16 November 2023

Vietnam: Siam Cement Group Vietnam’s sales dropped by 30% year-on-year in the first nine months of 2023, to US$901m. Việt Nam News has reported that this corresponds to 8.4% of Siam Cement Group (SCG)’s consolidated sales. Vietnam is SCG’s main overseas market, ahead of Indonesia, where it recorded US$760m (7.1%) of sales.

India: ICICI Bank has made an invocation of Jaiprakash Associates’ shares in relation to its debts. The Economic Times newspaper has reported that the producer owes US$360m to the bank. ICICI Bank is part of a consortium of banks owed a total of US$3.52bn by Jaiprakash Associates.

Denmark: The first nine months of 2023 brought 1.8% year-on-year growth in FLSmidth’s consolidated sales, to Euro767m. The contribution from its cement business declined by 17%, however, to Euro188m, 24% of total sales. The division’s order intake dropped by 24% to Euro164m.

The group said “Our cement business continued to be adversely affected by the global slowdown in market demand. Consequently, we continue to take the steps necessary to preserve the long-term profitability of the business, including a significant rightsizing of the organisation. Further, our pure play strategy is progressing according to plan, and the ongoing operational and legal separation of the cement business is expected to be finalised towards the end of 2023.”

Zimbabwe: The government has enacted new rules according to which companies and individuals may import up to 100 50kg bags of bagged cement without an import licence. The Chronicle newspaper has reported that the measure aims to alleviate an on-going shortage. The government previously indicated that it would ease restrictions on cement imports for the first time since 2021 after prices doubled year-on-year on 7 November 2023.

Mexico: The Chamber of Deputies of the Mexican parliament has approved a resolution exhorting the state government of Hidalgo to take ‘urgent action’ to help restore the Tula cement plant to its owner, Cooperativa La Cruz Azul. Local press has reported that the chamber determined that the situation had arrived a critical point, as those illegally occupying the plant were looting and dismantling the plant.