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FINANCIAL NEWS
Saudi cement imports hit USD199.95m
21 Aug 2014
(MENAFN) According to a report by the Customs Department, Saudi Arabia imported around 3.1 million tons of cement in the past nine months, priced at USD199.95 million, Arab News reported.
The rise in cement imports is mainly attributed to the growth in the number of projects being implemented and an increase in government spending on infrastructure projects, which caused the demand on cement to annually increase at a rate between 3 to 5 percent.
The production volume of 15 operating cement plants in the kingdom is almost 60 million tons. However the companies are currently producing 55 million tons priced at USD3.46 billion.
Meanwhile, the daily sales range from 5,000 to 25,000 tons for small and big companies, respectively, while prices are currently standing at USD63.98 for a ton of cement while a bag is USD3.19 based on government pricing regulations.
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