Latam Cement Data Points: Cem Prices +0.7% m/m in July, Above Expectations but Moderating vs Strong June Print; Pricing Trends Remain Constructive

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

07 August 2026

Latam Cement Data Points

Cem Prices +0.7% m/m in July, Above Expectations but

Moderating vs Strong June Print; Pricing Trends

Remain Constructive

Mexico cement prices increased +0.7% m/m in July (+3.9% y/y), above our

+0.3% expectation though moderating from June’s stronger +1.7% m/m

print (+3.8% y/y). Despite some month-to-month volatility, YTD industry

cement prices remain up +3.6% y/y, suggesting producers have continued to

execute price increases. While July’s increase was less pronounced than the June

acceleration, the data extends the positive pricing momentum observed over recent

months and provides further evidence that the weakness seen earlier in the year did

not evolve into a broader deterioration in industry pricing trends. More

importantly, pricing continues to occur alongside stabilizing demand conditions.

For CX, the latest data reinforces our constructive view on Mexico, where we

continue to expect a recovery in volumes and stronger pricing dynamics supported

by infrastructure-related activity and recent pricing actions. For GCC, the figures

reinforce our view that the Mexican market remains rational from a pricing

standpoint, supported by an improving demand backdrop. In fact, management

recently increased its 2026 outlook for Mexico cement volumes, citing favorable

demand trends tied to self-construction and infrastructure activity. Looking ahead,

we continue to expect m/m pricing gains to be largely in line with historical

averages for the remainder of the year, which would drive 3-4% pricing growth for

the full year, but we see potential upside if demand trends continue to improve.

Americas Construction Materials

Adrian E Huerta AC

(52-81) 8152-8720

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Garrett Greenblatt

(1-212) 622-0424

J.P. Morgan Securities LLC

Cement volumes for June are expected to be released on Aug 16… Though May

volumes rebounded sharply, rising +6.6% m/m (+5.5% y/y), the result was also

above both our estimate and the historical average for the month. The recovery

more than offset April’s decline and suggests that underlying demand remained

…