January
2024 According to the US Geological Survey, in the first month of 2024, the sales volume (including imports) of Portland cement and composite cement in the United States and Puerto Rico was about 5.886 million tons, down 14.3% from 6.872 million tons in January 2023.
Among them, 98% of the sales volume of composite cement (i.e. 2.745 million tons) is Portland limestone cement.
Specifically, in January 2024, cement consumption in California was 592,269 tons, down 23.9% from the same period last year; cement consumption in Texas was 584,277 tons, down 30.7% from the same period last year; Cement consumption in Florida was 423,797 tons, down 9.1% from the same period last year. In terms of
masonry cement, in January 2024, the sales volume of masonry cement in the United States was 164,627 tons, a decrease of 10.8% compared with the same period in 2023, of which Florida accounted for nearly one third of the sales volume, about 52,908 tons, a decrease of 1.2% compared with the same period last year. In terms of
production, in January 2024, the United States (excluding Puerto Rico) produced 4.804 million tons of clinker , down 20.3% from the same period last year. Of which, the clinker production in Texas was 638,080 tons, down 33.6% from the same period last year; the clinker production in Missouri was 570,045 tons, down 26.8% from the same period last year; the cement clinker production in California was 564,548 tons, down 16.6% from the same period last year. On the
import side, in January 2024, the United States imported 1.839 million tons of cement and clinker, down 15.9% from the same period last year. Among them, Turkey imported 398,561 tons, Vietnam 327,535 tons, Canada 258,943 tons and Mexico 146,435 tons. White cement is mainly imported from Turkey, about 129,899 tons; clinker is mainly imported from Algeria, about 40,765 tons. Among the total imports, Portland and composite cement are about 1.255 million tons, down 4.8%
from the same period last year. Looking ahead to
2024, the beginning of the U.S. cement market continues the decline of 2023, but overall, considering the promotion of infrastructure. Cement demand in the United States is expected to grow moderately in 2024. In
2023, investment in non-residential construction projects and engineering construction increased, benefiting from the U.S. government's investment in promoting infrastructure and employment. On March 23, 2024, the U.S. Senate passed a $1.2 trillion budget package, of which about $550 billion will be allocated to new projects. The American Portland Cement Association expects the project to increase cement consumption by 46 million tons in the next five years.
However, the weakness in real estate construction may drag down the growth of cement demand in 2024. U.S. housing starts fell 8.3% in 2023 compared with 2022. According to the U.S. Bureau of Economic Analysis, in the first quarter of 2024, residential fixed asset investment in the United States increased by 13.9% compared with the same period last year. In dollar terms, however, it is much lower than it was two years ago.
In addition, the S & P Case-Shiller Home Price Index shows that home prices in the United States increased by 6% in January 2024 compared with the same period last year. The
economic slowdown is another challenge facing the U.S. cement market in 2024. In 2024, U.S. GDP grew at an annual rate of 1.6% in the first quarter, significantly narrower than 3.4% in the fourth quarter of last year. Specifically, personal consumption expenditure, which accounts for about 70% of the U.S. economy, grew by 2.5% in the quarter, narrowing by 0.8 percentage points from the fourth quarter of last year. Among them, commodity expenditure decreased by 0.4%. At the same time, the growth rate of non-residential fixed asset investment, which reflects the investment situation of enterprises, was 2.9%, which was significantly slower than the growth rate of 3.7% in the fourth quarter of last year.
