Latam Cement Data Points MX Cem Prices -0.2% m/m in May Following a Weaker than Expected April Print; Still Expecting Gradual Recovery Through 2026

Research evidence excerpt

Latam Cement Data Points MX Cem Prices -0.2% m/m in May Following a Weaker than Expected April Print; Still Expecting Gradual Recovery Through 2026

J P M O R G A N Latin America Equity Research

09 June 2026

Latam Cement Data Points

MX Cem Prices -0.2% m/m in May Following a Weaker

than Expected April Print; Still Expecting Gradual

Recovery Through 2026

Mexico cement prices declined -0.2% m/m in May (+2.2% y/y), coming in below Americas Construction Materials

ACour +0.3% expectation, following April’s -0.5% m/m print (+2.8% y/y) which Adrian E Huerta

came in below our +0.5% expectation. That said, YTD prices are up +3.5% y/y, (52-81) 8152-8720

suggesting the industry has still been able to hold onto a reasonable level of price adrian.huerta@jpmorgan.com

increases so far this year, but the recent slowdown in trends raises some concern. J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

Demand is improving, but it’s interesting that pricing is not necessarily following

Garrett Greenblatt

as much. At this point it looks like cement prices for CX could be more flattish q/q (1-212) 622-0424

which would still signal a +7% y/y vs +5% in 1Q with a +mid-SD price increase garrett.greenblatt@jpmorgan.com

announced on bagged cement effective mid-May (60% of MX vols). Looking J.P. Morgan Securities LLC

ahead to the rest of the year, we are expecting a +0.3% m/m increase in June (-0.2%

vs historical avg) followed by similar increases in the remaining months as we

think pricing should remain contained unless demand conditions improve more

meaningfully or companies push more aggressively to offset cost pressures.

Cement volumes for April are expected to be released on June 16th… though Mar

vols rebounded +18.5% m/m (+6.5% y/y), well above expectations, partially