Taiheiyo Cement Shares Advance on Report Prices Increased 10%

Bywangyun

Updated Fri, 18 Apr 2008 00:00:00 GMT

Taiheiyo Cement Corp., Japan's biggest maker of the material, led gains in cement producers in Tokyo trading after the Nikkei newspaper reported prices rose 10 percent this fiscal year on higher coal costs.

Taiheiyo shares added 2.8 percent to 259 yen as of 10:13 a.m. on the Tokyo Stock Exchange, after rising as much as 5.6 percent. Sumitomo Osaka Cement Co., the No. 3 producer, gained 1.9 percent, while Ube Industries Ltd. climbed 2.1 percent.

Tokyo cement prices advanced for the first time in four years, rising between 1,000 to 1,200 yen to as much as 10,000 yen a ton from last year, the Nikkei reported today, without saying where it got the information. The import price of coal is about $150 per ton, double the price a year earlier, the newspaper said.

``It's too early to say to what extent prices have increased,'' said Taiheiyo Cement spokesman Naotaka Mochimatsu, declining to comment further on the report. Taiheiyo Cement seeks to increase cement prices to concrete makers by as much as 2,000 yen per ton this fiscal year, he said.