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Cement prices set to rise for a second time this year
2022-08-07
Cement prices will rise for the second time this year, and shares of cement makers are surging while ready-mix concrete makers are scrambling for ways to lessen the impact.
Sampyo Cement will raise the price of cement to 105,000 won ($80) per ton starting September. That’s up 11.7 percent from the previous price. Hanil Cement will sell its cement at 106,000 won per ton also starting September, up 15 percent.
The most recent increase was in February, with Sampyo Cement raising prices by 19 percent. Other cement makers, such as Sungshin Cement, SsangYong Construction & Engineering and Halla Cement, raised prices by 15 to 18 percent that month.
With prices set to rise, stocks of cement makers have been jumping.
Shares of Hanil Cement rose 6.9 percent to 15,500 won on Thursday and Sampyo Cement 1.4 percent to 4,350 won. Korea Cement rose 2.11 percent to 3,635 won, and Sungshin Cement rose 2.94 percent to 10,500 won.
“There will be high demand for cement this year, considering pre-sales of new apartments started to peak after reaching a low in 2018 and since it takes two to two and a half years to build apartments,” said Kim Se-ryun, analyst at eBest Securities. “There is also possibility that other cement makers will increase prices as well, providing room for them to improve profits.”
Although cement maker profits may increase, ready-mix concrete makers, which use cement to make their products, may struggle.
On Thursday, representatives from ready-mix concrete makers, such as Eugene Corporation, Aju and DY Remicon Industrial, attended a meeting with the Korea Construction Procurement Part Association.
The companies discussed plans to request cement makers to reduce the price increase as much as possible. The companies will jointly send a statement to the Ministry of Economy and Finance and the Fair Trade Commission, saying that two price increases in a year is unfair. Another will be sent to the National Assembly, requesting it to pass a bill that will oblige companies to increase the contract price when raw material prices increase even after the contract was signed.
Both Sampyo Cement and Hanil Cement said they decided on the price increase due to rising raw material prices.
The price of bituminous coal, used to make cement, has been soaring this year due to Russia’s invasion of Ukraine. Korean companies imported 71.5 percent of its bituminous coal from Russia as of last year, and they were hit directly by fluctuating prices.
According to Korea Mineral Resource Information Service, the price of bituminous coal was $251.45 per ton for the first quarter. That’s up 192.5 percent compared to the previous year.
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