JPM | Building Broadcast: ROCKB JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: ROCKB JPMC Construction Daily

Elodie Rall AC Europe Equity Research

(44-20) 7134-5911 12 May 2026 J P M O R G A N

elodie.rall@jpmorgan.com

historically been a driver of housing starts. The team note this follows other recent

housing data points, including the April NAHB Builder Survey down 4 points seq. and

15% YOY, March new home sales up 7% seq. and 3% YOY and March housing starts up

11% seq. and 11% YOY. Link to the team’s report.

• AOMA warns of Argentina cement industry crisis. Global Cement reports (link) that

Alejandro Santillán, secretary general of the Olavarría division of the Argentine Mining

Workers’ Association (AOMA), said that Loma Negra’s decision to shut down one of its

kilns for six months reflects weak demand caused by the slowdown in public works,

according to Noticias Financieras news. He said that the mining sector was going through

its worst period in decades, and that the measure goes beyond the usual maintenance

shutdowns.

• OYAK Cement reports fall in domestic sales in first quarter of 2026. Global Cement

reports (link) that OYAK Cement said that domestic cement sales volumes fell by 12%

year-on-year in the first quarter of 2026, due to heavy rainfall and normalisation of

demand in earthquake-affected regions. The company said that domestic cement

production declined by 28% year-on-year in January 2026 and by 12% in the first two

months of the year, while February domestic sales fell by 12% and exports by 13%. It said

that it achieved limited price increases during the quarter despite adverse weather

conditions and ongoing pricing pressure in the market. The company's alternative fuel

usage reached 27.4% in the first quarter of 2026, compared with a sector average of 13%

in 2025, according to the company’s statement.