If the trend continues, the sector could enter a phase of sustained recovery over the coming months
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Cement sales reached their highest level in two years in October, marking a turning point for the construction sector and highlighting signs of a strong economic recovery in the country.
According to data from the Portland Cement Manufacturers Association (AFCP), dispatches grew by 5.5% compared to September and 5.4% in seasonally adjusted terms, the highest jump since April. With this improvement, activity is now just 11% below the average for the 2014-2023 period, excluding the pandemic years, the lowest gap so far this year.
Trabajadores de la construcción.
The cement rebound not only reflects higher demand for materials but also a shift in expectations within the private sector. Analysts explain that the combination of a more competitive real exchange rate, lower interest rates after the elections, and the macroeconomic stability achieved by the government of Javier Milei creates a favorable context for investment in private works and infrastructure projects.
The AFCP notes that if the trend continues, the sector could enter a phase of sustained recovery over the coming months. In addition, the possibility of new lines of mortgage credit or construction financing could further boost demand for cement and basic materials.
Trabajadores de la construcción.
A trickle-down effect on the sector's major players
The improvement is also reflected in the expectations of the main companies linked to construction, such as Loma Negra, Ternium, and Holcim. Although sales are still operating below 2022 levels, the recent increase in demand could mark a turning point. Greater use of installed capacity would allow margins to be restored and sales prices to be maintained, strengthening business profitability.
Among the leaders, Loma Negra (LOMA) appears to be the company best positioned to capitalize on the recovery. With low exposure to external competition and an efficient structure, the company has managed to maintain positive margins even in adverse contexts. In a scenario of sustained growth, it is poised to lead the rebound in the basic materials segment.
