South Korean producers to initiate cement price hike

Leading cement producers in South Korea are set to initiate a cement price increase from next month in an effort to offset rising production costs.

Notification has been sent stating that the prices are to rise from Thursday, 7 February and if they stick the average price will go up from the current 73,600/t (US$68) to 81,000/t won (US$74)

A Dongyang Cement official said, "Due to the rise in industrial electricity rates last year in two occasions, our kiln operating cost has increased and we had to raise cement prices this time to make up for it."