Turkish builders protest against cement price hike

Builders in Turkey have announced a one-day strike to protest against the sharp price hike of cement, which will take place on 2 September 2021. The Turkish Builders Confederation (IMKON) talked with the government that prices of all commodities have increased since the onset of the Covid-19 pandemic, but the cement prices rose inappropriately. According to the cement producers, the prices have recorded a sharp price hike. The electricity cost increased by 64% year-on-year (YoY) in July 2021, while the coal prices rose more than double in the same period. As per the Turkish Statistical Institute's (TUIK) domestic price index, in July, the cement prices in Turkey have increased by about 56% YoY. Tahir Tellioglu, Head of the Turkish Contractors Federation (IMKON), had recorded a cement price hike from $19.28 per tonne to $53 per tonne in 2020. Besides, the builders and contractors in Turkey have decided to establish new housing projects after a sharp decline in real estate in recent years due to the pandemic. However, this is leading to an increase in unsold housing stocks. Image Source Also read: Cement prices in India improve, maximum hike in southern India