Skip to main content

Chinese cement manufacturers fined for price fixing

Published by , Editor - Hydrocarbon Engineering
World Cement,


According to a statement from the National Development and Reform Commission (NDRC), China’s price regulator has fined three domestic cement producers US$18.6 million for price fixing. The companies were units of Jilin Yatai Group Co Ltd, China National Building Material Co Ltd and Tangshan Jidong Cement Co Ltd.

The NDRC investigation revealed that the producers had influenced regional cement prices since early 2004. The companies were found to have held private meetings to negotiate prices, which disrupted market competition and violated China’s anti-monopoly laws.

Based on the companies' level of cooperation with the investigations, China United Cement Co, a unit of China National Building Material Co, was fined 1% of its turnover in 2012, while Jilin Yatai Cement Sales and Tangshan Jidong Cement were fined 2% of their 2012 turnover.


Edited from various sources by Rosalie Starling

Sources

Read the article online at: https://www.worldcement.com/asia-pacific-rim/10092014/chinese-cement-manufacturers-fined-for-price-fixing-451/

You might also like

The World Cement Podcast - CleanTech & Venture Capital

Our guest for this episode of the World Cement Podcast is Alfredo Carrato, Venture Capital Advisor for CEMEX Ventures. Listen in to the conversation as World Cement's Senior Editor, David Bizley, and Alfredo discuss the role of venture capital and cleantech in enabling the cement industry's green transition.

Tune in to the World Cement Podcast on your favourite podcast app today.

Apple Podcasts  Spotify Podcasts  YouTube

 
 

Embed article link: (copy the HTML code below):