Rock Hard Cement, a Trinidad-based cement importer, is expected to close its operations for one month from Monday.
The company has attributed the closure to the Ministry of Trade and Industry’s new policy which went into effect on 1 January. The policy introduced a quota, import licensing regime and registration system for grey and other types of hydraulic cement. The system is expected to last for a three-year period and implement a maximum quota of 75,000t of imports for all contractors.
"Duties on cement have effectively moved from zero per cent to five per cent, and 2021 will see a price increase in excess of 80 per cent. Unfortunately, our country can expect a devastating impact on prices, a major shortage of this commodity and the added threat of a monopoly in the supply of cement," said Rock Hard Cement in a newspaper advertisement.
The company hopes to reopen on 1 February but has applied for an injunction hearing.
