Cemex cement sales volumes nearly flat in 2025

Spanish Market: Petroleum coke
05/02/26

Cemex's cement sales volumes inched down by 1pc in 2025 from a year earlier, as stronger performance in the second half helped to partly offset weaker sales in January-June.

Mexico-based cement maker Cemex said in July it expected a drop in domestic grey cement sales to Mexico and the US in the full year of 2025, after sales volumes to both countries declined sharply during the second quarter.

But Cemex expects a "better demand outlook" in 2026 because of increased construction activity across all regions, as well as a low-single digit percentage increase in cement sales volumes.

Cemex's cement sales volume totalled 43.3mn t in full-year 2025, down slightly from 43.9mn t in 2024. Cement sales volumes in the fourth quarter rose by 1pc on the year to 10.8mn t.

Cement sales volumes in Mexico fell by 8pc on the year in 2025. But public spending on social programs and infrastructure in Mexico has started to gain momentum, Cemex said, which is expected to support cement sales in the country. And the Mexican federal government's social housing program has established a goal to build 1.8mn houses during the current administration, it added.

In the US, cement sales volumes declined by 3pc in 2025 from a year earlier. The fall in US sales volumes was largely because of "continued softness" in the country's residential sector, Cemex said.

But cement sales volumes in Europe, the Middle East and Africa (EMEA) jumped by 7pc on the year in 2025. Despite difficult weather conditions in Europe during the fourth quarter, infrastructure projects in eastern Europe and sustained housing activity and infrastructure investment in Spain helped to support cement demand, Cemex said.

In South, Central America and the Caribbean (SCAC), full-year 2025 cement sales volumes rose by 2pc from 2024. Demand in this region was mainly driven by the tourism sector and self-construction, Cemex said.

Cement prices rose across nearly all Cemex's regions in 2025, with a 1pc increase in Mexico, 6pc increase in EMEA and 3pc increase in SCAC, which helped to improve margins. But cement prices softened by 3pc on the year in the US because of "difficult competitive dynamics in a few markets."

Cemex said it expects tightening of free allowances in the EU Emissions Trading System and the carbon border adjustment mechanism to support "favourable pricing dynamics" in the EMEA region. The company also said it announced a 10pc cement price increase in Mexico effective January.

The company's energy cost per tonne of cement declined by 12pc on the year in 2025, while Cemex's proportion of alternative fuels in its kiln fuel mix in 2025 declined by 5 percentage points from a year earlier to 32pc. Cemex expects a mid-single digit percentage increase in energy cost in 2026.

The company posted $16.1bn in revenue in full-year 2025, nearly flat to the prior year. In the fourth quarter, revenue rose by 11pc from a year earlier to $4.2bn.

By Hadley Medlock

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

10/02/26

Vietnam seaborne cement supply tightens

London, 10 February (Argus) — Several Vietnamese cement suppliers are sold out for much of the year, according to comments made at the Intercem conference in Dubai last week, as stronger domestic and regional demand has limited spot availability. Securing Vietnamese volumes has now become challenging, one trader said. Higher public spending and residential construction demand in the domestic market has led some Vietnamese sellers to sharply increase export prices since the beginning of this year. Some producers, including Vicem Ha Tien, SCG Vietnam, Insee Vietnam, Fico YTL and Vicem Ha Long, also raised domestic cement prices by around $4/metric tonne (t) in January, according to the Vietnam Chamber of Commerce and Industry. Producers pointed to rising energy and raw material costs as additional factors behind the price adjustments. Vietnamese cement makers have been increasingly exporting to the US and other markets over the past five years because of excess supply after Chinese demand declined. The country delivered its first 122,300t to the US in 2019 and increased supply steadily to 4.47mn t in 2025, up from 1.12mn t in 2020. This cement has traditionally been offered at a significant discount to other origins such as Turkey. In recent months, Vietnamese cement has been offered at around $75-$85/t cfr US Gulf coast, compared with $90/t cfr or higher for Turkish cement. Fob prices were heard in the high $30s/t, although one US buyer heard fob prices significantly higher than this, potentially because sellers do not have excess tonnes for export. Although Vietnamese cement makers have room to boost exports, with most plants operating at just 60-80pc utilization and installed cement capacity exceeding 120mn t, producers remain primarily focused on the domestic market and only export surplus volumes, a market participant said. Lower exports from Vietnam to the US are likely to support demand for Turkish supply, which is expected to rely more heavily on the US market after the EU implemented its Carbon Border Adjustment Mechanism (CBAM) this year. The CBAM policy imposes a cost on imports to the EU from outside the region and could lead Turkish sellers to redirect much of the roughly 3mn t they supplied to the EU in 2025. Cement offers from Turkey to the US have already increased since the start of this year because of reduced competition from Vietnam and as CBAM "limits shipments to Europe", the trader said. By Alexander Makhlay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

EU cement importers aim to avoid CBAM default values

27/01/26

EU cement importers aim to avoid CBAM default values

Washington, 27 January (Argus) — European companies that have historically imported cement and clinker from outside the EU are grappling with the risks of importing these products this year because their counterparties are unable to verify their emissions footprint before 2027. The CBAM policy seeks to encourage producers to report their actual carbon intensity and get this verified by officials. Imports from companies that are not verified would be subject to a charge based on a default value that would apply to any imports from that origin. These default values are significantly higher than the average producer's actual emissions with the aim of discouraging companies from using them instead of working to reduce their carbon footprint. But even companies that wish to report their actual emissions cannot yet complete this process. Verification will not be possible during 2026, as declarants need data for the whole reporting year, German emissions trading authority DEHSt has told Argus . Provisional — such as quarterly — verification is not provided for in CBAM regulations, and for CBAM compliance based on individual data, "only the complete, verified emissions report for the respective calendar year is valid", a DEHSt spokesperson said. CBAM certificates will start circulating from February 2027 and importers are required to surrender certificates for 2026 emissions by 30 September 2027. They can verify data from the start of 2027 until this deadline. But while cement makers are confident that plants wishing to export to the EU will be diligent in seeking out this verification in the coming months, there is some concern whether national authorities even have the capacity to get enough certifiers accredited in time for all declarants to meet the 30 September 2027 deadline. This opens a significant amount of risk for anyone importing from outside the EU now, since they cannot guarantee they will not be subject to the punitive default values. The "verification process seems to be difficult to achieve during this current year," but the CBAM costs on a per tonne basis will be "criminal" if companies are ultimately forced to use the default values, one cement maker said. But some companies are optimistic that there will be an opportunity to adjust declarations when verified values are available prior to the surrender of certificates next year. "Obviously there is still some risk, as an importer may discover that the burden is a few euros higher than they originally thought", but this should not be the €60-70/t ($71.31-$83.19/t) it would be without emissions verification, one trader said. At least one buyer is only willing to import cement from within the EU or from exporters from outside the bloc that are owned by European cement groups, the trader said, making the calculation that European-owned firms will have reliable data and can be counted on to follow the necessary verification process once it is available. This hesitancy is keeping a lid on prices in some key export markets, like Turkey . By Lauren Masterson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Venezuelan coke exports halt

21/01/26

Venezuelan coke exports halt

London, 21 January (Argus) — Venezuelan petroleum coke exports appear to have halted for the past month, according to shiptracking data. This could be related to US military operations in the country, although market conditions had already substantially reduced shipments since last year. Venezuela has not exported any petroleum coke since 19 December, preliminary data from global trade analytics platform Kpler show. This could be because of a US blockade on oil shipments from the country since December, as well as market uncertainty after the US capture of Venezuelan president Nicolas Maduro on 3 January. But loadings were already slow and sporadic prior to the recent military developments, suggesting other factors could be at play. Kpler shows Venezuela last exported a 50,600t cargo to India on 19 December 2025, after the vessel arrived at the Punta Cardon port on 30 November. Prior to that, there had been no coke shipments from the country since 18 October. In contrast, Venezuela shipped 162,000t of petroleum coke in January 2025, including 104,000t to China and 58,000t to India. Another vessel is currently docked at Punta Cardon after loading 47,600t of coke and is scheduled to depart on Thursday, according to Kpler. But the export could be postponed because of the risks of engaging the US blockade, a trader said. It is possible Kpler is not capturing all exports out of Venezuela. Some coke vessels may be categorized as other commodities under the Kpler system. A second trader told Argus that a vessel, the Defense , was loading coke for China just hours after the US' overnight raid on 3 January . Kpler shows this vessel departed Venezuela's Jose port for China on 26 December but does not list it as carrying coke. Other vessels could be intentionally obscuring their location data. But data from ship research firm TankerTrackers.com suggests that even shadow fleet activity has halted in Venezuela so far this month, as US action against these vessels has discouraged such activity. Although some vessels that were fixed before the US military intervention have been loading in Venezuela, "we didn't hear any new vessel fixture or deal for Venezuelan coke," a third trader said. "With all these big question marks about ports, counterparty, petcoke quality, demurrage etc etc, there is still a big concern about restarting petcoke shipments from Venezuela." Venezuelan coke exports were already dropping last year , especially in the second half. The country exported less than 500,000t in July-December, compared with 908,100t in January-June. No shipments departed in June or November last year. This compares with 1.8mn t and 1.4mn t in the first and second halves of 2024. Venezuela's coke exports likely have dropped over the past year because the arbitrage window closed for all key destinations as a result of sharp competition from US coke and low coal prices. A February-loading Venezuelan coke cargo was offered at $117/t cfr on India's west coast earlier this month, in line with offers for US and Saudi Arabian coke. Buyers typically seek a discount of at least $5/t for yet-to-be-loaded 4.5pc sulphur Venezuelan coke compared with high-sulphur US coke because of the high risk of shipping delays and more complicated payment terms. Some buyers could be interested in purchasing Venezuelan coke that has already loaded without a buyer, but there are no floating cargoes available, the first trader said. Demand from China, which had been the largest destination for Venezuelan coke, was especially weak last year. The country took less than 400,000t of Venezuelan coke in 2025, according to Global Trade Tracker data, and all in the first three months of the year. This compares with almost twice this much in 2024. But there has been some increased interest in this supply in China in recent weeks because of supply tightness expectations following the US military operations. Stockpiled Venezuelan coke at Chinese ports rose to the equivalent of the low-$140s/t on a cfr basis, and a trader said this week it had bought a cargo of Venezuelan coke in the $120s/t cfr. By Alexander Makhlay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Venezuelan coke exports could broaden

06/01/26

Venezuelan coke exports could broaden

Washington, 6 January (Argus) — The US' capture of Venezuelan president Nicolas Maduro on 3 January is unlikely to have an immediate impact on the country's petroleum coke exports, although it could begin shipping to more nations if the US lifts sanctions on Venezuela's oil industry. The shift in the country's governance could be a "game changer", one coke trader told Argus , as larger established trading firms could re-enter the market. Venezuelan supply could regain its historical quality premium if sanctions concerns, payment difficulties and shipping delays are no longer a factor, the source said. But Venezuelan coke could also be removed from the market entirely in the near term. "I don't expect anything to change quickly," another coke trader said. But if the US lifts sanctions, "maybe there could be a change in the market this year". Sanctions imposed in 2019 have meant Venezuelan coke can only ship to a limited number of buyers that are not concerned with potential penalties from the US. This has meant exports over the past seven years have gone almost exclusively to China, India, Turkey and Brazil. This was a shift from the trade flows prior to sanctions. Although Turkey and Brazil were still the largest buyers of Venezuelan coke before 2019, European countries and the US were also major buyers. And those countries tend to pay a premium for the medium-sulphur content of Venezuela's coke, as opposed to buyers like India. While Europe and the US have reduced their overall coke imports over the past decade, a complete removal of sanctions could lead some buyers back into the Venezuelan market, displacing some coke from the US Gulf or other origins. The short-term impacts of the US military operation are still unclear. Some market participants said that Venezuelan coke exports have been halted since the middle of December when the US announced a blockade on oil shipments from the South American country. But others said coke shipments have been moving normally, with one vessel loading coke for China just hours after the US' overnight raid on 3 January. Trade analytics platform Kpler was only showing one 50,600t shipment loading from Venezuela's Cardon refinery last month, signalling a destination in the Mediterranean. "Technically, nothing has changed," said one trader that sells Venezuelan coke, as management at the country's state-owned oil company PdV remains the same. This is despite US president Donald Trump's initial assertion that the US and US-owned oil companies would be "very strongly involved" in remaking Venezuela's oil sector. US secretary of state Marco Rubio appeared to walk back this claim on 4 January, although the US will not allow "the oil industry in Venezuela to be controlled by adversaries of the United States", he said. Venezuela has been sending crude and other products to China under a large oil-for-loans program. A Chinese state-owned firm helped to finance new port infrastructure in 2022 that has allowed petroleum coke exports from the country to surge over the past few years. Green coke exports from the country totalled 3.12mn t, 3.26mn t and 3.47mn t in 2022, 2023 and 2024, respectively, according to customs data from importing countries compiled by Global Trade Tracker. This compares with 1.8mn t, 1.8mn t and 1.2mn t in 2016-2018, and 49,400t, zero, and 259,300t in 2019-2021. Full data from all importing countries is not yet available from GTT for 2025, but the data so far suggest that exports dropped significantly. Data from importing countries so far show only 1.8mn t of exports from Venezuela last year. Exports fell because of stronger competition from the US, relatively high freight costs, and weaker demand in cfr markets. The lower exports could continue this year, as Venezuelan coke is not particularly competitive in the global market. Fob costs are higher this year as traders are paying a higher premium to the US Gulf index, but cfr prices in the main importing markets of China, India and Turkey have been capped by weak coal prices. In addition to the potential change in Venezuelan coke trade flows, the US raid could also adjust global petroleum coke production if Venezuelan crude flows shift. Chinese independent refineries have been major buyers of this crude as it sells at a wide discount to other origins, but now they need to find alternative supplies . Most Chinese refiners using Venezuelan crude produce asphalt rather than petroleum coke, market participants said. But in the US, Venezuelan heavy crude has historically been a key feedstock for coking refineries. Some US refiners are still using this crude as Chevron has been allowed to import volumes under a sanctions waiver. If the US lifts sanctions entirely and encourages oil companies' investment in Venezuela, more of this crude could move to the US rather than China. By Lauren Masterson Venezuelan coke exports by country mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

No upstream gain from US' Venezuela intervention

05/01/26

No upstream gain from US' Venezuela intervention

Washington, 5 January (Argus) — The largest US military intervention in Latin America in decades will not significantly boost Venezuela's oil production in the short or medium term even though the White House is improvising a new, oil-centered approach to Caracas. US president Donald Trump has deployed US special forces to remove Venezuelan president Nicolas Maduro from power and transport him to face drug trafficking charges in a US court in New York. But the Trump administration has decided to work with the remnants of the Maduro government, calculating that it will now bend Caracas to its will to address US immigration concerns and to carve out a bigger foothold for US companies in Venezuela's oil industry. "We're gonna have the big oil companies go in, and they're gonna fix the infrastructure, they're gonna invest money," Trump told reporters Sunday night. Like many of Trump's initiatives, his Venezuela policy falls into the category he once called having "concepts of a plan" — a complex endeavor where he outlines an end goal but not the means of getting there. A meaningful turnaround in Venezuela's upstream industry requires costly repairs to basic energy infrastructure covering everything from pipelines to power supplies, as well as access to the latest equipment and a skilled labor force that is ready to go. Venezuela's opposition, centered around Maria Corina Machado, laid out a detailed plan for opening Venezuela's oil industry to foreign investment. The plan had the input of former PdV executives and Venezuelan economists forced into exile. But the Trump administration has signalled it has no desire to help Machado take the reins of power in Venezuela. "What we want to do is fix up the oil, fix up the country, bring the country back, and then have elections," Trump said, expressing doubts about Machado's capacity to govern the country. Machado is "fantastic" but "we have short-term things that have to be addressed right away," by working with the existing government, US secretary of state Marco Rubio said on Sunday. The "short-term things" on the Trump administration's agenda almost certainly involve Venezuelan migrants living in the US, whom it wants to return to Venezuela. Trump on Sunday night doubled down on his comment that the US would "run" Venezuela under its interim president Delcy Rodriguez, who served as Maduro's vice president and oil minister. "We need total access," Trump said, outlining his demands for Rodriguez. "We need access to the oil, and to other things in their country that allow us to rebuild their country." Serving as a loyal servant of Washington would be quite a departure for the regime that made "anti-imperialism" a key tenet of its messaging in the past 27 years. For now, key figures of the regime, including interior minister Diosdado Cabello, are rallying behind Rodriguez, who expressed willingness to cooperate with the White House before being sworn in as the interim president on Monday. Rodriguez took the oath of office in the presence of her brother, the powerful National Assembly president Jorge Rodriguez and Maduro's son Nicolas. Rodriguez immediately signed a decree granting "extraordinary powers" to Cabello-led police forces and to the military, led by defense minister Vladimir Padrino. Maduro on Monday made his first appearance at the US District Court for the Southern District of New York, pleading not guilty to the US criminal charges and declaring himself a "prisoner of war". Rodriguez has so far not named a replacement for herself in the position of oil minister. PdV operations continue apace. A Chevron representative in Caracas told Argus , "PdV is bulletproof!". Venezuela's crude output was 934,000 b/d in November, according to an average of Opec secondary sources including Argus . An embargo on Venezuelan crude shipments transported by tankers sanctioned by the US remains in place. But as many as 16 tankers are believed to have left Venezuela in defiance of the US blockade since Maduro's capture, according to vessel tracking website TankerTrackers.com. A sustained disruption to Venezuelan oil exports would primarily affect the global heavy-sour crude market. Chinese independent refiners are preparing to switch to Iranian, Russian or unsanctioned grades, or even lowering their run rates if Venezuelan crude becomes unavailable. Any reconfiguration of Venezuela's oil industry would pit the US against China, whose state-owned firms have been unable to collect on $12bn worth of loan-for-oil schemes because of the US sanctions and Venezuela's falling output. Then there is also the matter of potentially getting the US military involved in another quagmire that Trump has vowed to avoid after costly US engagements in Iraq, Afghanistan and Libya. The Trump administration says that its military operation in Venezuela is in fact not a military operation but a domestic law enforcement matter that requires no consent from Congress. "The whole foreign policy apparatus thinks everything is Libya, everything is Iraq, everything is Afghanistan," Rubio said. This is not the Middle East, and our mission here is very different. This is the western hemisphere." By Haik Gugarats and Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more

Cemex cement sales volumes nearly flat in 2025

Related news posts

Vietnam seaborne cement supply tightens

Vietnam seaborne cement supply tightens

EU cement importers aim to avoid CBAM default values

EU cement importers aim to avoid CBAM default values

Venezuelan coke exports halt

Venezuelan coke exports halt

Venezuelan coke exports could broaden

Venezuelan coke exports could broaden

No upstream gain from US' Venezuela intervention

No upstream gain from US' Venezuela intervention

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Argus Carbon

Informe Argus Low Carbon Hydrogen Strategy

Argus Hydrogen and Future Fuels

Business intelligence reports