Construction | RSA Cement Market Update - Oct '19
Total cement imports increased 21% y/y for the eight months ended Aug '19. 71% of cement imports landed in KwaZulu-Natal (“KZNâ€) and imports into the Western Cape ("WC") declined by 1.5% y/y. We view this trend as positive for PPC given its WC exposure. However, the increase in KZN is negative for Sephaku given the producer's renewed attempts to claw back market share in the province. We expect Vietnamese imports to moderate given a weaker ZAR against the VND and an increase in production costs for Vietnamese producers. Prices declined with our survey observing a number of low single-digit m/m declines across the country. We expect further price declines by year-end in the WC given softening demand for cement in the province.
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