Trinidad Cement Ltd (Cemex group) has announced an ex-factory cement price increase of approximately 15 per cent. The price increase becomes effective on 20 December 2021.
TCL said: “We have been absorbing rising input costs for a long time and are now unable to continue to maintain our prices. The main attributing cost factors are natural gas, imported spares ad other raw materials that go into the manufacturing the highest quality cement brands, which you represent.
"We assure you that, in the interest of protecting the vulnerable construction sector, our price adjustment is only a marginal increase when compared to the escalating operating expenses with which we are faced."
The Ministry of Trade and Industry will aim to ensure the affordability of cement in the local market. The Government was made aware of a potential price increase of cement in November 2021. At that time, the MTI indicated its concern to the TCL Group and expressed the view that any price increase was unacceptable given that 90 per cent of the inputs into the manufacture of cement is local, reported
The Trinidad Express.
On 18 November 2021, the cabinet agreed to a revision of the Quota and Import Licensing Regime for Cement (Building Cement-Grey and Other Hydraulic Cements) for 2022, raising the maximum quota for cement allowed for import to 150,000t (an increase from 75,000t in 2021 with each existing registered importer receiving a 50 per cent increase in their quota allocation) in 2022.
In addition, at a Special Meeting of the Council for Trade and Economic Development (COTED) of CARICOM held on 10 December 2021 and at the request of Trinidad and Tobago, COTED agreed to a suspension of the CET and the increase of the rate of duty to 20 per cent on Other hydraulic cements of HS 2523.90.00 for the one year, 1 January to 31 December 2022.
TCL reported a revenue decline of three per cent in the 3Q21.
