Chinese cement manufacturers fined for price fixing

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

• Reuters
• CCTV
• Shanghai Daily

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