Constr., Infra & Materials (AO) | Developed market heavy-side price/volume temperature check

Research evidence excerpt

Constr., Infra & Materials (AO) | Developed market heavy-side price/volume temperature check

Connecting the dots

Release date: 22 May 2026

Luis Prieto

Head of Constr., Infra & Materials

+34 914 36 5111

lprieto@keplercheuvreux.comConstr., Infra & Materials

Europe

Developed market heavy-side price/volume temperature check

Key points:

In the current context of geopolitical uncertainty, we are taking a look at prices and volumes for heavy-side building materials in

developed markets, as well as at other various sector indicators.

European cement volumes improved in March (still negative YOY) after the adverse weather impact in Jan/Feb; the volume trend

has been negative YOY since early 2022. In the US, the decline in shipments started in 2023, weighed down by the weak new build

residential market (still uninspiring housing starts/permits, NAHB’s housing market index or mortgage rate evolution).

European heavy-side building materials prices have reignited in Q1, after limited sequential growth in 2025, but it is difficult to

determine whether this is explained by the Iran war or the lower EU ETS benchmark. In the US, cement pricing was flat in the Jan-

Apr period, but aggregates, and, as a consequence, readymix concrete posted quite healthy pricing progress (up mid-single digit).

Chart 1:Europe – Cement IPI (production index and % YOY change, up to Chart 2:Europe – Concrete Products IPI (prod. index and % YOY change,

March 2026) – Better March than Jan/Feb but still no YOY uptick up to March 2026) – March back in positive territory YOY

Source: European Central Bank, Kepler Cheuvreux Source: European Central Bank, Kepler Cheuvreux

Chart 3:Europe – Cement PPI (price index and % YOY change, up to March Chart 4:Europe – Concrete products PPI (price index and % YOY change,