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Cement Industry: Price & Quantity↑, Cost↓= ?

Cement Industry: Price & Quantity↑, Cost↓= ?

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December 14, 2020
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The creator is an analyst of NH Funding & Securities. He might be reached at minjae.lee@nhqv.com. — Ed.  

 

At a time when cement costs and shipments are prone to improve, funding in recycled useful resource remedy services is a chance to vary the detrimental notion of the cement trade. We anticipate sector earnings and valuations to enhance in 2021.

Value discount potential on increasing funding in recycled assets remedy services

Within the mid/long run, Ssangyong Cement, Sampyo Cement, and Asia Cement (which have all printed sustainability stories) plan to lift the portion of recycled assets amongst their whole gas consumption (largely bituminous coal) to 45%. For reference, if one ton of bituminous coal is changed with recycled assets, cement gamers might be W150,000 higher off (W100,000 buy value for coal (as of 3Q20) + W30,000~40,000 recycled useful resource remedy charge). Ssangyong Cement accomplished its fourth recycled useful resource remedy facility in 2020, and all 4 items might be operational from 2021. By way of these services, the agency’s bituminous coal use will drop 300,000 tons/pa, and its recycled useful resource remedy capability will rise to 400,000 tons/12 months (substitute ratio of recycled assets of 25% or larger), leading to value financial savings of greater than W60bn per 12 months. Sampyo Cement can be anticipated to save lots of greater than W11bn in gas prices by investing in extra recycled useful resource remedy services for 2 kilns in 2021. If recycled useful resource remedy services are expanded to the entire firm’s kilns by 2025 (substitute ratio of 40% or extra), its gas prices would fall by not less than W30bn.


Value hike visibility enhancing; full-fledged cargo improve seemingly

In keeping with media stories, Halla Cement (in September) and Hanil-Hyundai Cement and others (in November) tried to extend cement costs. As different corporations acknowledge the necessity to elevate cement costs, they’re extremely prone to take part within the transfer. Though cement costs have been final raised in 2014, there are fixed elements that result in elevated prices, comparable to environmental prices, transportation prices, and rising bituminous coal costs. Of word, given that almost all cement gamers need to elevate costs, no corporations are prone to decrease costs in an try to achieve market share.

As of September, 12-month cumulative development orders in Korea amounted to W190tn, a record-high stage. Within the personal development sector, residential orders have risen essentially the most, however orders associated to the third New Metropolis and the Korean New Deal have but to emerge. As well as, with development delays as a result of Covid-19 prone to ease in 4Q20 and 1H21, cement demand is estimated to extend. Rising cement costs and demand, and falling prices are anticipated to enhance general earnings.

 



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