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Egypt: Cement Sector 2010 - 2011
CI Capital Holdings, Dec 2010, Pages: 18
Review and Preview of the Egyptian Cement Sector After strong consumption in 2009 +25.8% Slower Growth in 2010 3.1% Export Ban to be Removed Competition to rise from cheaper imports New Capacities coming onstream 2010 - 2013
After showing considerable growth in 2009, cement consumption cooled somewhat during the first nine months of 2010, growing only 3.1% (down from 25.8% the same period a year ago). Imports’ share of local consumption rose to 3.2% between January and September, compared to 2.3% for the equivalent period in 2009. 2010 also saw a good deal of dynamism on the part of the Egyptian government, beginning with the decision to withdraw cement licenses from firms failing to launch planned production lines on schedule. Though the government cut resource development fees 57.1% to EGP15/ton, it raised energy prices 50% during peak periods of use and then imposed a 5% sales tax on local producers effective July 1st. Perhaps most significantly, however, the government decided to allow the cement export ban to expire in October. This should partially absorb the 7.8mn tons of additional capacity expected to come on stream by 2011. Extra production and competition from cheaper imported cement should ultimately mute the rise in local prices – we expect them to increase only 0.5% in 2011.
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