Cement prices across APAC in 2025 followed a mixed, largely cost-led trend compared with the Q1 2024 baseline. Japan recorded the highest increase, at around 11% by Q4 2025, driven by higher transport, labour and logistics costs, supported by ready-mix price revisions and public infrastructure spending despite softer residential demand. Australia saw a more gradual increase of about 6%, linked to infrastructure activity amid weak housing. In contrast, prices declined in India due to policy support, including lower GST, and in Taiwan due to rising reliance on imported cement.

In Q1 2026, cement prices increased QoQ across most APAC and GCC markets. Singapore recorded the largest rise QoQ, at around 8%, driven by strong construction activity, major projects and supply constraints linked to import dependence. Australia and India saw increases of about 4%, mainly due to higher fuel, energy and transport costs, with India also supported by stronger infrastructure and housing spending. In the GCC, KSA and the UAE saw prices remain firm to slightly higher, supported by steady construction demand and ongoing cost pressures. Large-scale programmes in the KSA and sustained activity across sectors in the UAE helped maintain price levels, with cost increases passed through in a measured manner.

Cement prices across APAC and the GCC in Q2 2026 are expected to be higher across most markets, primarily driven by elevated energy and freight costs following the Middle East conflict, alongside strong underlying construction demand. Higher petcoke prices pushed up production costs while the currency weakened, making imported inputs more expensive, which together amplified the overall price increase. Strong government-led infrastructure spending also supported demand, allowing producers to pass through these higher costs. In the GCC, cement prices rose in Q2 2026 as demand held firm across the KSA and UAE. Higher fuel costs increased production input prices, placing upward pressure on the market. Prices are expected to rise by more than 10% over the quarter. From Q3 onwards, the outlook will depend on the path of the conflict and movements in input costs. For now, prices are likely to stay elevated in the short term.