Construction | RSA Cement Market Update - Feb '19
Cement imports increased 80% y/y in CY '18 with 0.9mt of the commodity landing on South Africa's shores. Accordingly, CY ‘18 had the highest level of imports since CY '14 (1.3mt), with 56% of cement imported coming from Vietnam (CY '17: 0.0mt). Cheaper imports landing in the coastal regions constrained prices in KZN, Western Cape and the Eastern Cape. However, we recorded broad-based increases in the inland market with the country's four largest players (out of five major producers) raising prices by 9% to 10% on average in a single month. The muted growth in building plans passed (+0% y/y) implies that revenue growth in CY ‘19 will primarily be a function of pricing.
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