Cement News tagged under: China
Moody's: West China Cement's medium-term notes issuance is credit positive11 April 2013, Published under Cement NewsMoody's Investors Service says West China Cement's (WCC) issuance of medium-term notes (MTN) totalling CNY800m (US$129m) for three-years at 6.1 per cent is credit positive. The notes were issued on 28 March 2013 through WCC's indirectly wholly owned onshore subsidiary Yaobai Special Cement Group Co Ltd, which owns the vast majority of the group's assets in Mainland China. The proceeds from the MTN issuance will be used to refinance onshore bank loans, expand production facilities and for g... |
Conch Group to issue short-term bills, China03 April 2013, Published under Cement NewsThe Anhui Conch Group said it plans to issue CNY1.5bn (US$241m) in unsecured bills with a maturity of 365 days on the inter-bank market next week. The company said in a statement that this batch of bills will be issued on the 10 April 2013 at face value and the coupon rate determined during the the process of bookbuilding, China Knowledge Press reports. Agricultural Bank of China has been hired as book runner and lead underwriter for the offering and China Construction Bank Co will be ... |
Dongwu Cement's net profit slumps, China02 April 2013, Published under Cement NewsDongwu Cement International Ltd saw its net profit slump 98.81 per cent YoY to CNY1.04m (US$ 167,722) . Operating revenue, meanwhile, dropped 30.8 per cent YoY to CNY321m in 2012, the company said in a statement. Dongwu Cement International Ltd is a cement and clinker producer in Wujiang City, Suzhou Prefecture, which is situated in south Jiangsu Province. It employs NSP technology in the production process and its principal products include ordinary Portland cement strength class 42.5 (PO... |
China output climbs 10.8 per cent YoY28 March 2013, Published under Cement NewsCement production in China reached 237.29Mt in the first two months of 2013, an increase by 10.8 per cent from the same period of last year, according to latest data from the National Development and Reform Commission. The rate of growth over the Jan-Feb 2013 period has accelerated from the 4.8 per cent growth seen during the same period of 2012. However, cement prices have continued to fal with the average ex-factory price from major companies declining by CNY7/t from December and CN... |
MacGregor wins order for cement handling systems in China27 March 2013, Published under Cement NewsMacGregor, part of Cargotec, has secured an order with Shanhaiguan New Shipbuilding Industry in China for advanced bulk-handling systems for a pair of 20,000dwt cement carriers on order for Singapore-based Associated Bulk Carriers (ABC) which is a fully owned subsidiary of dry cargo shipowner Precious Shipping PCL, Thailand. Precious Shipping operates in the small handysize sector of the tramp freight market. The identical sisterships will be equipped with MacGregor cement self-unlo... |
Deutsche Bank: Conch to gain greater pricing power, China27 March 2013, Published under Cement NewsIn light of slowing demand growth and severe overcapacity in East China, the operating landscape has changed in favour of Conch partly through superior production costs and greater pricing power, Deutsche Bank says in a recent note. The bank believes that smaller players are losing market share as they can no longer compete with Conch's superior production costs (10-20 per cent below its peers) and low-priced strategy to clear inventory in the slow season. "Effectively, smaller player... |
Anhui Conch net profit hit by weaker prices, China25 March 2013, Published under Cement NewsAnhui Conch reported a 45.6 per cent in net profit for 2012 due to weaker average selling prices. The company reported net profit of CNY6.31bn (US$1bn) last year as average prices slipped to CNY245/t from CNY308/t a year ago. Operating revenue dropped 6.41 per cent per cent YoY to CNY45.06bn in 2012. The company sold 187Mt of clinker and cement last year, reflecting a growth of 18.33 per cent YoY. Conch added 20.8Mta of clinker production capacity and 28.3Mta of cement production capa... |
Asia Cement (China) net profit falls 70%25 March 2013, Published under Cement NewsAsia Cement (China, a subsidiary of Taiwan-based Asia Cement, has reported a drop in annual net profit and revenue due to declining prices. The company posted net profit of CNY395m (US$63.71m) in 2012, down 70.53 per cent YoY while revenues were down 18.55 per cent from a year earlier, reflecting a fall in prices. Cement production totaled 2.85Mt while cement sales reached 22.71Mt, the company said. The company sold 3.8 Mt of cement in the Nanchang-Jiujiang district of Jiangxi Province... |
Credit Suisse lowers China Shanshui Cement target price22 March 2013, Published under Cement NewsCredit Suisse lowered its target price for China Shanshui Cement to HK$4.2 from HK$5.5, and maintained its "neutral" call. The house expects unit gross profit to soften in 2013 to CNY65/t due to moderate supply pressure in Shandong, combined with depressed margins in Shanxi and Xinjiang (13 per cent of 2013 sales). Credit Suisse said its recent visit to Shandong also suggests 2Q2013 construction demandmay disappoint versus expectations. The house slightly reduced its 2013 earnings by three... |
Moody’s: West China Cement investment slowdown ‘positive sign’21 March 2013, Published under Cement NewsWest China Cement’s (WCC) slowdown in investments is also a positive, according to Moody's analyst, Jiming Zou, lead analyst for WCC. WCC's shift from an aggressive expansion strategy to more prudent financial management follows the need to stabilise its capital structure, Moody’s highlighted in a statement. "This approach is necessary as it will need to refinance offshore debt in January 2016. It also reflects less pressure on WCC to increase market share, given a stabilising competitive ... |