Displaying items by tag: Foreign Exchange

South Korea: The cement industry in South Korea faces rising costs due to a rising won-to-dollar exchange rate following the attempted impeachment of the president, and transportation disruptions from a railroad strike. This is likely to lead to an increase in coal import costs, according to Chosun Biz news.

The ongoing strike by the National Railroad Workers Union has disrupted cement transportation, though stockpiles in metropolitan areas have mitigated immediate effects. However, prolonged strikes could force production halts.

Kim Seung-jun, researcher at capital market company Hana Securities, said “In the fourth quarter, cement production is expected to decrease by 14% compared to the same period in 2023.”

Nigeria: Dangote Cement has exported 14 shipments of clinker from Nigeria to Ghana and Cameroon as part of its strategy to boost foreign exchange inflows, reports Business Post Nigeria. The company reported that high demand for its products has ‘significantly’ increased its pan-African operations.

CEO Arvind Pathak said “This effort resulted in a 55% surge in our Nigerian exports, underscoring our commitment to fostering African self-sufficiency.”