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Steppe Cement Ltd market update

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World Cement,

In Q1 and Q2, Steppe Cement Ltd sold 717 654 t of cement for 8277 million Tenge, compared with 709 459 t of cement for 9125 million Tenge in the first half of 2014. This represents an increase of 1% and a decrease of 9% respectively over the same period in 2014.

The average price for the current period for delivered cement was 11 533 Tenge per t, compared with 12 862 Tenge per t in the corresponding period of 2014.

The market reduction in selling price was driven by the unfavourable Rouble exchange rate against the Kazakh Tenge. Kazakh cement manufacturers reacted by cutting their prices aggressively to fence out imports. Most of Steppe Cement’s competitors chose a strategy of volume over price. Steppe Cement chose to maintain its stock of clinker and push for higher volumes at higher prices in the third quarter.

The situation has improved in June and July 2015 allowing price increases. Pricing in the second half will be influenced by the Rouble/Kazakh Tenge exchange rate and the cement market evolution.

The Company has revised its estimate for country consumption upwards from 8.5 to 9.2 million t for 2015 and anticipates recovering the lost market share in the coming months.

Adapted from press release by Joseph Green

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