Global Cement News

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."

South Korea: Cement producers say that an on-going truck drivers' strike will force them to suspend production from 5 December 2022 if it continues for another week. Yonhap English News has reported that Industry Minister Lee Chang-Yang spoke to industry representatives on a visit to Asia Cement's Jecheon cement plant in Chunbuk. The cost of missed deliveries after four full days of the strike on 28 November 2022 was US$34.6m.

Pakistan/UAE: China-based renewables supplier LONGi Green Energy Technology has awarded Bestway Cement its Carbon Neutralisation Pioneer award at a ceremony in Dubai, UAE. The award acknowledges progress in industrial sustainability during the past year. Bestway Cement is the first Pakistani recipient of the prize.

Bestway Cement operates 62MW-worth of solar power capacity at installations at its Chakwal, Farooqia, Hattar and Kallar Kahar cement plants. Managing director Irfan Sheikh said that this setup enables it to minimise CO₂ emissions and the company's reliance on the national grid. Bestway Cement was also the first Pakistani cement producer to install waste heat recovery (WHR) plants across all of its integrated cement plants.

UK: Breedon Group says that it recorded 10-month sales of Euro1.38bn so far in 2022, up by 14% year-on-year from the same period in 2021. The producer completed scheduled maintenance on Kiln 2 of its Hope cement plant in the UK on time and on budget. Throughout the period, it noted 'supportive' trading conditions, with 'resilience' from the majority of its markets in its Great Britain and Ireland regions. In the year's second half to date, Breedon Group's four-month sales grew by 16% year-on-year. The group said that it is on track for record full-year earnings in 2022.

CEO Rob Wood said “Visibility in the trading landscape has been poor for some years now, for a variety of reasons. Against this constantly changing backdrop, our team’s commitment and resolve have delivered quality products and great service to our customers, regardless of the economic or political landscape. For this, we thank them. Their focus and determination in turn continues to deliver for all our stakeholders.” Wood continued “This time last year, we reminded our investors of the agile and entrepreneurial DNA that sets Breedon apart. Our rapid response to changing market conditions, local focus, vertically-integrated business model and disciplined financial framework will again enable us to deliver record results in 2022."

Malaysia: Malayan Cement recorded sales of US$192m during the third quarter of 2022, more than triple its third-quarter 2021 sales of US$63.6m. The company recorded a US$213,000 profit, compared to a US$5.29m loss in the corresponding quarter of 2021.