Cement Sales Hold Steady in March Despite Middle East War

Pakistan’s cement dispatches remained largely stable in March despite the ongoing Middle East war that began on February 28, indicating that domestic construction activity largely stayed on track while exports continued to grow.

According to data released by the All Pakistan Cement Manufacturers Association, total cement dispatches, including local sales and exports, rose 1 percent year on year to 3.745 million tonnes in March.

Local sales during the month slightly declined by 0.20 percent to 3.097 million tonnes, mainly due to Ramazan and Eid holidays. In contrast, exports posted stronger growth, increasing 6.56 percent to 648,564 tonnes, despite higher war risk and freight charges.

During the first nine months of FY26, total cement dispatches reached 38.54 million tonnes, up 9.80 percent from 35.1 million tonnes in the same period last year.

Domestic dispatches climbed 10.61 percent to 31.6 million tonnes, while exports increased 6.25 percent to 6.94 million tonnes over the same period.

APCMA warned that current geopolitical tensions continue to pose risks to the manufacturing sector, particularly because cement is highly energy-intensive and remains exposed to volatility in oil and coal prices and to supply chain disruptions. Meanwhile, Topline Securities estimated industry capacity utilization at 52 percent in March, compared with 60 percent in February and 53 percent in March 2025.