Cement in 2013 and beyond
With signs of a recovery in some cement markets, can the industry be at least cautiously optimistic about the way ahead in 2013 and beyond? Paul Roger of Exane BNP Paribas offers his forecast.
As we enter the sixth year of the global financial crisis hopes are rising that the worst is behind us and that the cement industry could be on the turn. As we discuss in this article, Exane BNP Paribas is optimistic about demand in emerging markets and thinks price-cost dynamics in several countries are improving. There is no room for complacency, however. Our scenario still points to subdued conditions in developed markets in 2013-14 and also identifies a number of countries where gross margins are likely to remain under pressure for some time.