India Cement and Construction Materials journal (ICCM) 38

india A CemWeek Publication

issue 38

Cement

october / november 2017

& construction Materials

CW RESEARCH

Global Cement Trade Price Report 3Q2017 LEADERS Q&A

Manoj Gaur Jaypee Group CEO

World Cement Outlook 2H2017 The Road to Recovery

Insight Analysis Petcoke imports on the rise

News

|

Analysis

|

Market Coverage

|

Interviews

|

People

GLOBAL CEMENT TRADE PRICE REPORT The Global Cement Trade Price Report (GCTPR) provides a must-have, data-centric assessment of monthly and quarterly prices (USD per ton) for cementitious products - gray cement, white cement, clinker & granulated slag (GBFS): Ex-works and retail prices Trade pricing Together with insights on cement producers' pricing strategies and important price revisions, the GCTPR provides insights and data on domestic cement pricing for over 30 key markets, as well as international trade prices for 70+ cement markets.

Analysis and forecast of global cement trade.

LET US GUIDE YOU.

The report not only provides historical monthly and quarterly price information, but also offers a three-month forecast for each country.

The unique report is built on CW Research’s long and proven expertise in the cement industry. The GCPR is intended as a tool for understanding the national, regional and international cement pricing environment and the competitive price scenario in key markets around the world.

CEM ENT • B UILDING M ATERIALS • DRY BULK CARGO & SHIPPING • CHEMICALS • INDUST RIAL MINERALS • INDUST RIAL EQ UIPMENT • PAPER & PULP • PETCOKE research.cwgrp.com •

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india

FEATURES DEPARTMENTS Q&A - Shir Manoj Gaur, Chief 3 Editorial Letter 06 Leaders Executive Officer Jaypee Group

The Road to Recovery Manoj Gaur, Executive Chairman & CEO of Jaypee Group

Manoj Gaur addresses Jaiprakash Associates' economic challenges, discusses the lengthy process of selling the company's cement plants to UltraTech and devises a plan for the future.

Research:World cement prices 10 CW to remain volatile in 3Q2017 The CW Research team released the October update of its Global Cement Trade Price Report (GCTPR 4Q2017) that compiles data concerning gray cement, white cement, clinker and slag prices, and their stance on the trade market

Research: Global Cement 16 CW Volume Forecast 2H2017 - The Road to Recovery

Despite a first half of the year marked by a weakened demand, the global cement market is poised to find its way among a winding road of political setbacks and economic constraints

Analysis: Insufficient 22 Insight production boosts Indian petcoke imports

As demand for oil products, particularly petcoke, is rising faster than domestic refineries’ capability to produce them, the US remains a key supplying market of the commodity

Cement & construction Materials

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rOBERT MADEIRA

numbers in brief 4 Fuel and freight costs to weigh down on cement marker's gains

cemweek publisher head of cw group research

Luísa Azevedo Editorial Coordinator

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cement 24 people 26 regional news 28 equipment highlights

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letter from editor

The Road to Recovery

his is the 38th issue of ICCM, but as with the 40th issue of CemWeek Magazine, this number is also different than usual.

We do not take industry changes lightly, and given the evolution of the market and the new digital age, we decided to invest in a revitalization. Whilst preserving the standards of consistency and quality that India Cement & Construction Materials Magazine's readers have been familiar with, we did considerable industry examination to obtain the perfect coverage for our industry trends and developments.

The editorial team looks at the path and vision of one of the world’s most relevant cement leaders, Shri Manoj Gaur, Executive Chairman & CEO of Jaypee Group, who has always followed his heart. Gaur shares a tale of success and difficulties, where his story, Jaiprakash’s and even India’s intertwine.

Following the industry debate, in this issue, we cover key trends in the cement business, with a special focus on the third quarter of 2017. CW Research’s experts have updated their3Q2017 forecast prices, retail price changes, and trade price volumes, bringing relevant insights to the discussion.

2

October/November 2017

Besides pricing, the 38th issue of the magazine emphasizes the evolution of global cement demand so far in 2017. CW Research decodes macroeconomic trends and country figures tounderstand the current configuration of the worldwide cement industry, and presents an outlook for the next five years.

The Indian petcoke market is also examined, particularly how insufficient production and increasing imports are affecting pricing.

ICCM 38th issue also covers relevant news about the main indicators of the industry, including the latest facts and figures about cement volumes, energy prices, and relevant people in the business, regional developments, equipment, and construction projects.

ROBERT MADEIRA

CEMWEEK PUBLISHER HEAD OF CW GROUP RESEARCH

India Cement and Construction Materials Journal

Luísa Azevedo

Editorial Coordinator

World Cement Equipment Market and Forecast Report

The World Cement Equipment Market and Forecast report addresses important market dynamics and the outlook for equipment used in the production of clinker and cement, in integrated as well as grinding units. Key trends in the main production equipment segments are discussed, sized and forecasted (in USD value and capacity, where applicable), broken down into geographic segments (principal countries, regions and global by equipment type). The study offers a rigorous analysis of past and future cement plant capacity expansions (greenfield and brownfield expansions) with all the production stages covered.

Comprehensive analysis of the cement equipment market.

LET US GUIDE YOU.

This comprehensive and rigorous outlook provides: Detailed regional breakdown of cement plant equipment by unit (required in crushing, power, pyro processing and dispatch) and market size value Information derived from extensive primary interviews and industry expertise A five-year forecast of future equipment needs by type of equipment built through an end-user-informed bottom-up approach Market shares of suppliers within each main segment (i.e., mills, kilns and coolers)

CEM ENT • B UILDING MATERIALS • DRY BULK CARGO & SHIPPING • CHEMICALS • INDUST RIAL MINERALS • INDUST RIAL EQ UIPMENT • PAPER & PULP • PETCOKE research.cwgrp.com •

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numbers in brief Fuel and freight costs

to weigh down on cement makers’ gains

Indian cement makers impacted by costs associated with using petcoke, including higher freight rates During the July-September period, the aggregated revenue of the largest cement producing Indian companies appreciated by an estimated nice percent year-on-year, yet the aggregated net profit fell by 3-4 percent year-on-year, on average.

CHART: Aggregate Earnings Estimates - July to September 2017, Year-on-year Revenue

14%

Net profit

Source: CW Research

7%

-7%

The decline in net-profit could be seen as surprising given the steady recovery of cement pricing, as well as that of cement volumes in the aftermath of last year’s demonetization process.

Chart: Estimated net sales of select cement makers - July to September 2017, Year-on-year 40%

30%

10%

Shree Cement

ACC

JK Cement

UltraTech Cement

Orient Cement

Source: CW Research

20%

The negative impact on profits was mainly caused by petcoke prices, the fuel of choice of most Indian cement makers. Only pan-Indian cement companies are expected to perform better, mostly due to better fuel stocking.

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October/November 2017

India Cement and Construction Materials Journal

Invitation to the

WCA World Cement Conference and Gala Dinner In association with INTERCEM

"Future Strategies for the Cement Industry" 11 & 12 December 2017 Le MĂŠridien Piccadilly, London The conference will immediately follow the conclusion of the General Assembly of the

its stakeholders, this exclusive conference programme will invite leading speakers from both inside and outside the cement industry to address the sector's decision-makers.

Key issues around our business will be examined to bring new ideas, critical analysis and fresh perspectives to the table, as the cement industry looks to the transformative years ahead.

The programme will consider broad themes important in strategic planning and decision-making for the cement industry.

Key Themes Building Design Global Economy Outlook/Market Forecasts Environment/Sustainability Cybersecurity

EXCLUSIVE 25% OFF FOR WCA MEMBERS Further details and registration at: worldcementassociation.org

secretarygeneral@worldcementassociation.org

Leaders Q&A Q&A

6

October/November 2017

India Cement and Construction Materials Journal

chief executive officer

manoj gaur jaypee group Manoj Gaur, Executive Chairman & CEO of Jaypee Group, addresses Jaiprakash Associates’ economic challenges, discusses the lengthy process of selling the company’s cement plants to UltraTech and devises a plan for the future.

India Cement and Construction Materials Journal

October/November 2017

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Leaders Q&A

I

n June 2017, something unexpected happened. For the first time in 12 consecutive quarters, Jaiprakash Associates posted a profit.

Despite being a grain of sand in the desert, the news was a muchnecessary tonic for a company whose recent history has been written with headlines of massive debt, one that stood at Rs 38,000 crore in March 2016.

Sixteen months and many fewer assets later, Manoj Gaur, Executive Chairman & CEO, opened the book to The Economic Times (TET) in an inadvertent confession on spending, management and learning from one’s mistakes.

How did the UltraTech deal unfold?

One of the key steps taken by Jaiprakash Associates to shake the business and repay the debt was to sell its cement

8

October/November 2017

operations – 17.2 million tons of annual capacity spread across six states – to UltraTech Cement for Rs 16,189 crore.

The move took place in June 2017, much later than expected, which led Gaur to deem it “the country's largest divestment in cement.” He added: “It would have been complete long ago but for regulatory issues, including the Mines and Minerals Development and Regulation Act, which had to be addressed by legislators twice.”

In March 2016, Gaur had already told TET about how challenging it was

" " [The transaction

with UltraTech is] the country's largest divestment in cement

"

India Cement and Construction Materials Journal

to sell Jaiprakash’s cement plants to UltraTech, stressing the significant delay of the operation: “In December 2014 two cement plants in Madhya Pradesh were to be sold to UltraTech for Rs 5,400 crore. Successful consummation of this deal would have kept JAL (Jaiprakash Associates Ltd, the flagship), going without hiccups, but circumstances beyond our control brought the new Mines and Minerals (Development and Regulation) Act 2015 (MMDRA) into play, which stopped corporate action pertaining to change of hands (of assets) in the mineral-based industry (a clause in the Act barred the transfer of mines that were not allotted via auctions).”

What’s in store for Jaiprakash Associates?

Additional measures were put in motion in order to soften the company’s numbers. Namely, a 1,000-acre land bank arrangement with banks, which, thanks to their strategic location on Yamuna Expressway, Gaur believes have become valuable. Keen on maximizing business opportunities, the CEO believes the company’s focus should be on its core fields, engineering and construction, and says Jaiprakash will be “participating in irrigation, tunnels, hydro and metro projects, to name a few.”

countless assets the company had to sell, Jaiprakash has reverted to “2004 levels”.

The staff, once at a peak of 90,000, was brought down to 30,000.

When looking at what went wrong along the way, Gaur points to an accelerated growth that led to the expansion of existing businesses and the creation of new ones. But, the CEO stresses, it wasn’t always about the money: “We expanded into new businesses — roads, coal. We were betting on the future of the India story — the infra story, not the consumption story. I think I got carried away with my passion for growth and the

What went wrong with the company?

In what Gaur considers his worst phase as an entrepreneur, and because of the

" We were betting on the future of the India story

"

confidence that nothing could go wrong with the India growth story.”

Is Jaiprakash on its way towards recovery?

This year, share prices of Jaiprakash Associates Ltd soared 217.22%, albeit far from its record high at Rs340, hit in 2008, reported Live Mint in August.

Additionally, billionaire investor Rakesh Jhunjhunwala bought a 1.01 percent stake of the company, which could indicate Jaiprakash might slowly be restoring investors’ trust. Quoted by Live Mint, Prakash Diwan, director at Altamount Capital Management, observed: “The deal with UltraTech Cement Ltd instilled confidence among investors,” he added.

Early in October, according to TET, Jaiprakash Associates’ board had approved debt restructuring measures, such as the transfer of certain assets and liabilities, including a debt of over Rs 11,834 crore, to its subsidiary Jaypee Infrastructure Development Ltd. Could it be that Jaiprakash is on its way to better days? When, in 2016, Gaur was asked by TET about the lessons he learned from the company’s crisis, he replied he’d have to reconsider his debt equity ratio. “Another lesson” he added “is to take projections of growth put out by experts with a pinch of salt.”

India Cement and Construction Materials Journal

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feature

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October/November 2017

India Cement and Construction Materials Journal

CW RESEARCH

World cement prices to remain volatile in 4Q2017 The global recovery in macroeconomic indices is gently pushing the world cement market forward. Nonetheless, average trade prices are expected to continue struggling worldwide.

India Cement and Construction Materials Journal

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feature

T

he CW Research team released the October update of its Global Cement Trade Price Report (GCTPR 3Q2017) that compiles data concerning gray cement, white cement, clinker and slag prices, and their stance on the trade market. The report analyses and explores the evolution of trade prices, as well as ex-works prices, across regional and domestic markets including demand and trade movements that influence pricing trends. In this update of GCTPR, CW Research extends their data coverage by including an estimation of the latest actual periods classified as preliminary data. However, the indicative pricing for those periods should be seen as being only a preliminary estimate that is possibly subject to a material revision.

YTD Cement 10.0% demand growth (%) 5.0%

Aug'17

-5.0%

Jul'17 Jun'17

-10.0%

-15.0%

-20.0%

Saudi Arabia

Brazil

India*

Turkey

Global cement demand and trade movements

Last year, worldwide cement demand increased by two percent. CW Research

In the second quarter of 2017, China was the cement in the world

October/November 2017

China*

Mexico

US

Indonesia Vietnam*

Note: *Cement demand was estimated based on cement production trends.

Source: CW Research

largest exporter of

12

Russia*

India Cement and Construction Materials Journal

considers that the global cement market will remain growing moderately and, in that way, rise at 2.4 percent during 2017.

Given the ongoing recovery in macroeconomic indices globally, as well as the stabilization of the Chinese economy, investments in cement intensive construction are providing the necessary growth momentum for global cement consumption.

China witnessed a surge in cement demand in 2017, as the country’s economic growth continued to be supported by infrastructure investments. The world’s second largest economy plans to spend about

USD 2.17 trillion on transportation and infrastructure projects, including highspeed rail and roads during the 13th FiveYear Plan proposed by government.

In the first six months of 2017, cement demand in the United States increased 2.0 percent YoY, which is backed up by a yearon-year increase of 2.1 percent on housing starts. Moreover, privately-owned housing units authorized by building permits recorded an increase from 2016 levels and, until the end of the year, construction permits are expected to rise in line with the upturn in construction activity.

Spain is also having its own recovery, with cement demand expanding by 11.4 percent in the period January-May when compared to the same period in 2016. The unexpected good performance of the construction sector in 2017, backed by strong residential and commercial construction, positively impacted the cement demand.

On the negative side, Turkish cement demand recorded a decrease in the JanuaryJune period, suffering a 4.4 percent cutback when compared to 2016. Harsh weather conditions at the beginning of the year impacted the country and had a major brunt on cement production and demand.

With a recent revision of the Brazilian GDP growth from 0.3 to 0.2, the country remains the worst performing economy in South America for 2017. The poor performance of the

The Middle East region continued to suffer a contraction in FOB pricing for gray cement

economy is reflected in country’s continuous low cement demand levels.

Over the period of January-July, cement demand in Saudi Arabia had a significant drop of 17.4 percent compared to the same

period last year. Is seems like the downward trend observed in the first four months of 2017 has continued, due to the slow performance of the country’s construction industry and the slump in oil prices affected by governmental fiscal reforms.

In the second quarter of 2017, China was the largest exporter of cement in the world, with a share of 15 percent of the global market (up by almost three percentage points year on year). Chinese exports volumes rose from first quarter low levels, which were negatively impacted by controlled production output by government during the winter months.

Turkey’s share, the second-largest exporter in the world, fell by one percent quarter on quarter to 12 percent. Thailand was the third-largest exporter with a market share of ten percent, followed by Greece and Germany.

Average trade price movements

Globally, ex-works prices in USD increased slightly in the second quarter of 2017

Globally, FOB pricing are estimated to have increased by 0.5 percent year on year in third quarter of 2017. During the second quarter, FOB pricing fell by three percent year on year, but rebounded by USD 1.8 per ton quarter on quarter.

In Asia-Pacific-Japan, a major exporting region of gray cement, FOB prices are estimated to have improved quarter on

Average Regional Gray Cement Export Prices, 3Q2017 vs. 4Q2017 (USD/TON) 3Q2017 P

4Q2017 F

105.0

90.0

75.0

60.0

45.0

Asia Pacific Japan

Eastern Europe

Mediterranean North America Basin & Caribbean

Western Europe

Scandinavia & Middle East Baltics

Source: CW Research

India Cement and Construction Materials Journal

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feature quarter by a low single digit to reach USD 47 per ton in 3Q2017. By December this year, the region’s average FOB pricing is forecasted to improve by USD 0.8 per ton when compared to an estimated price from September 2017. The increase is expected to be driven primarily by a strong rebound of Indian export prices that are coming back from low levels affected by demonetization.

In the Mediterranean Basin, FOB prices for ordinary Portland cement bulk are estimated to have improved by 5.3 percent between July and September 2017, and expanded by 2.2 percent on a yearly basis.

Regional average growth in 3Q2017 was driven by quarterly price increases in Spain and Turkey. Looking forward, average export prices for gray cement are expected to slightly decrease until December 2017, on the back of intensifying competition between the largest exporters in the region.

The Middle East region continued to suffer a contraction in FOB pricing for gray cement.

During the second quarter of 2017, average gray cement prices stood at around USD 53 per ton. In the following months, prices are expected to decline further, recording a 0.8 percent fall in December from an estimated price from September 2017.

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October/November 2017

North America and Caribbean is projected to witness a slight upturn in pricing in December 2017, when average FOB prices for gray cement are forecasted to reach USD 92 per ton. The expected growth will be mostly supported by an upturn in Canada’s export prices, which will benefit from a healthy demand in their main importing destination, the United States.

As the Russian economy keeps improving, cement demand is on the rise

Ex-Works Pricing trends

Globally, ex-works prices in USD increased slightly in the second quarter of 2017 on a YoY basis across most markets. Significant price increases have been felt in the Eastern European region, as well as other Asian markets

India Cement and Construction Materials Journal

outside of Southeast Asia, like India and some African economies. China, on the other hand, has been benefitting from a strong construction environment, which has allowed cement manufacturers to raise prices all across the country, also fruit of the supply-side structural reform effective in the country.

In Southeast Asia, overcapacity continues to have a negative impact in markets like Thailand and Indonesia, bringing prices down domestically, and with fierce competition in the Philippines having a strong impact in the regional ex-works prices. On the other hand, ex-works prices in China have improved 15.6 percent year on year, and in India 7.6 percent YoY. In both markets, ex-works pricing is benefiting from the improving cement demand. Looking onwards, cement manufacturers are expecting the exworks pricing environment to improve in most of the markets across the region.

Across Europe, the cement market seems to be stabilizing, with Western Europe improving prices in a more favorable economic scenario. Germany’s average cement prices increased to USD 68.3

per ton QoQ driven by strong demand in the residential and infrastructure sectors in the second quarter of 2017.

Argentina is leading the recovery in South America

In Eastern Europe, Poland and Russia contribute significantly to improving the regional cement market, with both economies growing at a fast pace. As the Russian economy keeps improving, cement demand is on the rise, with exworks prices growing fifteen percent year on year during the quarter, due to a more stable economy and improving political environment.

Argentina is leading the recovery in South America, as domestic demand is currently booming, due to infrastructure and housing projects by the government.

The country recorded average ex-works prices standing at USD 138.6 per ton during 2Q2017. Other markets in the region, such as Brazil and Colombia, are not expected to see a recovery in exworks pricing soon.

Saudi Arabia and Egypt keep on posting low demand and heavy overcapacity.

The first is struggling with low construction activity and increased oil prices and Islamic taxes, while the latter has faced further currency devaluation, making Egyptian cement exports more attractive in the international market.

Average selling prices in Saudi Arabia decreased 43.4 percent when compared to the April-June period of 2016. In Egypt, ex-works average prices reached USD 33.6 per ton in the second quarter of 2017, the lowest since the April-June period of 2015.

EX-WORKS CEMENT PRICES FOR SELECT MARKETS IN 2Q2017 (YoY% in USD/ton)

About the report The Global Cement Trade Price Report (GCTPR) is CW Research’s benchmark price assessment for monthly gray cement, white cement, clinker and granulated blast furnace slag prices and volumes. The 200+ page report, published on a quarterly basis, serves as the industry go to source for monthly price data for over 70 individual markets worldwide, including multiple cornerstone data series: import, export, ex-works and market prices.

The GCTPR includes preliminary estimates for the latest quarter for key countries.

Additionally, the GCTPR includes extensive discussion of key players’ price strategies as well as trade price forecast and select trade volumes for each country. The report also provides regional price indices as well as a quick review of trading dynamics and drivers in the different regions.

More information about the report can be found here: http://www.cwgrp. com/research/research-products/ product/1-global-cement-trade-pricereport

For more information and placing an order, please contact Liviu Dinu, Market Services & Marketing Consultant, CW Group (Europe), by phone at +40-744-67-44-11, or e-mail at ld@cwgrp.com.

2Q2017 YoY -30%-23% to -15% -15% to -8% -8% to 0% 0% to 8% 8% to 15% 15% to 23% 23% to 30% 30%+

Source: CW Research

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feature

CW Research

Global Cement Volume Forecast Report 2H2017 Despite a first half of the year marked by a weakened demand, the global cement market is poised to find its way along a winding road of political setbacks and economic constraints

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India Cement and Construction Materials Journal

The Road to

Recovery India Cement and Construction Materials Journal

October/November 2017

17

feature

A rebounding global economy

Globally, the cement sector is going through a period of stabilization. Mergers, capacity absorptions and cost cuts are reconfiguring the industry, paving the way towards a “new normal” stage. The cement sector being quite sensitive to macroeconomic trends, it’s only normal that movements in international key markets may produce a long-lasting effect in cement demand over the medium and long term.

The US, an important market within the cement import segment, still shapes significant investment flows, thus impacting decisive aspects, such as fuel pricing.

Consequently, national policies may have a knock-on effect in the international economic landscape. Question marks remain about Donald Trump’s tax reform plan, namely, how it will affect interest rates and the strength of the dollar. The repercussions of the tension between the country and North Korea also remain to be seen.

Meanwhile, emerging economies, such as China and Brazil, are still tackling their own economic and political issues in their way to recovery – all the while tempering global cement consumption in the midterm. In China, with its capability to determine the overall direction of global cement demand,

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October/November 2017

Cement Consumption Year-To-Date (USD/ton) Data as of Apr-17

Data as ofMay-17

Data as of Jun-16

20.0% 10.0% 0.0% -10.0% -20.0% -30.0%

Brazil

Russia*

Italy*

Saudi Arabia

Spain

China*

India*

U.S.

Turkey

Source: CW Research

the economy continues to grow. Through a strong governmental approach, the country is finding its way through debt. Nevertheless, the evolution of this scenario remains a cloud in the horizon.

"

2

017 has proven challenging for the world cement industry, with political and economic hurdles curbing cement demand over the first half of the year. Despite the obstacles still faced by some developing economies, global cement consumption is picking up and is projected to expand through 2022, according to CW Research’s 2H2017 update of the Global Cement Volume Forecast Report (GCVFR).

US policies may have a knock-on effect in the international economic landscape

"

In Europe, spillovers from the Brexit may be strengthening populist forces in the continent. For instance, a possible independence of Catalonia could have devastating effects in the Spanish economy, which has started to gain momentum after almost a decade of economic crisis. In addition, a scenario in which nationalist ambitions could spread into Eastern Europe is not to be dismissed.

A fragile cement demand

Given the macroeconomic environment, the overall cement market sentiment has remained depressed throughout 2017 in key markets. In Saudi Arabia, the country’s dependence on crude revenue had a

India Cement and Construction Materials Journal

ripple effect on construction activity and consequently on cement demand. Cement consumption dipped between 17 and 18 percent in the first half of the year.

The Brazilian cement market recorded a year-to-date drop of nine percent in the first seven months of 2017. Struggling through recession, the country is working as a drag on growth within Latin America.

In India, the 2016 demonetization negatively impacted residential construction and the country’s overall performance in that period. The market is still adjusting, with the slump in demand likely to be surpassed by the end of 2017, driven by the government’s plans to invest in affordable housing and several cement-intensive infrastructure and energy projects.

In Russia, demand decreased by four percent in the first six months of the year, as the construction sector has yet to feel the positive effect of the slight and surprising economic recovery of the federation.

As for China, an unexpected upturn of under one percent in cement demand took place in the first half of 2017. Even though the property market remains weakened by the government’s concern with overbuilding, the construction of highways, railways and bridges across the republic prevented a negative year-to-date performance for the first half of the year.

The overall 2017 cement market sentiment has remained depressed in key markets

developments, CW Research has revised some of its forecasts from the previous Volume Forecast Report, released in the first half of 2017.

Argentina, France, Germany, Spain, Sweden, Russia and China are the markets whose upward revisions are the most expressive. In Argentina, consumption fell by ten percent year on year in 2016. Yet,

government initiatives for public works led to an improvement in the market in 2017, causing CW Research to be far more optimistic. Additionally, construction sector activity in the first half of 2017 registered a seven percent year-on-year progress, while investment in the public sector has also increased, in preparation for the elections that happened recently.

Conversely, some markets had their previous forecasts downgraded by CW Research.

The most notable is the UAE. A poor crude price environment, in spite of the economic diversification the country is trying to push, has negatively impacted cement demand so far in 2017, with no hopes for a major recovery to happen until the end of the year.

"

Some markets, however, displayed more positive developments thus far in 2017. In the US, year-to-date cement demand rose by around two percent in the first half of the year, driven by privately-owned housing units. Building permits for residential building also recorded an upward trend, having grown by over five percent in the same period. Until the end of 2017, CW Research expects demand in the US to surpass four percent. The upgrade in CW Research’s previous forecast for U.S. cement demand is due to the more encouraging macroeconomic indicators, combined with a lower-than-expected impact in the aftermath of the 2016 elections. The positive outlook is grounded on the country’s market current fairly good period, which is outperforming expectations, as construction activity is experiencing an upturn in both residential and infrastructure sectors.

Spain, along with Russia, is one of the markets that have resurrected from the ashes

"

"

"

Spain, along with Russia, is one of the markets that have resurrected from the ashes. The government has restarted to invest in public works and a new pool of private investors is keen on boosting the country’s economic recovery. Through July 2017, year-to-date demand increased by more than 10 percent.

Until the end of 2017, fewer red flags are expected than in previous years. Russia is projected to recover, along with the US – whose consumption is poised to increase four percent yearly. Meanwhile, Brazil’s recovery isn’t expected to happen before 2018, or 2019 in the worst case scenario.

Given the latest economic and political

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feature A shrinking global cement capacity

In 2017, global cement production capacity is estimated to have reached 5.5 billion tons. Roughly 60 percent of that amount belongs to China.

Nevertheless, the global figure is sliding due to the country’s rationalization efforts. China’s Cement Association unveiled the Cement Industry Action Plan for Capacity (20172020), according to which domestic manufacturers should focus on capacity reduction and eliminate lower-quality grades of cement. This strategy can

"

In 2017, global cement production capacity is estimated to have reached 5.5 billion tons

CEMENT DEMAND 2017, YEAR-ON-YEAR

"

help counterbalance global ex-China capacity additions, which are projected to amount to close to 400 million tons until 2022.

Most of these additions will come from the Asia ex-China region, especially from India and Indonesia. In Africa, the second largest region in terms of capacity additions, production capacity is projected to expand at an annual growth rate of four percent between 2017 and 2022.

The road to recovery

Through 2022, Asia ex-China and North America are the markets that are expected to drive global cement demand. Demand will continue to register different performances across regions but the overall sentiment remains positive.

North America is projected to record a yearly increase of 3.4 percent.

Meanwhile, Latin America will be the

-15% to -12% -12% to -9% -9% to -6% -6% to -3% -3% to 0% 0% to 3% 3% to 6% 6% to 10% 10 to 12%

Source: CW Research

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October/November 2017

India Cement and Construction Materials Journal

-0,15 -0,12 -0,09 -0,06 -0,03 0,00 0,03 0,06 0,12

weakest performing region in 2017 and in the next five years, dragged down by Brazil. Regional recovery – standing at an annual average of 2.0 percent – will thus be delayed until 2019, when the Brazilian market is expected to show signs of improvement. our percent between 2017 and 2022.

In Western Europe, a sustained positive trend was registered in the construction sector in the first half of 2017, leading to improving performances in France, Germany and Spain. A better momentum in the regional cement market and the stabilization of the political landscape are attracting new investment and increased market consolidation.

In Central and Eastern Europe, Russia is showing signs of recovery in its economic performance and therefore in the construction sector. Even though it’s expected to rebound, cement demand remains sensitive to all the possible risks associated with slower crude pricing growth and its effect on governments’ investment policies.

The average annual growth rate for both European regions stands at 2.1 percent.

In between, China will continue displaying moderate growth in cement demand, with an annual average increase of 0.8 percent. The figure rises

to 5.4 percent in the case of Asia exChina, an increment that will be boosted by markets such as India, Philippines, Indonesia and Pakistan. In 2017 alone, regional demand has increased by around five percent YoY to reach nearly 760 million tons.

Also recovering, but to a lesser extent, the Middle Eastern region has been subdued by Saudi Arabia’s and the UAE’s poor performances. Regional cement demand will grow at a CAGR of 2.7 percent by 2022, mainly driven by the Iranian and Iraqi markets.

In Africa, consumption levels are expected to rise at an annual average of 3.9 percent. Kenya remains the continent’s fastest growing cement market, with demand likely to expand nearly six percent annually. Regional peers whose performances are restricted by limited oil revenues, such as Nigeria and Algeria, are likely to record a moderate yearly growth rate of one percent.

On the whole, along with the global economy, the cement industry is gearing towards stable and sustainable growth.

The road to recovery in cement demand in key emerging markets is underway, with few unlikely risks associated to it.

GLOBAL CONSUMPTION BY REGION (2012-2022 SHARE) (million tons) North America

Latin America

Western Europe

E Europe & CIS

Middle East

Africa

Asia ex-China

China

100%

80%

About the report The CW Group’s Global Cement Volume Forecast Report (GCVFR) is a twice-yearly update on projections for cement volumes on a national, regional and global level.

The forecast provides global and regional outlooks, as well as detailed perspective on 55+ of the world’s most important countries’ cement consumption, production, net-trade and cement production capacity. The fiveyear outlook presented in this benchmark study enables industry professionals to shape their perspective on markets and business priorities.

The Global Cement Volume Forecast Report has two updates a year: Extended (October): an extended update (includes briefs on the 55+ key markets with principal supply-demand impacting drivers and CW Research's analyst market assessments presenting a detailed numerical worldwide analysis, as well as the regional and global supply-demand model).

Quantitative update (March): a March each year quantitative update (only includes the numerical sections of the report, not country write-ups).

More information about the report can be found here: https://www.cwgrp. com/research/research-products/ product/12-global-cement-volumeforecast-report

For more information and placing an order, please contact Liviu Dinu, Market Services & Marketing Consultant, CW Group (Europe), by phone at +40-74467-44-11, or e-mail at ld@cwgrp.com.

60%

40%

20%

0%

2012

2013

2014

2015

2016

2017E

2018F

2019F

2020F

2021F

2022F

Source: CW Research

India Cement and Construction Materials Journal

October/November 2017

21

Insight Analysis CW RESEARCH

Insufficient production boosts Indian petcoke imports As demand for oil products, particularly petcoke, is rising faster than domestic refineries’ capability to produce them, the US remains a key supplying market of the commodity n August 2017, Shree Cement JK lakshmi Cement’s imports accounted for 5.7 percent of thetotal uncalcined petcoke was the leading importer of green volume in August, with 68,278 tons,while petcoke to India, with 0.2 million tons, representing an increase of 60.2 percent whencompared to the previous month. According Dalmia Bharat to CW Research’s India Petcoke Cement emerged CFR Price Assessment, in July, the as the second company’s imports reached 0.1 milliontons, equivalent to a share of largest importer of 18.2 percent in the reported period.

Dalmia Bharat Cement emerged as the second largest importer ofpetcoke in August, absorbing around 9.1 percent of the totalimports, or 0.1 million tons.

India Cements imported 0.1 million tons of green petcoke inthe same period, or around 8.8 percent of the total uncalcined petcokeimports during August.

Sagar Cements imported 10,000 tons of uncalcined petcoke inAugust, decreasing 0.5 percent from the recorded 20,000 tons inJuly. In the eight month of the year, the company’s import volumeamounted to 0.8 percent of the total.

petcoke in August

October/November 2017

Meanwhile, Wonder Cement imported 24,000 tons of uncalcined petcoke, or2.0 percent of the total volume during the month of August. Udaipur Cement Works imported 15,000 tons, or 1.3 percent,and Chettinad Cement shipped 11,000 tons during the

INDIA CFR WEST COAST: UNCALCINED PETCOKE PRICES ($/ton)

<5% Sulfur

Oct'17

Sep'17

Aug'17

Figure 1 Source: CW Research

22

Emami Cement’s imports reached 54,354 tons in the same period,a 4.6 percent of the total imported volume. Ambuja Cementsimported 30,000 tons of green petcoke during the eighth month of 2017, 2.5 percentof total imports, as ACC’s share represented 2.1 percent oftotal import volumes, with 25,000 tons in August.

India Cement and Construction Materials Journal

>5% Sulfur

About the report

INDIA CFR EAST COAST: UNCALCINED PETCOKE PRICES ($/ton)

<5% Sulfur

>5% Sulfur

Oct'17

Sep'17

Aug'17

Figure 1 Source: CW Research

month,or 0.9 percent of the total volume.

BMMCements and RajasthanCement imported 0.4 percent and 0.3 percent of the total greenpetcoke imported volume during the reported month, with 5,000tons and 3,000 tons, respectively.

Imports of petcoke at Kandla port amounted to almost 40% of the total volume

Half of petcoke imports comes from the US In August, imports of petcoke from the United States stood at596,522 tons, accounting for 50.1 percent of the total petcokeimport volume. The Indian marketabsorbed 462,749 tons of petcokefrom Saudi Arabia (38.9 percent of the total volume), as wellas 72,344 tons from China (6.1 percent of the total importvolume). The remainder 57,998 tons of petroleum coke were imported from other sources.

Imports of petcoke at the Kandla port amounted to 464,426 tonsin August 2017, or 39.0 percent of the total volume.

322,914tons of petcoke (27.1 percent) were imported through the Vizac port, while another 202,821 tons (17.0 percent) wereshipped through the Krishnapatnam port. Other notablepetcoke import ports were Karaikal (107,725 tons, 9.1 percent) and Paradeep (54,679 tons, 4.6 percent).

CW Researchâ&#x20AC;&#x2122;s India Petcoke CFR Price Assessments are petcoke price markers for India East and West coast, providing prompt, end-user centric CFR prices for high and medium sulfur grades.

CW Researchâ&#x20AC;&#x2122;s bi-monthly price assessment and monthly price index for fuel-grade petcoke reflects the transactable value for both 4.5% and 6.5% sulfur petcoke with minimum 40 and maximum 70 Hardgrove Grindability Index (HGI), delivered on 30- 60 day forward period on a cost and freight (CFR) basis India (East and West coast). The report provides market-moving news, cutting-edge and jargon-free insights and market commentaries to better understand key pricing drivers.

More information about India petcoke CFR price assessments can be found here: http://www.cwgrp.com/ research/research-products/priceassessments/product/51-priceassessment-india-petcoke-cfr For more information and placing an order, please contact Liviu Dinu, Market Services & Marketing Consultant, CW Group (Europe), by phone at +40-74467-44-11, or e-mail at ld@cwgrp.com.

India Cement and Construction Materials Journal

October/November 2017

23

cement PEOPLE

P

eople

Maeve Carton leaves CRH Carton will leave CRH's board of directors by August 31. She has been part of the Irish cement maker since 1988 and joined the board as finance director in May 2010. Since 2016, Carton has been the group's transformation director.

“As group transformation director, Maeve’s experience and insights have been invaluable as CRH underwent a period of significant change following the major acquisition activity in 2015,” said group chief executive Albert Manifold.

“Throughout her exemplary career with the group, and appoints particularly Burnpur Cement during her over 5 years service as Saurabh Ganguly as finance director, she has contributed brand ambassador to the development and progress of Burnpur Cement announced CRH, and we wish Ltd her every happinessthat they signed an agreement with in her retirement,” he added. Saurabh Ganguly, Former Captain of Indian Cricket Team, to act as the Brand Ambassador for a period of three (3) years, effective from March 11, 2016.

Under the agreement, Mr. Ganguly as the Brand Ambassador of the Company will endorse the product and brand of Burnpur Cement which may help in increase of sales of the Company.

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October/November 2017

Géraldine Picaud appointed Group CFO at LafargeHolcim LafargeHolcim announces the appointment of GéraldinePicaud as Chief Financial Officer and member of the Executive Committee with effect from 1 February 2018.

Ron Wirahadiraksa, the current CFO, has decided to pursue opportunities outside the group. He will remain in his role and provide a smooth handover to Géraldine in due course.

Géraldine Picaud, a French national, joins the group from Essilor International, the world’s leading ophthalmic optics company listed on the French CAC 40, where she has been Group Chief Financial Officer and member of the Executive Committee since 2011. Trained as an auditor, Géraldine Picaud brings to the group 20 years of experience leading and transforming Finance teams in complex, multinational companies.

Prior to joining Essilor, she spent four years working for the ED&F Man group in Winterthur, Switzerland, a key player in the international commodity market, following 13 years as CFO at international specialty chemicals group, Safic Alcan.

Prism Cement Appoints CFO The company has appointed Manish Bhatia as its new CFO. He will succeed to Pramod K Akhramka, who recently resigned from Prism.

India Cement and Construction Materials Journal

Jan Jenisch, CEO of LafargeHolcim, said: "I am excited to welcome Géraldine to LafargeHolcim. She is an agile and successful CFO who has worked in the UK, US, France and Switzerland. With a track record in delivering business results and restructuring within complex global business environments, she is the ideal person to join our executive team and drive the next phase of growth in the company."

Bhatia has over two decades of experience in accountancy, finance, and commercial activities in several areas that include mergers and acquisitions, due diligence, strategy, and ERP.

The information you need to make the right decisions.

The â&#x20AC;&#x153;Cement and Clinker Price Assessmentâ&#x20AC;? product series is a monthly price marker which offers prompt cargo (next 30-60 day deliveries) pricing insights, monthly updates for prices, cement market news and an overview of key developments that are crucial for those involved in the cement and clinker trade.

The monthly updates cover distinct price markers: Mediterranean Basin

Med Basin bulk Portland clinker and cement FOB

Persian Gulf & East Africa Arabian Sea and East Africa: Persian Gulf - Arabian Sea bulk Portland clinker and cement FOB East Africa bulk Portland cement CFR

PO Box 5263, Greenwich, CT 06831, USA sales@cwgrp.com

Cement and clinker price assessments

cement Regional news

R

egional news

Cement shortage affects hydro projects

Lafarge Surma to finalize acquisition of Holcim Bangladesh

New standardization rules for cement packaging halted imports and affected hydro projects in Nepal.

The new standards set by Nepal Bureau of Standards and Metrology for imported cement led to halting of cement imports, thus affecting construction of hydropower projects in this fiscal. The NBSM made Nepal Standard certification mandatory for imported cement from mid-July.

As a result, foreign manufacturers supplying cement to Nepal have to follow quality, packaging and labelling criteria fixed by NBSM. India is the main source country for cement import.

However, with the new rules, Indian manufacturers need to take approval from NBSM to supply cement.

According to cement importers, many cement manufacturers in India are reluctant to set up a separate plant to produce sacks for packaging cement as required by the NBSM, as the new rule may increase their cost.

This has hugely affected Hydropower projects, which use a huge quantity of cement and are suffering, as domestic manufacturers are unable to supply the required amount.

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October/November 2017

Lafarge Surma is seeking approval from the Bangladesh Bank to send USD 117 million to the Netherlands, in order to acquire a 100-percent stake in Holcim Bangladesh from the Amsterdam-based firm Holderfin.

that the shares had been overpriced and required documents in relation to Holcim Bangladesh’s valuation.

In December 2016, Lafarge Surma agreed to buy 88,244 shares of Holcim Bangladesh for USD 1,325.88 each.

However, the Bangladesh Bank thought

“Once we receive the approval from the Bangladesh Bank, we will provide relevant information to the shareholders, the Bangladesh Securities and Exchange Commission, the stock exchanges, and other relevant authorities,” the Lafarge Surma said.

Pioneer Cement buys Galadari Cement

between PKR 6 billion and PKR 7 billion to buy the company.

Pioneer announced the acquisition of 100 percent of Galadari Cement's shares as part of its expansion ambitions.

The Galadari cement plant has been under construction since 1998 and has only reached 50 percent completion. Once the plant is finished, and after other expansions are incorporated into Pioneer, thelatter is expected to grow by 100 percent in South Pakistan, reaching the capacity to produce 17.1 million tons.

Galadari Cement operates in the region of Balochistan and has the designed capacity to produce 3,500 tons of cement per day. According to Karim Punjani, from Elixir Securities, Pioneer will pay

India Cement and Construction Materials Journal

Cement prices ease in Northern Pakistan

In the northern areas of Pakistan, the price of a 50-kilogram cement bag has been eased by PKR 10-20, with producers now charging PKR 550 per unit. Prices were brought down due to a slowdown in construction caused by unfavorable weather conditions.

To the south, where the weather is normal, the price of cement will remain the same, at an average of PKR 580 per bag.

Pakistan: cement sales increase in 1QFY2018 Pakistan reaches record high volume of cement dispatches during June-September 2017.

month last year. Local consumption rose by 10.33 percent year on year while exports continued their descend trend, dropping by 23 percent.

In the period corresponding to the first quarter of fiscal year 2018, manufacturers dispatched a total of 10.35 million tons cement.

Also in September, sales in northern Pakistan reached 2.37 million tons, up by 12.05 percent compared to a year before, while exports plunged by 16.27 percent to 308,000 tons.

In September alone, cement sales reached 3.2’ million tons, an increase of 4.61 percent compared to the same

To the south, dispatches rose by 1.77 percent to 431,000 tons while exports dropped 39.63 percent to 93,000 tons.

Attock Cement improves net profit in 2016-17 Between April and June 2017, the company pilled PKR 796 million in net earnings, close to the value obtained in the same period last year.

Cement makers in Pakistan ask for anti-dumping duty The All Pakistan Cement Manufacturers’ Association (APCMA) has been complaining of unfair competition by Iranian cement and calls for an anti-dumping duty on the neighbors’ cement products.

During the fiscal year of Pakistan, which ended June 30, Attock achieved PKR 3.03 billion in earnings, up by five percent compared to PKR 2.89 billion in 2016-17.

For the same period, the revenue of the company rose by six percent to PKR 14.7 billion.

During the year, Attock’s cement sales ascended to 2.08 million tons. Its gross margin dropped by seven percentage points to 38 percent as coal prices increased by 41 percent year on year.

Cement prices in Pakistan are cheap compared to other countries in the region. Rates in Pakistan are lower by between USD 4.85 and USD 5.35 per ton than in India and by between USD 5.84 and USD 6.14 per ton than in Sri Lanka.

Additionally, the association also wants to see tighter border controls and customs vigilance to avoid smuggling.

Selling expenses fell five percent year on year to PKR 904 million amid a contraction in export sales. The share of domestic dispatches in overall sales rose from 73 to 76 percent.

“Pakistan quality is the best in the region and our efficiency is second to none. No cement could compete with Pakistani cement if imported at real and fair value after paying all government levies,” said the spokesperson for APCMA.

India Cement and Construction Materials Journal

October/November 2017

27

orders & equipment highlights

O

rders & equipment

Gebr Pfeiffer makes its first shipment to Nepal The equipment maker will supply a MVR vertical mill to Kapilvastu Cement Dhyog, part of the Ghorahi Cement. The mill will be installed a in a new grinding plant in Sonparwa, Barkalpure.

Set to be used for the production of ordinary Portland cement, the MVR 3070 C-4 has the capacity to process 70 tons per hour and is equipped with a sifter type SLS 2650 BC and a system of gas-fired heat generation – which also allows the use of other, secondary fuels – to dry the mixture.

Burnpur Cement appoints Gebr Pfeiffer will also be responsible for Saurabh asgearbox. supplying a Ganguly 1,250-kilowatts brand ambassador The gearbox will be the only equipment

Burnpur Cement Ltd announced coming from the company’s Europeanthat they signed an agreement with Saurabh operation, with the rest being supplied Ganguly, Former Captain of Indian

by Gebr Pfeiffer India.

Cricket Team, to act as the Brand Ambassador for a period of three (3) years, effective from March 11, 2016.

Under the agreement, Mr. Ganguly as the Brand Ambassador of the Company will endorse the product and brand of Burnpur Cement which may help in increase of sales of the Company.

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October/November 2017

FLSmidth to supply equipment to Indian cement factory FLSmidth, aDanish engineering company, was awarded a contract with India Cements Limited to supply equipment to a cement plant in the Indian province of

Tamil Nadu. India Cements Limited is one of the largest of its kind in southern India.

The contract, whose value remains undisclosed, is for a plant that can produce 200 tons of cement per hour. The assignment is expected to be completed by the end of 2018.

India: Odisha Cement receives approval for new clinker manufacturing plant At a at a public meeting held at Rajgangpur, in Sundargarh district (India), the Odisha Cement Limited, an associate of Dalmia Cement Bhart Limited, was granted approval for its proposal to set up a 2.25 million tons per year of cement and 3.0 million tons per year clinker manufacturing plant.

OCL is the largest and one of the fastest growing cement brands in Eastern India, having a strong presence in West Bengal and significant inroads in Jharkhand and Bihar.

India Cement and Construction Materials Journal

With the setting up of the new plant the company's total capacity in Rajgangpur will propel to 6.25 million tons per year of cement and 5.9 million tons per year of clinker.

Loesche provides four cement mills to Pioneer Cement Loesche is contributing to the new production line of the cement plant of Pakistani Pioneer Cement with four vertical roller mills. With the newly constructed cement line, Pioneer Cement will expand its production capabilities to around 8,000 t/day at the plant in Chenki/Khushab district at the center of the Punjab province.

Loesche supplies CCG grinding plant to Siam City Cement Loesche is supplying a CCG grinding plant to Siam City Cement, which will be used in the harbor area of Galle, on the southern tip of Sri Lanka, as part of an expansion of the Ruhunu cement plant.A wide variety of cement types can be produced with the

compact CCG grinding plant. As a result, Siam City Cement can react flexibly to changed market conditions and also has the option of trying product test runs for new markets.

The delivery time to the Ruhunu cement plant will be of eight months, meaning the grinding plant can be put into operation as early as June 2018.

India: large projects to propel cement demand As per Cement Manufacturers Association, cement industry in India is in a position to accommodate additional demand of 3 5 mt every year, coming from the big projects such as the MumbaiAhmedabad bullet train.

In addition, the industry already has more than INR 60,000 crore of sunk investment in the form of surplus capacities, which can meet requirements of 10 big infrastructure projects.

Claudius Peters to deliver two cooler conversions in Pakistan The Chinese design institute NCDRI awarded a contract to Claudius Peters for the delivery of two cooler conversions.

Askari Cement seeks to convert two grate coolers to modern ETA cooler technology. The 856 S ETA coolers will each be equipped with eight rows of

HE-modules and a roller crusher RB 305-3 EM. This installation is expected to position Askari Cement as one of the leading cement manufacturers in Pakistan.

A Loesche mill for grinding raw meal with a throughput of 630 t/h is to be used at the Pioneer Cement plant. In addition, there are two cement mills for clinker milling with a processing capacity of 235 t/h each.

Dedusting of the raw material mill is carried out using two HURRICLONÂŽ systems of the LOESCHE subsidiary ATEC. The Loesche delivery, which will be processed by autumn 2018, also includes a coal mill with a throughput capacity of 60 t/h. This is equipped with the tried-and-tested dynamic classifier of the LSKS model series (LOESCHE bar cage classifier).

The installer of the new plant and Loesche contracting partner in the project is the Chinese Chengdu Design Research Institute, which belongs to the well-known Sinoma International Engineering Co., Ltd., which specializes in the planning of cement plants and has already worked together successfully with LOESCHE within the scope of numerous orders. With this order, the number of LOESCHE mills in Pakistan increases to 32.

The cooler conversion will be carried out at the companyâ&#x20AC;&#x2122;s Nazimpur plant, which has two production lines in operation.

Both lines have a total capacity of 8925 t/d, producing high cement used for dams, bridges and highways.

India Cement and Construction Materials Journal

October/November 2017

29

Flashback NEWS FLOW IN CEMWEEK.COM LAST TWO MONTHS (darker blue shows higher news volume) US

20 articles

Turkey

19 articles

Pakistan 26 articles

China

40 articles

Mexico

17 articles

Egypt

46 articles

Indonesia 21 articles

Brazil

16 articles

cw group agenda / reports The CW Group will be hosting and participating in a number of webinars and conferences. We invite you to join us on-line or in person at the events to discuss our views of the industry. To learn more, please visit http://research.cwgrp.com/meetings

CW group meeting agenda include: October 26, 2017

Global Cement Trade Price Report 3Q2017

December 5, 2017

Cement Equipment Report

30

October/November 2017

Cw research newest report:

Webinars

Webinars

Global Cement Volume Forecast Report

Global Cement Trade Price Report

World Cement Equipment Market and Forecast Report

October 2017

October 2017

November 2017

India Cement and Construction Materials Journal

BUZZ

4.

SinomaMpande on schedule for its new cement plant in Zambia

5.

Peru cement demand to grow in the coming years

6.

Holcim us to set captive solar power unit

7.

Cementos Argos sells more cement, 1H2017

8.

Votorantim reaches agreement with Mato Grosso state

9.

Lafarge Canada faces opposition to tire burning

recorded

exports consumption crore

economic

products

slag

ministry

waste

global portland

materials

concrete

sold

imports russia

industrial activity

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India: 4 States consider restraining sand mining

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Ambuja Cements launches new product

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India: The Ramco Cements wants to expand grinding capacity

4.

India: Star Cement to launch new cement project

5.

Ultratech Enters Vijayawada, Andhra Pradesh market

6.

Shree Cement pressured by freight costs

7.

Emami Cement sets targets for FY2018

using

output

materials results

results

growth exports

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region economic development

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TOP BMWeek.com STORIES 1.

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industrial

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IRAN

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Cement demand increases in Morocco

products

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1h2016

Cement exports to double in Indonesia

India’s demand for petroleum products drops as monsoon floods hit the country 2. Largest refinery in the US restarting production of its coking unit 3. Nordic front-quarter prices increase, September 15 4. CPCB firms up plan to check use of polluting fuels in industries 5. Petcoke production in Brazil continues to decline 6. Italcementi's petcoke use to be discussed by city Council 7. US: Gulf coast refineries restarting output 8. Pemex’s crude oil production reaches a new low 9. Imperial Oil restarting coker unit in Ontario 10. India: New refinery and Petrochemical complex to be set up in Rajasthan

petroleum

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increased

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Cemap reacts to cartel accusations

TOP petcokeweek STORIES

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lafargeholcim short

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New Zealand’s construction sector struggling to grow India: Bathinda setting up a plant to recycle construction waste Boral expecting strong growth due to infrastructure boost Cemex supplying special concrete to new truck terminal Cemex USA to supply new theme park in Florida Sika creates new subsidiary in El Salvador Sika announces new manager for EMEA region Australian researchers discover new construction material for asphalt road Duke Energy’s fly ash to be used in cement production

India Cement and Construction Materials Journal

October/November 2017

31

World Oil Well Cement Markets and Outlook

Comprehensive outlook of the World Oil Well Cement Markets.

LET US GUIDE YOU.

The World Oil Well Cement Markets and Outlook report provides an in-depth, data-centric market assessmentof the global API certified oil well cement industry. The global report details market dynamics, product market size, as well as price trends and key demand drivers for major markets by type of well (onshore, offshore, shale in oil, gas and geothermal applications).

The outlook report offers: A rigorous bottom-up regional and country-wise demand forecast model driven by indicators such as oil crude pricing, which provide an understanding of future drilling activity in terms of linear drilling distance and depth; An exhaustive scope to evaluate all well typology (API oil well cement classes A, G, H and other); A complete mapping of global oil well cement capacity; Strategic considerations and wild-cards and cementitious extender use, such as fly ash; The information is provided in a data-rich format that combines qualitative insights with extensive facts and data series to allow readers to make critical business decisions.

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