BCAS: Cement - 1H25 Cement Market Still Under Pressure

BCAS: Cement - 1H25 Cement Market Still Under Pressure

- Domestic cement sales remained under pressure in Jun-25, recording 4.9m tonnes (-5.6% MoM, -7.3% YoY), impacted by long holidays, heavy rainfall, and continued macroeconomic weakness. 
- Cumulatively, 1H25 volume declined to 27.2m tonnes (-3.1% YoY), with bag cement in Java -3.4% YoY, ex-Java +3.2% YoY and bulk cement significantly weaker (Java -2.0% YoY, ex-Java -22.2% YoY). 
- INTP recorded Jun-25 sales of 1.4m tonnes (-8.1% MoM, -6.3% YoY), with 6M25 volume at 8.0m tonnes (-2.7% YoY). 
• Java volume fell -8.3% YoY, as bag sales declined -5.1% due to maintained pricing amid rising competition. 
• Ex-Java volume declined -1.9% YoY, supported by +5.2% growth in bag sales from stronger Sumatra terminal supply. 
• Bulk sales dropped sharply (Java -12.7%, ex-Java -41.4%) due to normalization of IKN-related demand.