According to the Spanish Cement Association, Oficemen, domestic cement consumption fell by 13.6% y/y in January 2014. Around 764 011 t of cement was sold during the first month of 2014, some 120 420 t less than in January 2013. On an accumulated basis, Spanish consumption fell by 18.7% y/y over the last 12 months.
Oficemen does not expect the cement market to pick up in 2014, forecasting a 7 – 8% contraction. However, the domestic sales volumes in January were worse than predicted at almost double the rate of decline.
‘Reality bites as 2014 dawns, but the demand base is stronger than ever’ states Peter Sand, BIMCO Chief Shipping Analyst, in this extract from the latest BIMCO report.