Construction | RSA Cement Market Update - Sep '19
Although total cement imports increased 18% y/y for the seven months ended Jul '19, imports into the Western Cape (“WCâ€) are relatively flat at +3% y/y. We expect a decline in cement demand in the WC given the muted BPP outlook (which would be a headwind for PPC). Across the coastal markets, KwaZulu-Natal (“KZNâ€) appears to be the only province that could maintain cement volumes going into CY '20. A resilient market in KZN is positive for Sephaku given the producer appears to be aggressively servicing this market with its new Dangote-branded cement. Our price survey notes the new Dangote-branded cement is priced below imported cement. Price changes for Sep '19 remain relatively flat m/m. We view further price increases for CY '19 as highly unlikely given affordability constraints.
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