Global Cement News

South Korea: The government ordered 2500 cement truck drivers to return to work on 29 November 2022. The Korea Herald newspaper has reported that drivers in the sector who continue their strike will be subject to criminal sanctions of up to three years in prison or a US$22,600 fine, and will have their truck driving licences suspended. The government explained that the order is justified due to cement truck drivers' failure to present 'good cause' for the industrial action.

President Yoon Suk-Yeol said "Taking the livelihoods of ordinary people and the national economy hostage to look out for their own needs is not justifiable."

Cement truck drivers make up 35% of a total 7080 truck drivers from 200 companies across the South Korean economy participating in the strike, which began on 24 November 2022.

Cuba/Guyana: Guyanese government officials attended a meeting with representatives of Cuba-based Cementos Cienfuegos on 25 November 2022. The Guyana Chronicle newspaper has reported that the Cuban government advised the Guyanese officials of the feasibility of importing Cuban building materials, including cement, into Guyana.

China: China National Building Material (CNBM) subsidiary Sinoma International Engineering has concluded an agreement to acquire cement plant equipment supplier CNBM Smart Industry Technology. MarketScreener News has reported the value of the deal as US$52m.

CNBM Smart Industry Technology supplies maintenance services and equipment to companies around the globe.

India: JK Cement has commissioned its latest new grinding plant in Uttar Pradesh. Reuters News has reported that the facility has a cement production capacity of 2Mt/yr.

JK Cement is on track to increase its total installed capacity to 23Mt/yr by the end of 2023.

China: Chinese regulatory authorities have instructed the country's financial institutions to begin lending more to property developers to help them complete residential construction projects. The International New York Times newspaper has reported that the Ministry of Finance has implemented tax breaks for non-first-time homebuyers. Meanwhile, People's Bank of China reduced the minimum total emergency funds to be held by commercial Chinese banks by US$70bn in order to free up cash. Industrial and Commercial Bank of China lent US$91bn to 12 different developers, while Bank of Communications lent US$14bn to leading property developer Vanke.

Governor of the People's Bank of China Yi Gang said “China’s housing sector is linked to a lot of upstream and downstream industries, so its healthy development is of great significance to the overall economy."