Three cement firms in China fined for price fixing
Acting on the reports from Anti-Monopoly Law (AML) about price fixing, China´s National Development and Reform Commission (NDRC) has instructed the Jilin Province Price Bureau to impose financial penalties on three cement companies. The total penalty amounting to CNY114m (US$19m) is levied on Jilin Yatai Group Cement Sales Co (Yatai), North Cement Co and (North) and Jidong Cement Jilin (Jidong).
Apparently, the three cement producers had agreed to coordinate pricing on cement products in areas of Northeast China. These collaboration are restrictive to market competition and have led to loss of downstream industries and customers.