South African Cement Gets Boost From State Ban on Imports
- Treasury says state contract winners must source locally
- PPC shares soared on the news to highest since May 2019
Photographer: Waldo Swiegers/Bloomberg
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South Africa’s cement companies got a boost after the government banned imports of the building material for use on state-awarded contracts.
Bidders for state projects will only have their offers considered if they agree to source all cement from local companies, according to a directive circulated by the National Treasury to other government departments. The order also applies to the raw materials used in production, the ministry said.