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Export tariff expected to hit Saudi Arabian cement profits 21 December 2016
Saudi Arabia: New legislation requiring cement exporters to pay tariffs of up to US$35/t is expected to reduce profits. The new import tax is also expected to compound problems for exporters created by restrictions linked to the gradual lifting of a ban on exports, according to Mubasher financial website. Cement producers are expected to be encouraged to focus on domestic sales instead. Financial analyst Jasim Al-Joubran of Al-Jazirah Capital has forecast low profits for the industry in 2016 due to low government spending. However, he added that sales are expected to recover in the fourth quarter of 2016 followed by a recovery in 2018.
My Home Industries to open grinding plant in Tuticorin 21 December 2016
India: My Home Industries plans to open a new cement grinding plant at Tuticorin, Tamil Nadu in January 2017. The new plant is expected to expand the company’s market share in southern India, according to the New Indian Express newspaper. The cement producer has a production capacity of 8.4Mt/yr and the new unit will increase the total to 10Mt/yr.
“We are leaders in Andhra and Telangana. In Tamil Nadu we have about 7% market share and in Karnataka, it is about 5 – 6%. This plant would help strengthen our operations in Karnataka, Tamil Nadu and Kerala,” said Samba Siva Rao, the executive director of My Home Industries. He added that at present cement is transported to Tamil Nadu and Karnataka from a plant in Kurnool.
Thatta Cement appoints Muhammad Taha Hamdani as a director
Written by Global Cement staff
21 December 2016
Pakistan: Thatta Cement has appointed Muhammad Taha Hamdani as a director with effect from 16 December 2016. He replaces Wazir Ali Khoja. Hamdani has worked for Thatta Cement as its Chief Financial Officer and Company Secretary since 2011. Previously to this he has worked for a variety of companies in financial and auditing positions.
Nepal: The value of clinker imported from India into Nepal has risen by 674% year-on-year to US$60.5m in the first four months of the local financial year that started on 16 July 2016 from US$7.8m from the same period in the previous year, according to the Trade and Export Promotion Centre. Dhruba Raj Thapa, president of Cement Manufacturers Association of Nepal, in comments to the Himalayan Times attributed the surge to a lack of raw materials, including limestone, which has forced producers to import clinker from India. He added that government restrictions on opening new mines have restricted the local industry's ability to produce its own clinker.
China Resources Cement enters into strategic agreement with BBMG 20 December 2016
China: China Resources Cement and BBMG Corporation have entered into a strategic co-operation agreement. According to the agreement the companies shall jointly explore Chinese and overseas markets and promote technology for the industry. Both parties intend to create a 'market communications mechanism' to share information on the market, production and technology. China Resources Cement previously signed a similar agreement with Anhui Conch in July 2016, although that agreement subsequently fell apart.