Cemex Hikes Cement Prices By $25 Per Cubic Yard
Aug, 05 2008
(Houston, Texas) - Cemex SAB, the U.S.'s largest cement firm and subsidiary of Monterrey, Mexico-based Cemex, announced that it will raise concrete prices by $25 a cubic yard.
In a statement carried by Bloomberg, Cemex said the hike will replace fuel surcharges and is effective Oct. 1. Prices of fuel, steel and asphalt continue to soar compared with the falling prices for ready-mix concrete, the company said.
The price increase will enable Cemex to forego fuel surcharges from contracts.
Excluding Cemex's July 2007 purchase of Rinker Group Ltd. for $14.2 billion, the cement firm's ready-mix concrete sales in the U.S. went down 29 percent in the second quarter over the same period last year due to a residential housing slump, Bloomberg added.
Jupiter Kalambakal - AHN News Writer
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