[Special Topic] Analysis of Cement Market Operation in 2023 and Future Market Outlook

Looking forward to 2025, we believe that the demand for cement will continue to decline under the background that the real estate has not yet stabilized and the infrastructure is limited, but the industry's awareness of "anti-involution" will continue to increase, coupled with the current good start, it is expected that the average price of cement will rise slightly, and the industry's profits will be restored to a certain extent.

2024-12-31 16:06:01

In 2023, affected by the continuous adjustment of real estate, the development of cement industry continued to decline. In the first quarter, the downstream work resumption was still good, and the overall demand was better than same period; in the second and third quarters, "the peak season was not strong, and the off-season was weaker", the demand weakened significantly, coupled with the fierce market competition, the cement price continued to decline; in the fourth quarter, the weak demand recovered, and the cement price rose slightly. Overall, in 2023, cement production hit a new low in nearly 13 years, although the focus of coal prices has moved down, but the decline in cement prices is deeper, and industry profits have shrunk sharply. Looking forward to 2024, we believe that the drag of real estate on cement demand will be weakened, cement production may decline slightly, cement price center will move down under the pressure of overcapacity, and industry efficiency is hard to say optimistic.

2023-12-22 17:20:42