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Cement - Jun26 volume: bulk segment continued to lead the rebound
Thursday, July 16, 2026       08:55 WIB

 Sector Update  /  Cement  /   Click here for full PDF version 
 Author:  Jovent Muliadi    ;Axel Azriel 
  • National volume rose +13% yoy (+4% mom) to 5.7mt in Jun26 with bulk rebounded +20% yoy (+7% mom) vs. bag of +11% yoy (+3% mom).
  • In Jun26, 's volume fared better at +15% yoy (+13% mom) vs. of +10% yoy (-1% mom), supported mainly by stronger bulk demand.
  • Cumulatively, cement volume growth reached +11% yoy in 1H26 and we expect the demand momentum to continue into 3Q26.

Bulk rebound supported overall volume growth
National cement volume grew +13% yoy (+4% mom) to 5.7mt in Jun26 with bulk rebounded +20% yoy (+7% mom) while bag rose by +11% yoy (+3% mom). The yoy improvement was driven by low-base effect in Jun25 (-6% yoy). Java rose +13% yoy (+2% mom), supported by stronger activity in Yogyakarta (+16% yoy) and West Java (+15% yoy), while ex-Java increased +14% yoy (+6% mom), driven mainly by Sulawesi (+31% yoy) and East Indo (+27% yoy). Cumulatively, industry volume reached 30.7mt in 1H26 (+11% yoy), with balanced growth in both bag (+10% yoy) and bulk (+11% yoy).
volume: ex-Java outperformed on strong bulk demand
's volume increased +10% yoy (-1% mom) in Jun26, supported by robust bulk demand at +14% yoy (-3% mom), while bag volume rose +8% yoy (-1% mom). By region, Java recorded growth of +7% yoy (-9% mom), while ex-Java expanded +13% yoy (+6% mom), supported by stronger demand from East Indo (+63% yoy), Sulawesi (+32% yoy), and Sumatra (+12% yoy). Cumulatively, 's volume grew +10% yoy to 14.2mt in 1H26, supported by bag at +11% yoy vs. bulk of +5% yoy.
volume: strong monthly rebound across all regions
's volume rose +15% yoy (+13% mom) in Jun26, supported by bulk which rose +23% yoy (+18% mom), while bag grew +12% yoy (+11% mom). Java volume rose +14% yoy (+12% mom), while ex-Java increased by +18% yoy (+15% mom). Cumulatively, 1H26 volume increased by +5% yoy to 8.4mt, driven by bulk at +9% yoy vs. bag of +4% yoy. Meanwhile, non-big 2 rose +19% yoy in 1H26 - Hongshi (+85% yoy) and Juishin (+24% yoy) posted the strongest growth.
Demand momentum expected to continue into 3Q26
We expect demand momentum to continue into 3Q26, supported by lesser holiday in 2H, dryer season, and accelerating construction activities, particularly those associated with the Village Cooperative Program ( KDMP ). The sector currently trades at an undemanding valuation of 3.3x EV/EBITDA vs. the 10Y avg of 10.1x.


Sumber : IPS

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