Pakistan Cement_Cement dispatches decline by 16%YoY for May'22, (AKD Daily, Jun 09, 2022)
AKD Daily
Pakistan Cement:Cement dispatches decline by 16%YoY for May’22
- Local cement dispatches posted a negative growth for May’22, declining by 6/16% YoY/MoM. Though region-wise North and South, witnessed the opposite trend where local dispatches in North declined by 5.1/8.21% YoY/MoM to 2.57mn tons while dispatches in South (due to low base effect) increased by 18/2% YoY/MoM to 0.58mn tons.
- Overall, local cement dispatches for 11MFY22 stand at 42.7mn tons, down 1.6%YoY while exports have decreased by 43.3%YoY to 4.97mn tons, taking overall dispatches to 47.6mn tons, down 8.8%YoY.
- Coal’s Richard Bay index remained on the upside, increasing by 5%MoM to US$$326/ton, currently, as the demand remained strong due to its use as a substitute of natural gas, mostly in Europe and China.
- The uncertainty in coal prices is largely priced in the current market prices which provides a good entry point, in our opinion, as the medium to long-term outlook still remains intact. Apart from the volatility in global coal prices, we believe local economic & political uncertainty and declining construction demand have been the primary drag on stock prices and once clarity emerges, the cement sector is expected to lead the rally.
AKD Research
Maple Leaf Cement Factory is engaged in the production and sale of white cement, grey cement and clinker. Co. is a subsidiary of Kohinoor Textile Mills Limited.
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