Today’s report analyses the outlook for 16 of the largest global cement companies. Their average selling prices vary between $30 and $200/tonne. In China demand has declined by more than 30% since 2020, but could halve again, necessitating both a further increase in exports and possibly dismantling plants and moving them overseas. Demand could increase substantially in Nigeria, but it will be difficult to sustain the country’s current 50% plus EBITDA margins.
