt in February 2025, up by 9% from 0.68Mt in February 2024, according to the Asociación de Fabricantes de Cemento Portland. Of this, exports contributed 8855t, from 5384t in February 2024, representing an increase of 64% year-on-year. Domestic cement consumption stood at 0.73Mt, an 8% rise from 0.68Mt in the same month of 2024. Of this, imports contributed 212t, a fall of 76% from 919t in February 2024. ​

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US cement shipments fall by 6% to 103Mt in 2024

12 March 2025

US: Cement shipments fell by 6% year-on-year to 103Mt in 2024 from 109Mt in 2023. Data from the United States Geological Survey (USGS) shows that domestic shipments of Portland and blended cement decreased by 6% to 82.9Mt from 88.2Mt. However, imports only dipped slightly to 19.8Mt. Particular declines in shipments were recorded in the north-east and Texas. Türkiye remained the biggest source of imports in 2024 (7.16Mt), followed by Canada (4.85Mt), Vietnam (4.17Mt), Greece (1.82Mt) and Mexico (1.32Mt). Clinker production dropped by 7% to 71.6Mt from 76.8Mt.

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Peruvian cement despatches down by 2% in January 2025

06 March 2025

Peru: National cement despatches reached 0.99Mt in January 2025, down by 2% compared to January 2024 and by 0.7% in the 12-month cumulative period, according to ASOCEM. Cement production declined by 6% year-on-year to 0.87Mt, while clinker production dropped by 30% to 0.59Mt. Over the 12-month cumulative period, cement production fell by 3% and clinker production declined by 9%.

Cement exports reached 10,200t, down by 2% year-on-year and by 5% in the 12-month cumulative period. Clinker exports increased significantly, by 122% to 73,600t in January 2025, but were down by 18% in the cumulative period.

Cement imports rose by 63% year-on-year to 50,000t in January and by 23% in the 12-month period. Clinker imports fell by 29% to 44,000t in January but increased by 28% in the cumulative period.

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2024 roundup for the cement multinationals

05 March 2025

Cement producers based in North America and Europe reported stable revenues and growing earnings in 2024. Revenue growth at scale could be found in India and Sub-Saharan Africa. Notably, India-based UltraTech Cement’s sales volumes of cement surpassed those of Holcim’s. Yet, the European-headquartered multinationals were mostly happy due to increased earnings. Holcim lauded record performance in 2024, for example, and Heidelberg Materials reflected upon “a very good financial year.” This review of financial results looks at selected large heavy building materials companies, outside of China, that have released financial results so far.

Graph 1: Sales revenue from selected cement producers in 2023 and 2024. Source: Company reports. Note: Figures calculated for UltraTech Cement, consolidated data from Ambuja Cement used for Adani Cement. 

Graph 1: Sales revenue from selected cement producers in 2023 and 2024. Source: Company reports. Note: Figures calculated for UltraTech Cement, consolidated data from Ambuja Cement used for Adani Cement.

Holcim’s net sales may have dropped on a direct basis from 2023 to 2024 but its focus is on earnings. Its recurring earnings before interest and taxation (EBIT) rose by 4% year-on-year to US$1.31bn in 2024 from US$1.26bn in 2023. And the changing nature of where its earnings come from in recent years has led to the impending spin-off of the US business, scheduled to occur by the end of the first half of 2025. The company will be called Amrize and will be listed on the New York Stock Exchange, with an additional listing on the SIX Swiss Exchange. By product line, sales were down for cement, ready-mixed concrete (RMX) and aggregates, but they were up for the group’s Solutions & Products division. Despite this earnings were up for all four product lines. By region sales fell in North America, Europe and Asia, Middle East & Africa. They rose in Latin America. For reference, North America and Europe are the group’s two biggest segments.

Heidelberg Materials’ sales revenue remained stable in 2024 on a direct basis, although it dipped slightly on a like-for-like comparison. Its result from current operations before depreciation and amortisation (RCOBD) grew by 6% to US$3.4bn. Geographically, revenue in Europe and Asia Pacific fell. RCOBD increased, notably, by 19% to US$4.80bn in North America. It grew everywhere else apart from Africa-Mediterranean-Western Asia. As is becoming customary for Heidelberg Materials, it made a point of highlighting its sustainability progress. This includes demonstrating progress towards its sustainable revenue target and reminding markets that the delivery of its first carbon captured net-zero cement evoZero product is planned during 2025. The group plans to release its 2024 full annual report at the end of March 2025.

Graph 2: Cement sales volumes from selected cement producers in 2023 and 2024. Source: Company reports. Note: Annualised sales volumes provided for CRH, figures calculated for UltraTech Cement. 

Graph 2: Cement sales volumes from selected cement producers in 2023 and 2024. Source: Company reports. Note: Annualised sales volumes provided for CRH, figures calculated for UltraTech Cement.

CRH’s strength in North America gave it both rising revenues and earnings. Sales revenue from its Americas Materials Solutions division reported 5% growth to US$16.2bn in 2024. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) sprung up by 22% to US$3.75bn. Revenue growth was attributed to price increases and acquisitions. Earnings growth was pinned on growth across all regions, pricing, cost management, operational efficiency and gains on land asset sales. Despite this, reported volumes in the division were down in 2024. The group’s International Solutions division performed more in line with its competitors, with revenue down slightly but earnings up. Lastly, CRH’s annualised sales volumes of cement grew in 2024. This is likely primarily due to the group’s acquisition of assets in Australia.

Cemex had a tougher time of it in 2024, compared to the previous three companies, with both sales revenues and earnings down. Sales and earnings were down on a direct basis for each of its three main regions – Mexico, the US, and Europe, Middle East, and Africa - although the picture was better in Mexico on a like-for-like basis. Sales volumes of cement, RMX and aggregates were either static or down in each of these areas. In the US the group may have been unlucky as it took an earnings hit from four hurricanes and a deep freeze in Texas. Group earnings improved in the fourth quarter of 2024. In spite of this it introduced ‘Project Cutting Edge’ in February 2025, a three-year, US$350m cost saving exercise.

The first takeaway from UltraTech Cement’s performance in 2024 is that a second (mainly) national producer has overtaken the multinationals. This happened with several China-based cement producers over the last decade. Now it has occurred in India with Ultratech Cement. It reported sales volumes of 120Mt in the 2024 calendar year. Shifting to the Indian financial calendar, Ultratech Cement ‘s revenue rose slightly in the nine months to 31 December 2024 but its new profit fell by 19% year-on-year to US$458m. Local press has blamed this on weak price realisations despite sales volumes growing. At the same time its energy costs have fallen so far in its 2025 financial year. Adani Cement, meanwhile, reported strong growth in both revenue and earnings in the 12 months to 31 December 2024. It too is likely to become one of the world’s largest cement producers by sales volumes by 2030, outside of China, if it follows-through on its expansion targets.

Finally, Dangote Cement reminded us all what growth really looks like as the Nigerian market started to rebound. Sales revenue increased by 62% to US$2.39bn and EBITDA by 56% to US$591m. Despite high domestic interest rates in Nigeria the group managed to grow its sales volumes of cement. Elsewhere in Sub-Saharan Africa sales volumes declined a little due to bad weather conditions in Tanzania and election uncertainties in Senegal and South Africa.

The importance of the US market for many multinational cement producers continued in 2024. However, this reliance on one place can carry risks, as Cemex’s results seem to suggest. Another reminder of this occurred this week when the US government imposed 25% tariffs on Canada and Mexico. The Portland Cement Association said in a statement, “The US cement industry would like to work with the administration to address federal laws and regulations that prevent American cement companies from increasing production, making it necessary for the US to import some 20% of its total cement consumption annually - including from Canada and Mexico.” Elsewhere, markets are changing as mega-markets such as India and Sub-Saharan Africa unleash their potential. China-based Huaxin Cement, for example, may start to gain a place on international round-ups like this one in 2025 when it completes its acquisition of Lafarge Africa.

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Portland Cement Association releases statement regarding tariffs

05 March 2025

US: In response to the Trump Administration’s imposition of 25% tariffs on Canada and Mexico, Portland Cement Association (PCA) President and CEO Mike Ireland has released a statement.

He said “The US cement industry would like to work with the Administration to address federal laws and regulations that prevent American cement companies from increasing production, making it necessary for the US to import some 20% of its total cement consumption annually, including from Canada and Mexico.”

He added “US cement manufacturers, who provide the materials for America’s vast infrastructure and will have an essential role in helping to manifest the President’s vision of improved border and energy security, believe the right tax, regulatory and permitting environment will lead to more investments in US cement production.”

Canada and Mexico account for 27% of US cement imports, representing nearly 7% of total consumption. In 2023, the US imported 5Mt of cement from Canada and 2Mt from Mexico.

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First cement imports arrive at Mottama Port in Myanmar

24 February 2025

Myanmar: A vessel carrying 3000t of cement has arrived at Mottama Port, following the government's decision in January 2025 to permit cement imports in an effort to meet domestic demand for cement.

The shipment arrived on 21 February 2025 via the Kawthaung Border Trade Station to be distributed. Additional cement shipments will arrive weekly to address the domestic shortage, according to NP News. Myanmar's cement demand is reportedly 10Mt/yr, while domestic production is below 8Mt/yr.

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Decarbonisation policies in Eastern Asia

19 February 2025

Two news stories to note this week concerning climate legislation in eastern Asia. First, the Indonesian government announced plans to create a mandatory carbon emissions trading scheme (ETS) for key industries including cement. Second, an initiative to set up a carbon border adjustment mechanism (CBAM) in Taiwan emerged.

The proposal in Indonesia has been expected by the local cement sector and the wider market. Back in November 2024 at the ASEAN Federation of Cement Manufacturers (AFCM) event, an Indonesian Cement Association (ASI) speaker said that a preparation period for carbon trading by industrial sectors was expected from 2025 to 2027 followed by an easing-in period and then full implementation from 2031 onwards. This latest announcement appears to confirm the planned roll-out of the country’s cap-and-trade system. So far the government has set up a carbon tax, a voluntary carbon trading scheme (IDX Carbon) and a mandatory carbon trading scheme for part of the power sector. Notably, the local carbon price for that last one is low compared to other schemes elsewhere around the world. In 2024 the World Bank reported a price of US$0.61/t of CO2. Since it only started in 2023 it is still early days yet though.

The new information confirms that the cement, fertiliser, steel and paper industries will be added to the mandatory emissions trading scheme. As per other cap-and-trade schemes, low emitters should be able to sell spare credits. However, comments made by Apit Pria Nugraha, Head of the Center for Green Industry, Ministry of Industry, at a recent trade event in Jakarta suggested that companies that emit more than their allowance would have to pay a 5% levy on the excess and buy credits for the rest. This seems to be different from the EU Emissions Trading Scheme, where companies are fined only if they go above their allowance and they do not buy sufficient credits to cover themselves. However, we’ll have to wait to confirm this and other details.

Meanwhile in Taiwan, Peng Chi-ming, the Minister of Environment, announced that a bill establishing a local CBAM could be prepared in the second half of 2025. What is telling though is how the local press coverage of this story framed the trade policy aspects of such a scheme. Peng questioned how the EU CBAM might fare in response to the protectionist and pro-tariff administration in the US. He also noted that importers of cement and steel didn’t have to disclose their carbon emissions compared to local producers. Vietnam, unsurprisingly, was singled out as a likely target of a CBAM given that one third of Taiwan’s imports of cement come from there. Lastly, Peng also said that Taiwan would have to apply to the World Trade Organization for approval if or when it did set up its own CBAM.

Taiwan introduced a carbon tax at the start of 2025 with a standard price of US$9.16/t of CO2 and lower prices for companies using approved reduction plans or meeting technology benchmarks. Research by Reccessary indicated that Taiwan Cement might face a carbon tax bill of US$41m and Asia Cement could be looking at US$28m based on 2023 data. These additional costs will increase operating costs and reduce profits.

All of this may sound familiar because it has already happened in Europe. Some form of carbon trading or taxation is introduced and then the debate moves on to carbon leakage via imports. The cement industries in Indonesia and Taiwan are unlikely to be aggravated directly by the EU CBAM but the wider economies of both countries are reacting to secure access to export markets. This, in turn, has implications for a heavy CO2-emitting sector like cement. For example, if a CBAM isn’t already being considered in Indonesia, local heavy industry is likely to start lobbying for one, if the new ETS starts affecting import rates.

The Minister of Environment in Taiwan and others before him have identified that climate policies can be protectionist. As more countries regulate local carbon emissions, more trade disputes look likely. The big one right now might be the growing argument between the US Trump administration and the EU. Yet, every time a country sets up a new carbon scheme, a potential new argument over trade is brewing. And cement producers in Indonesia, Taiwan and everywhere else are stuck in the middle of all of this.

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Taiwan to propose CBAM

18 February 2025

Taiwan: The government will draft carbon border adjustment mechanism (CBAM) legislation in the second half of 2024 ‘at the earliest’, according to the Taipei Times. The measure will follow the EU's CBAM implementation in 2026, with official guidelines expected to be issued by July or August 2025.

Domestic cement and steel producers have reportedly complained to the Ministry of Environment that competing importers are not required to disclose their emissions. Subsequently, the Ministry is preparing a list of importers to be regulated. According to the Minister of Environment, Peng Chi-Ming, Taiwan imports about one-third of its cement from Vietnam, which would be subject to CBAM regulations.

The legislation will align with corresponding EU regulations and complement carbon fees for domestic producers introduced in 2024.

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