For the Quarter Ending December 2025
Portland Cement Prices in APAC
- In China, the Portland Cement Price Index fell quarter-over-quarter in Q4 2025, due to subdued consumer demand and negative producer price index.
- Portland Cement production costs increased in Q4 2025, driven by strengthening coal and natural gas feedstock prices.
- Overall Portland Cement demand was mixed in Q4 2025, with weak real estate offset by infrastructure investment.
- China's industrial production grew by 5.2% in December 2025, and the Manufacturing Index expanded, supporting industrial construction.
- Real estate market demand weakened significantly in Q4 2025, and homebuyer sentiment remained subdued.
- Low CPI (0.8%) and retail sales (0.9%) in December 2025 reflected weak consumer spending, impacting residential construction.
- A moderate unemployment rate of 5.1% in December 2025 indicated a stable labor market, supporting some consumer confidence.
- Cement production decreased in December 2025, as producers adjusted capacity to align with declining demand.
Why did the price of Portland Cement change in December 2025 in APAC?
- Low CPI (0.8%) and retail sales (0.9%) in December 2025 reflected weak consumer demand.
- Negative PPI (-1.9%) in December 2025 indicated weak industrial demand and reduced pricing power.
- Strengthening coal feedstock costs in Q4 2025 increased production expenses for Portland Cement manufacturers.
Portland Cement Prices in Europe
- In Germany, the Portland Cement Price Index declined quarter-over-quarter in Q4 2025, influenced by weakening demand signals.
- Portland Cement production costs eased in December 2025 as natural gas prices moderated compared to November 2025.
- Demand for Portland Cement faced headwinds as building permits weakened in November 2025 compared to October 2025.
- The Manufacturing Index was Contracting in December 2025, indicating reduced industrial construction activity.
- Industrial Production year-on-year grew by 0.8% in October 2025, offering some demand support for cement.
- Consumer confidence remained pessimistic at -17.5 in December 2025, dampening residential construction demand.
- Public infrastructure and energy transition projects provided a stabilizing effect on cement consumption throughout 2025.
- The unemployment rate stood at 6.2% in December 2025, negatively impacting overall construction demand.
- Producer prices year-on-year declined by 2.5% in December 2025, reflecting broader industrial price trends.
Why did the price of Portland Cement change in December 2025 in Europe?
- Producer prices year-on-year declined by 2.5% in December 2025, reflecting weakening industrial demand.
- Natural gas and thermal coal prices eased in December 2025, reducing Portland Cement production costs.
- Weakened building permits in November 2025 and contracting manufacturing activity lowered overall demand.
Portland Cement Prices in
North America
- In United States, the Portland Cement Price Index rose quarter-over-quarter in Q4 2025, influenced by rising producer input costs in November 2025.
- Portland Cement production costs increased in Q4 2025, as natural gas feedstock costs gradually rose in late 2025.
- Overall construction spending inched up in October 2025, supporting demand, despite housing starts softening in October 2025.
- Demand was reinforced by a 2.0% year-over-year increase in industrial production in December 2025.
- Consumer Price Index rose 2.7% year-over-year in December 2025, indicating upward pressure on operational costs.
- Federal infrastructure programs reinforced Portland Cement demand in Q4 2025, bolstering construction activity.
- Inexpensive imports continued to constrain the U.S. cement industry in 2025, impacting domestic pricing.
- Retail sales increased 3.3% year-over-year in November 2025, indirectly supporting commercial construction.
- The unemployment rate was 4.4% in December 2025, supporting a strong labor market and construction activity.
Why did the price of Portland Cement change in December 2025 in North America?
- CPI rose 2.7% year-over-year in December 2025, increasing Portland Cement operational costs.
- Natural gas feedstock costs gradually rose in late 2025, increasing Portland Cement production expenses.
- Industrial production increased 2.0% year-over-year in December 2025, supporting Portland Cement demand.
For the Quarter Ending September 2025
North America
- In the United States, Portland Cement Price Index fell in Q3 2025, driven by weakened construction.
- Production costs faced upward pressure from a 2.6% PPI increase in August 2025.
- Demand softened due to contracted residential construction activity in Q3 2025.
- US industrial production increased 0.1% year-over-year in September 2025, limiting demand.
- Natural gas prices strengthened year-over-year in Q3 2025, despite easing in September.
- Consumer confidence declined to 94.2 in September 2025, indicating bearish housing sentiment.
- Low 4.3% unemployment and 5.42% retail sales increase in September 2025 supported some commercial demand.
- US exports of Cement Articles decreased in July 2025; imports increased, affecting supply.
- Data center construction surged in Q3 2025, providing a specific growth area.
- A 3.0% CPI increase in September 2025 suggested higher interest rates, impacting construction financing.
Why did the price of Portland Cement change in September 2025 in North America?
- Weakened nonresidential construction starts in September 2025 reduced overall Portland Cement demand.
- A 3.0% CPI increase in September 2025 suggested higher borrowing costs, dampening construction.
- Natural gas prices eased in September 2025, offering some relief to Portland Cement production costs.
Europe
- Germany's Portland Cement Price Index remained stable in Q3 2025, influenced by mixed demand and easing energy costs.
- Portland Cement production costs were mixed; natural gas eased in Q3 2025, but thermal coal prices strengthened in August.
- Industrial producer prices decreased 1.7% in September 2025, from lower energy costs, impacting Portland Cement.
- Portland Cement demand was bearish; industrial production declined 1.0% in September 2025, and Manufacturing Index contracted.
- Overall construction output declined in September 2025, but dwelling permits increased in July and September, suggesting future demand.
- Retail sales rose 0.2% in September 2025, supporting consumer construction; unemployment remained stable at 6.3%.
- Robust European natural gas storage, over 80% full by September 2025, stabilized Portland Cement energy feedstock.
- German cement manufacturing faces long-term business decline; broader European chemical market restructuring is predicted for 2025.
Why did the price of Portland Cement change in September 2025 in Europe?
- Industrial producer prices decreased 1.7% in September 2025, driven by lower energy costs.
- Industrial production declined 1.0% in September 2025, signaling reduced industrial demand.
- Natural gas feedstock costs eased in Q3 2025, stabilizing in September, reducing operational expenses.
APAC
- In China, the Portland Cement Price Index fell quarter-over-quarter, influenced by deflationary pressures and weak construction demand.
- The Portland Cement Price Forecast suggests continued downward pressure from contracting manufacturing and sluggish real estate.
- Portland Cement production costs saw declining thermal coal prices; natural gas prices stabilized in Q3 2025.
- Portland Cement demand outlook is bearish, with CPI -0.3% and PPI -2.3% in September 2025.
- Despite industrial production growing 6.5% in September 2025, the Manufacturing Index was contracting, impacting construction.
- Consumer confidence at 89.6 in September 2025, with plummeting property viewings, impacted residential construction.
- Retail sales grew 3.0% and unemployment was 5.2% in September 2025, but sentiment remained cautious.
- Cement producers curbed production capacity in Q3 2025 to align with weaker demand, preventing oversupply.
Why did the price of Portland Cement change in September 2025 in APAC?
- Deflationary pressures, with CPI -0.3% and PPI -2.3% in September 2025, weakened overall demand.
- Sluggish real estate market activity and plummeting property viewings reduced construction materials demand in Q3 2025.
- Cement producers curbed production capacity in Q3 2025 to address oversupply from contracting manufacturing.
