Global Cement Newsletter

Issue: GCW737 / 26 November 2025

Headlines


Zimbabwe relaxed import rules on cement this week in a bid to bring down prices. This follows a high-profile visit earlier in November 2025 by Aliko Dangote with US$1bn investment plans including a new cement plant. Here’s what’s been happening.

Deputy Minister of Industry and Commerce, Raj Modi, announced this week that the government was aware of price issues and was taking measures to fix it. This has included issuing licences to import around 0.15Mt of cement from October 2025 onwards. He commented that there was a backlog of cement at the border. He noted that the country has a shortage of clinker with only PPC currently manufacturing it. Local media reports that the price of cement rose by 42% in October and November 2025. This has been attributed to a local construction boom, limited local production, and constrained imports. Subsequently, vendors have run out of stock.

South Africa-based PPC has certainly done well out of the situation. Its revenue for the six months to September 2025 rose by 23% year-on-year from US$89.4m to US$110m. This was attributed to a 25% increase in sales volumes. It was also achieved despite a prolonged shutdown period at its integrated Colleen Baw plant in the first quarter of its financial year. Earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 11% to US$25.9m from US$23.3m.

Import bans on cement in Zimbabwe have come and gone over the last couple of decades alongside the country’s wider economic issues in response to international sanctions. Zimbabwe is land-locked but it also shares a border with South Africa, a larger cement producer. The government implemented an import ban in 2021, prices have surged periodically and remedial actions, such as large-scale licence approvals, have been taken on occasion. An additional 30% surcharge on cement imports was introduced in May 2025.

The country clearly needs more local producers and Nigeria’s Aliko Dangote flew to the rescue on 12 November 2025 to sign a memorandum of understanding with President Emmerson Mnangagwa. Details are light on the US$1bn investment deal, but it includes a 1.5Mt/yr cement plant, power generation and a 2000km fuel pipeline from Walvis Bay in Namibia that will reportedly run through Botswana. Dangote was previously in talks with the Mugabe regime in the mid-2010s but talks did not progress.

However, other plant projects are already on the way. In late October 2025 local press reported that the China-based 0.8Mt.yr Chegutu cement plant was over half-way complete. Production at the site is scheduled to start in early 2026. The WIH-Zim Cement plant is also being built at Magunje. This one has reported cement and clinker production capacities of 1.2Mt/yr and 1.8Mt/yr. Unfortunately, the local Environmental Management Agency (EMA) ordered the project to stop construction in August 2025 after inspectors found violations of Environmental Impact Assessment (EIA) conditions, including failure to compensate displaced households. Further legal action has followed. This project is backed by Labenmon Investments, another China-based investment firm. Unfortunately, that company also popped up in the sector news this week in connection to a bribery scandal connected to an apparently separate grinding plant project in Bulawayo, according to the Herald newspaper. Two other unconnected and smaller grinding plants, JainQiang Cement and Zimsonc Industries, also reportedly started production making blended products in Hwange in mid-2025.

Of the existing cement producers, Khayah Cement entered into ‘corporate rescue proceedings’ in late December 2024, blaming international economic sanctions for causing an ‘untenable’ business environment. A public tendering process to find investors was announced by the former Lafarge subsidiary in May 2025. A US$60m rescue package from Uganda-based Hima Cement was approved by creditors and shareholders in September 2025. This includes refurbishing the company’s Harare plant. The country’s other local clinker manufacturer, Sino Zimbabwe, reportedly also restarted production in late November 2025.

The general economy in Zimbabwe was on track for a forecast 6% annual growth in July 2025 due to the agricultural sector and strong commodity prices. The International Monetary Fund (IMF) reiterated this view in November 2025, singling out easing inflation amid exchange rate stability [LINK]. Quite possibly this has also benefitted the construction sector too, leading to the current issues with imports. In this setting, Aliko Dangote’s investment plans are a serious vote of confidence for both the cement sector and the wider business environment.


India: Ambuja Cements has appointed Rohit Soni as its chief financial officer (CFO). He succeeds Rakesh Tiwary in the post.

Soni was previously working as the CFO at Adani New Industries since early 2024. Before this, he was the CFO at Adani Energy Solutions from mid-2021. He has also held positions with Vedanta Group, including Chief Procurement Officer and as CFO for various subsidiaries. Soni is a graduate in business and commerce from Annamalai University and has attended the Harvard Business School’s General Management Program.


India: JK Lakshmi Cement will invest US$203m to expand clinker and cement capacity in Chhattisgarh, as it looks to strengthen its position in eastern and central India. The company signed a memorandum of understanding for the project during the Chhattisgarh Investor Connect event on 25 November 2025. JK Lakshmi currently operates 16.5Mt/yr of capacity, and will add 2.31Mt/yr of clinker capacity and 1.2Mt/yr of cement capacity as part of the expansion.

“Chhattisgarh has been central to our manufacturing strategy, and this investment strengthens our ability to serve eastern and central India with reliable, efficient capacity,” said deputy managing director Shrivats Singhania.


Germany: The Bundesrat has given final approval to legislation enabling industrial-scale underground CO₂ storage, marking Germany’s biggest policy shift to date on industrial decarbonisation. The new law establishes a national framework for CO₂ storage beneath the seabed, excluding protected and near-shore zones. It also includes an opt-in clause allowing individual federal states to authorise onshore storage, a provision of particular interest to industrial regions seeking local solutions.

A national CO₂ pipeline network will also be developed to transport captured emissions from plants to designated storage sites. Federal Economics Ministry State Secretary Stefan Rouenhoff said the legislation is a ‘crucial building block’ for Germany’s decarbonisation plans, especially for hard-to-abate sectors such as cement production.


Morocco: Ciments du Maroc has reported unconsolidated, unaudited sales of US$115m for the third quarter ending 30 September 2025, up by 6% year-on-year. Over the first nine months of 2025, revenue reached US$324m, an 8% year-on-year increase.


China: Inner Mongolia Jidong Cement will shut down one 4000t/day clinker line as part of a capacity replacement programme, with its quota redistributed across two other production lines. According to the company, another 4000t/day line belonging to the company will be replaced with 2200t/day of capacity, bringing the adjusted total to 6200t/day.


Nigeria: Ebonyi State Governor Francis Nwifuru has presented a proposed US$604m budget for 2026, including plans to construct a US$102m state-owned cement plant.

Nwifuru said most of the spending would target infrastructure and economic growth projects. He attributed the rise from previous annual budgets, averaging about US$60m, to expanded fiscal space following the removal of the federal fuel subsidy.

The cement plant, conceived as a successor to the defunct NIGERCEM, will be financed through a US$102m self-repaying loan. “We agreed in council that this project will borrow money to fund itself from beginning to end. And this project will generate the same money to repay the loan,” Nwifuru said.

Geological assessments are currently underway to determine the most viable location with adequate limestone reserves.


UK: Cleantech firm Carbon8 Systems has been placed into administration, with business advisory firm Quantuma appointed as administrator on 12 November 2025. Carbon8 Systems was founded in 2006 as a University of Greenwich spin-out, focused on research and experimental development within natural sciences and engineering. The company developed Accelerated Carbonation Technology (ACT), a patented process that captures CO₂ emissions and converts them into carbon-negative aggregates sold under the CircaBuild brand. The company also developed CO₂ntainer™, a modular solution which enabled on-site carbon capture and treatment of industrial residues.

Quantuma was instructed by the company’s board to provide advisory support in April 2025, as the company faced cash flow difficulties while seeking investment. Despite efforts to secure funding, this was not successful within the required timeframe. As part of the administration process, Carbon8’s operations at Medway Campus, University of Greenwich, and its premises at Wraxhalls storing plant will close. Eleven employees were made redundant shortly before the appointment on 10 November 2025.

Chris Newell, Quantuma managing director and joint administrator, said “It is always difficult to see a company with such innovative intellectual property (IP) be placed into administration. I expect there to be strong appeal in the assets and any parties interested in the acquisition of the IP are welcome to make contact with us.”


Netherlands: Sweden-based Paebbl's demonstration plant at its Rotterdam research and development centre has reached a cumulative 500 hours of production in the eight months since it entered operation in March 2025. The plant uses captured CO₂ as a feedstock to produce carbon-storing cementitious materials. Meanwhile, Paebbl has operated its pre-existing pilot plant for a cumulative 2000 hours. The producer is now designing its first commercial-scale plant.


Senegal: The country’s cement sector recorded a slowdown in August 2025, according to provisional figures from the Directorate of Forecasting and Economic Studies (Dpee), cited by the National Agency for Statistics and Demography (Ansd). Cement production fell by 14% month-on-month following several months of growth, reflecting weaker domestic and external demand. The decline was driven largely by a 24% drop in local sales, linked to a slowdown in construction activity and inventory adjustments. Exports also eased, falling by 8% from July 2025.

Despite the monthly setback, the sector maintained positive momentum year-on-year. Production in August 2025 was 10% higher than in August 2024, supported by strong export growth of 44% as regional demand remained firm. Local sales posted a modest increase of 0.9% compared to August 2025.


Malaysia: YTL Cement has received environmental product declarations (EPDs) covering products across its cement, concrete and precast ranges. An EPD is a third-party-verified document that discloses a product’s environmental impact throughout its full life cycle in line with international standards. The newly certified products include the Castle Cement brand, as well as ECOConcrete Grade 40 and Grade 35.


Peru: Grupo Unacem reported consolidated sales of US$530m in the third quarter of 2025, up by 0.3% year-on-year, driven mainly by the favourable performance of its operations in Peru, Ecuador and Chile. EBITDA reached US$121m. In Peru, third-quarter cement shipments were 1.56Mt, up by 3% from the third quarter of 2024, and sales were US$202m, up by 1.5% year-on-year. The company’s capital expenditure was US$138m, up by 11% year-on-year. In Ecuador, third-quarter 2025 revenues reached US$47.2m, a 3% increase compared to the same quarter of the previous year. Unacem North America reported cement shipments of 323,000t during the third quarter, representing a 0.7% year-on-year increase. Finally, Unacem Chile recorded shipments of 277,000m3 of ready-mix concrete, a 38% increase compared to the third quarter of 2024.

Corporate CEO Pedro Lerner said “In Peru, we continue to see a positive trend, with a quarter in which our prefabricated building business achieved record revenues and market activity supported this performance. In the US, despite the challenging environment, we have maintained our market share in Arizona and increased it in California, which reaffirms the strength of our operation. We also highlight the modernisation of Termochilca, which exceeded the expected efficiency levels.”

Corporate strategy manager Alicia Campos said “This quarter our portfolio showed resilient performance, with higher volumes in Peru, Ecuador and Chile, along with sustained growth in our energy platform. EBITDA reflects this operational strength, while capital expenditure responded to the execution of strategic and sustainability projects, including environmental and efficiency improvements in our operations. These advances continue to strengthen our position and support the year-to-date performance.”


Mozambique: Mozambique and China will together invest US$333m to build two new cement plants, a jetty and hospital services in Nampula and Cabo Delgado. The investment is the result of four agreements signed in October 2025 at an investment conference in Xian in China’s Shaanxi province, where representatives from the two countries’ governments were present. The timescale of the work was not given. The conference served to strengthen economic cooperation with the Shaanxi provincial government and establish new partnerships and investments by Chinese companies. A delegation of 50 Mozambicans attended, led by the Minister of Economy, Basílio Muhate.


India: Building materials producer BirlaNu has announced that it will build a greenfield fibre cement board plant in the Nellore district of Andhra Pradesh. The producer will invest about US$14.2m in the first phase to establish the unit, which is expected to create about 600 jobs, according to local press. The plant will use fly ash from coal-fired power plants.

Managing director and CEO Akshat Seth said “Our new fibre cement board plant in Nellore marks an important milestone in BirlaNu’s expansion journey. It strengthens our manufacturing footprint and generates meaningful employment.”


US: Heidelberg Materials has announced that it will acquire Walan Specialty Construction Products in Delaware under a binding purchase agreement. The transaction includes a 150,000t/yr capacity slag grinding plant with a vertical mill built in 2022 near the Port of Wilmington. The producer says that this acquisition will further strengthen its low-carbon cementitious portfolio and extend its market reach in the Northeast Region.


Pakistan: Cement export earnings rose to US$42.6m in October 2025, the highest monthly level in 11 years, according to brokerage firm Topline Securities. The rise reflects renewed export momentum attributed to supply-side disruption from European exporting markets. Export despatches fell by 23% year-on-year to 827,000t from 1.08Mt in October 2024, while total cement despatches rose by 6% to 4.75Mt and local dispatches rose by 15% to 3.93Mt, according to data from the All Pakistan Cement Manufacturers Association (APCMA). This was reportedly driven by strong domestic demand despite the continued drop in export volumes.


France/Syria: The former Lafarge CEO Bruno Lafont has taken the witness stand at the start of a hearing that will focus on the alleged financing of the Islamic State in Syria in the early 2010s. Lafont took the stand on 19 November 2025 to face questions from the 16th Criminal Chamber of the Paris Judicial Court, according to the Libération newspaper. He is on trial, along with several former senior executives, for financing terrorism in Syria.

At the heart of the trial is the continued operation of the former French multinational’s assets within Syria, a country embroiled in civil war between 2011 and 2014. Lafarge has since been absorbed into Switzerland’s Holcim.

Bruno Lafont joined Lafarge in 1983 and served as its CEO from 2007 to 2015. He maintains that, on a multinational scale, the Syrian plant, located in the city of Jalabiya, north of Raqqa, was not one of the group's most strategic assets. Lafarge nevertheless aimed to supply 30% of the country's cement needs and employ 1000 people, which Lafont conceded was a ‘significant investment.’ The plant only opened shortly before the onset of hostilities.

Explaining the decision to keep the plant running, Lafont asserted that Lafarge keeping the plant open was “a form of commitment to the local communities.” Lafont said that he and his subordinates were bound by a ‘moral obligation,’ stating “These assets were ours, but they also belong to the country, to the region.”

Questioned by the presiding judge, Isabelle Prévost-Desprez, and pressed further by representatives of the National Anti-Terrorist Prosecutor's Office, Aurélie Valente and Olga Martin-Belliard, the former CEO mostly claimed he hadn't been informed about the situation at the Syrian factory. Prosecutors pointed out that Lafarge had received numerous warnings before the plant was invaded by Islamic State on 19 September 2014. They also pointed out the embassy closures, the mass departure of international companies and the removal of country directors from Syria, asking why these events did not attract the ‘curiosity’ of Lafarge’s CEO. In reply Lafont stated "Before Syria, we had experienced several Arab Springs… and they all stopped.” He also drew parallels to the situation in Egypt, which he described as ‘practically an insurrection.’

In a separate case in the US, Lafarge admitted in 2022 that its Syrian subsidiary paid US$6m to Islamic State and the Nusra Front to allow employees, customers and suppliers to pass through checkpoints after the civil conflict broke out in Syria. The group paid US$778m in forfeiture and fines as part of its plea agreement. Lafarge faces much lower fines in France if it is found guilty, but eight of the 10 individuals on trial face up to 10 years in prison if found guilty.

The trial in Paris continues.


India: Cement producers saw strong sales in the second quarter of the 2026 Fiscal Year (FY2026), due to steady prices and higher sales volumes. Seasonal weakness and maintenance outages did dent performance, but the overall picture remained positive, according to the Business Standard newspaper.

Centrum Broking said that results pointed to 4 - 5% year-on-year demand growth in the second quarter despite weather-related interruptions. Stronger rural activity and ongoing construction kept consumption buoyant. Meanwhile, JM Financial reported that like-for-like cement volumes grew by 7%. Adjusted for acquisitions, consolidated volumes at UltraTech Cement and Ambuja Cements also rose by 7%, while JK Cement saw a 15.1% increase, driven by capacity increases and a higher capacity utilisation rate.


India: Adani-led Adani Enterprises has reportedly beaten Vedanta in the race to take over the debt-laden Jaiprakash Associates, despite Vedanta placing the highest overall bid in an electronic auction, according to local media.

Jaiprakash Associates is the flagship arm of the Jaypee Group, with interests across cement production, power generation, engineering, hospitality, real estate and sports infrastructure. Its creditors unanimously voted in favour of Gautam Adani-led Adani Enterprises’ resolution plan, as it proposed higher upfront payments. Despite voting for Adani’s plan, some creditors did question the pre-bidding process, which reportedly gave Adani a perfect 100% score across a range of factors to assess its suitability.


Spain: Cement consumption grew by 18.5% year-on-year in October 2025 to reach 1.70Mt, 0.27Mt more than in October 2025, according to the latest data from Oficemen. "The sector has not reached a similar level of consumption since August 2011, an encouraging figure that allows us to anticipate a year-end total that exceeds 16Mt,” said Aniceto Zaragoza, CEO of Oficemen. “Even so, it would be necessary to maintain a stable consumption rate in the coming months to consolidate this trend and adequately meet the housing and infrastructure needs of our country.”

Cumulative consumption in the first 10 months of 2025 saw growth of 10.9% to reach 13.7Mt, 1.3Mt more than in the first 10 months of 2024. Cement exports in 2025 grew by 6.3% year-on-year to 403,782t. Over the first 10 months of 2025, exports fell by 7.4% year-on-year to 3.79Mt. Imports, however, grew by 28.6% over the same time interval, with an additional 0.4Mt imported so far in 2025 than in 2024. In light of rising imports and falling exports, Zaragoza insisted that "it is necessary to establish mechanisms to protect European countries from imports from third countries that have laxer environmental regulations that harm the competitiveness of our industry."


Zimbabwe: The government has relaxed regulations so that more cement can be imported into Zimbabwe. This aims to address cement shortages experienced recently due to a national construction boom, according to the Herald Zimbabwe newspaper. Minister of Skills Audit and Development, Professor Paul Mavima, said that cement prices will also decline as a result.

Historically, construction activity peaks between April and November, just ahead of the country’s rainy season, but demand in 2025, driven by both home building and commercial construction, has been described as ‘incomparable’ to previous cycles by dealers.
Zimbabwe’s cement industry has an installed production capacity of about 2.6Mt/yr, although output has been inconsistent due to ageing equipment and fuel shortages. While the country primarily imports cement from neighbouring Zambia, imports have dropped sharply, squeezing external supply just as domestic need accelerated.


India: The Global Cement and Concrete Association (GCCA) India said that the cement industry has installed 1.8GW of renewable energy capacity and aims to add 5GW more by 2030, according to Platts. Around 3% of electricity used comes from renewables and 11% from waste heat recovery. GCCA India said that the average alternative fuel thermal substitution rate (TSR) in the sector is approximately 6%, although some plants have successfully achieved TSRs of more than 20%. It also said that there are developments in the installations of hybrid energy systems, which provide 24/7 electricity for the sector.

Blended cement accounts for 73% of production, and India has reportedly begun producing limestone calcined clay cement. Research is also underway into other low-clinker alternatives. According to a March 2025 report by GCCA India and The Energy and Resources Institute, the industry aims to achieve net-zero emissions by 2070. CRISIL forecasts that the sector will add 160-170Mt/yr of grinding capacity between the financial years 2026-2028, which run from April to March, driven by a healthy demand outlook and high capacity utilisation.


Peru: National cement shipments reached 1.23Mt in October 2025, up by 9% compared to October 2024 and up by 5% over the past 12 months, according to ASOCEM. Cement production rose by 6% year-on-year to 1.08Mt, while clinker output increased by 36% compared to October 2024, to 0.87Mt.

Cement exports fell by 7% year-on-year to 10,837t, while clinker exports rose by 202% to 108,345t for October 2025, a rolling 12-month rise of 16%. Cement imports grew by 393% year-on-year to 157,233t and grew by  133% over the past 12 months. Clinker imports also increased by 200% year-on-year to 130,055t, and by 72% over the last 12 months.


Türkiye: Nuh Çimento has installed a new electric LPS 420 portal slewing crane from Liebherr at its private port in Hereke to boost efficiency and reduce emissions. The crane has a 124t lifting capacity and can handle up to 1500t/hr. The company said that the crane is designed for high-throughput handling of abrasive materials such as clinker and cement.

Nuh Çimento’s port handles 5Mt/yr of dry bulk cargo and serves over 40 export markets. The 595m berth supports vessels up to 80,000dwt and features a 300m underground conveyor tunnel and automated loading systems.


Oman: Raysut Cement welcomed a delegation from Sinoma Overseas to its Salalah cement plant to strengthen cooperation in industrial development and sustainability initiatives, according to the company. Discussions centred on enhancing energy efficiency and advancing the companies’ ongoing waste heat recovery (WHR) project, which they say will reduce emissions and supply a substantial share of the plant’s power needs.

The project was announced in April 2025 and will be Oman’s first waste heat recovery plant, with a capacity of 9MW, according to local press. Once operational, the facility is expected to reduce the plant’s reliance on the national grid by 30% and avoid 50,000t/yr of CO₂ emissions.