Cement supplies stabilising

 

Industry Minister Senator Aubyn Hill says fewer complaints are coming from the construction sector regarding a shortage of cement as market conditions continue to stabilise.

 

Minister Hill says Cabinet has granted permission for additional importers to bring in cement.

 

Speaking Wednesday at a post Cabinet media briefing, Senator Hill said this is to ensure adequate supply and competition in the market.

 

"Cabinet, of course, with the information that we got from the market, we had to look at compounding annual growth rate, CAGR, and see how we project what cement demand will be. And out of that we decided that we are going to offer other importers apart from Buying House. 

 

"There were three or four others that the Cabinet approved that they could import various amounts of cement. Therefore we know now that the demand-supply equilibrium is coming back to normalcy. We know cement company has imported a lot more. The new importers are setting up their arrangements. So cement [shortage] has become much less of a subject.... And we know that the supply is here to meet that demand," he asserted.  

 

In April, approval was granted to Buying House Company to assist in meeting immediate demands after Caribbean Cement Company reported disruptions in its operations.