Rising Cement Prices... Ssangyong C&E Agrees to 6.9% Increase with Ready-Mix Concrete Industry
Price Increase Outlook for Remaining Companies
The cement industry, along with the ready-mixed concrete and construction sectors, has reached a final agreement to raise cement prices by 6.9%.
According to the cement industry on the 25th, Ssangyong C&E, the Korea Construction Materials Workers' Council, and the Korea Ready-Mixed Concrete Industry Cooperative Federation held a meeting at the Korea Construction Association and agreed to increase the cement supply price to 112,000 KRW per ton, up 7,200 KRW (6.9%), starting from the 16th of next month.
This is significantly lower than the 14.1% increase proposed by Ssangyong C&E on July 1st.
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Based on the price of the most commonly used Type 1 bulk cement, slag cement was priced at 102,500 KRW per ton, an increase of 6,700 KRW.
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With Ssangyong C&E agreeing to the price hike, other companies are also expected to follow suit. Besides Ssangyong C&E, the seven major companies including Sungshin Cement, Hanil and Hanil Hyundai Cement, and Sampyo Cement have all announced plans to raise prices by more than 10% per ton.
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