Three blends of slag cement were prepared, namely 70/30, 50/50 and 30/70 mass% of Portland cement clinker and granulated slag, respectively. Each blend was mixed with 2.5, 5.0, 7.5 and 10.0 mass% by-pass cement dust. The physical properties of cement pastes were studied, including setting times, electrical conductivity and fluidity. The results indicated that the rheological properties of Portland cement clinker were enhanced by partial replacement by granulated slag. By-pass cement dust affects the rheological properties of Portland cement clinker/granulated slag composites and depends on its amount as well as mix composition. The increase in the amount of by-pass cement dust increases the required water of normal consistency. The setting time of Portland slag cement paste was extended with the increase in slag content. The addition of 2.5 mass% by-pass cement dust to M.1 (70 mass% Portland cement clinker/30 mass% granulated slag) and M.2 (50 mass% Portland cement clinker/50 mass% granulated slag) retards the initial and final setting time, whereas it accelerates the final setting time of M.3 (30 mass% Portland cement clinker/70 mass% granulated slag). The presence of by-pass cement dust affects the location and height of the conductivity peaks. By increasing the by-pass cement dust from 2.5 to 7.5 mass%, the conductivity maximum increases. With further addition (10.0 mass%), the height of the conductivity maximum decreases.