(MENAFN) AS overcapacity continued and demand contracted, China's building materials division was impacted in the previous year, based on recent reports.
According to the Ministry of Industry and IT, cement outcome has posted the first fall for 25 years in the 1st half, dipping 4.9 percent y-o-y to 2.35 billion tones.
Profits of top cement producers slumped 58pct to USD5bn over the cited period, plus production of flat glass declined 8.6 percent year on year to 740 million tons.
"The industry still faces overcapacity and falling demand, while forecasting the market would stay low as housing investment remains to dip this year," said a top official.
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