June PPI: Shingles & Aggs Prices Grind Higher; Stabilization in Wallboard

Research evidence excerpt

June PPI: Shingles & Aggs Prices Grind Higher; Stabilization in Wallboard

USA | Building Products EquityJulyResearch15, 2026

June PPI: Shingles & Aggs Prices Grind Higher;

Stabilization in Wallboard

In categories where there is pricing power -- aggregates & roofing, we're seeing

prices grind higher as mid-years get implemented. More commodity centric

and tethered to SF new res, pricing remains muted, but we're seeing signs of

stabilization in wallboard and wood products.

Aggs grind higher & cement remains stable. Agg prices ticked up 80 bps MOM & up 6.2% YOY in

June following an upward revision, showcasing steady pricing momentum since the start of the

year and some realization of mid-years, with VMC pulling forward some increases to June. Key

markets such as TX and CA were significantly wetter in 2Q, which likely weighed on volumes and

mix for MLM and VMC. As for cement, prices remained flat sequentially and down 60 bps YOY in

June. Cumulatively, cement PPI is up 60 bps YTD, reflecting limited realization of the $8/ton April

cement increase, and pricing pressure in coastal markets, particularly TX. Net of freight, we expect

EXP's ASP in cement to see limited improvement as higher freight costs will offset any realization

from the April price increase. If vols continue to grow in 2027, we could see better cement pricing

momentum as the market tightens nationally.

Shingles ticked higher & asphalt prices rebounded sharply. The shingle PPI moved up by 3.6%

MOM and up by 2.7% YOY in June, reflecting some realization of the June price increase. Given a

muted storm environment in 2025, PPI was down 3.3% from July 2025 from the winter 2026 lows,

and it's up 6% from those levels. PPI for asphalt surged 25.9% MOM and 47.5% YOY in June, driven