Hanil and Hanil Hyundai Cement Also Raise Prices... 12.8% Increase Starting September

As the cement industry is engaged in a tug-of-war with the ready-mixed concrete and construction sectors over price increases, Hanil Cement and Hanil Hyundai Cement have also joined the ranks of those raising prices.

A cement factory located on the outskirts of Seoul. Photo by Dongju Yoon doso7@

According to the industry on the 24th, Hanil Cement and its affiliate Hanil Hyundai Cement recently notified ready-mixed concrete companies that prices will be increased starting September 1.

The increase rate is 12.8% per ton based on the most commonly used Portland cement. In terms of price, it rises by 13,400 KRW from 105,000 KRW to 118,400 KRW per ton.

Hanil and Hanil Hyundai Cement stated that due to a recent continuous decline in operating profits, they decided to raise prices and plan to send official letters containing this information to ready-mixed concrete companies soon.

Previously, among the seven cement companies, Ssangyong C&E and Sungshin Cement declared increases of 14.1% and 14.2%, respectively. With Hanil Cement and Hanil Hyundai Cement also joining the price hike, it is expected that the remaining companies such as Asia Cement and Sampyo Cement will also raise their prices.

This price increase by the cement industry is the fourth in the past two years, having started in June 2021.

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