The construction and ready-mix concrete industries have reached an agreement on the price of ready-mix concrete in the metropolitan area after four months of negotiations.
The Korea Construction Materials Association (KCA) and the Youngwoo Association, a group of ready-mix concrete manufacturers in the metropolitan area, held their 11th negotiation on the afternoon of Dec. 12 at the headquarters of Lotte Construction in Seocho District, Seoul, resulting in the decision to set the price of ready-mix concrete in the metropolitan area at 91,400 won per cubic meter.
This is a decrease of 2.5% from last year's price of 93,700 won.
During the 10th negotiation held earlier this month, KCA insisted on 90,900 won while the Youngwoo Association argued for 91,900 won, narrowing the price gap between both sides to 1,000 won.
In the 9th negotiation, the price difference between the two sides was 2,600 won.
The ready-mix concrete industry had maintained that price increases were impossible when negotiations began in November last year, but shifted its stance to a price reduction starting from the 9th negotiation, resulting in the agreement after four months.
The construction industry has been able to reduce some of its expense burdens by lowering the unit price of ready-mix concrete, a key material on construction sites.