Mexico: Cemex says that it has entered negotiations with banks with a view to refinancing its US$3bn credit line. Bloomberg has reported that it previously financed the line in late 2021.
Cemex’s chief financial officer Maher Al-Haffar said that an anticipated 100% extension ‘will probably transform our maturity structure quite nicely.’
India: UltraTech Cement has bought a 29.8 hectare parcel of land in Andhra Pradesh’s Vizianagaram District from The India Cements. The Times of India newspaper has reported the value of the sale as US$8.44m. The India Cements’ vice chair and managing director Narayanaswami Srinivasan said that the company is looking for ways to monetise its assets amid on-going liquidity issues.
The India Cements’ sales of cement and clinker fell by 4.3% quarter-on-quarter to 2.66Mt in the three months to 30 June 2023 from 2.78Mt in the three months to 31 April 2023. It noted high fossil fuel prices and local overcapacity in the South Indian cement sector.
India: Ratings agency Crisil has forecast all-Indian cement consumption growth of 11% year-on-year to 440Mt during the current financial year, which ends on 31 March 2024. Crisil attributed this to a 51% year-on-year rise in infrastructure spending, to US$6.75bn throughout the year. Press Trust of India News has reported that infrastructure projects currently account for 30% of all cement consumption.
Mexico: Holcim Mexico says that its supply of cement to the government’s Tren Maya railway project is 170,000t/month. This corresponds to 50 – 60% of its total production volumes. Local press has reported that construction of the 1500km-long Tren Maya railway will consume 1Mm3 of concrete. Holcim supplied its cement for Sections 1 – 3 of the line between 2020 and 2022. It is currently supplying Section 5, which is 50% complete. The cement comes from the company’s Orizaba, Veracruz, plant; its Macuspana, Tabasco, plant and its Mérida, Yucatán, plant.
Holcim Mexico’s infrastructure development manager Fernando Roldan said "Our participation has been a challenge, but the relationship we have with the suppliers and with the construction companies in charge of the railway has allowed us to meet the requirements."
