(MENAFN) Total cements in Saudi Arabia dropped by 16 percent to 4.78mn ton in Jan, emphasizing a weak demand on an annual basis.
However, the 11.3 percent month-on-month growth is positive, as it shows an early sign of demand stabilizing at these levels.
According to Al Rajhi Capital, which cautioned that a healthy sustainable recovery would take much longer as total inventory remained at high levels of 29.6mn ton.
In addition, clinker production in the kingdom reached 4.24mn ton, down 6 percent, while it increased over 8 percent month-on-month.
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