Key takeaways
Cement prices in the US and Canada are expected to be broadly stable through the second half of 2026, as soft demand and high import availability offset higher energy and transport costs.
US cement prices stayed elevated through 2025, with a slight softening at year end and stable trends in Q1 2026. Weaker residential construction, high import availability and some easing in energy costs at the end of 2025 and early 2026 contributed to the moderation. Despite tariffs, imports remained significant. In 2025, net imports accounted for 24% of US cement shipments, up 1.5% YoY. Domestic production capacity has been largely flat over the past decade, increasing reliance on imports. A recent Supreme Court action removed IEEPA tariffs that had added US$5 to US$10 per tonne to import costs. This created downward pressure on prices, although the policy outlook remains uncertain. Regional variation remains important, as pricing depends on local demand and logistics. Texas was the largest market in 2025, accounting for 18% of consumption.
Looking ahead, demand is expected to remain subdued. The American Cement Association forecasts a 2.5% decline in cement consumption in 2026. On a YoY basis, Q2 2026 prices are expected to be broadly flat compared to Q2 2025. Upside risk remains if energy costs rise, as producers are likely to pass through higher input costs.
Cement prices in Canada recorded a moderate, steady increase through 2025. Higher input costs, including energy‑intensive manufacturing, combined with inconsistent shipping capacity and shifting global demand, drove this trend. During the second half of 2026, prices are expected to remain broadly stable, with a mild upward increase, driven by rising energy inputs and a weaker Canadian dollar.
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