South Korea: Seven cement producers have agreed to produce 3.77Mt of cement in the second quarter of 2022, up by 36% quarter-on-quarter from first-quarter 2022 levels, to alleviate a shortage. 380,000t of cement which would previously have been exported will now supply the domestic market instead. The Yonhap News Agency has reported that bituminous coal supply issues have hampered the domestic cement industry's ability to increase its production in line with demand growth. In the first quarter of 2022, South Korea's coal imports consisted of 54% Russian coal and 46% Australian coal, compared to 75% Russian and 25% Australian coal in 2021.
The government plans to invest US$764m between 2023 and 2030 in improving the sustainability of South Korean cement production, including moving it away from reliance on coal through increased alternative fuel use.
