Cement Net Monthly Report: In October 2025, the market in many places will continue to try to push up and implement the general fatigue.

1. Overview

of the national and regional market situation (1) National market situation: Many markets continue to try to push up, and implement the general fatigue

. In October, the national cement market price fell more than rose, and the implementation of the price push is still fatigue. The temperature in the northeast and northwest markets has fallen, the price has failed to rise, and the price has been stabilized in the follow-up off-season. North China market prices have been pushed up repeatedly, and the implementation is generally lack of support. Many markets in East China continue to try to raise prices, but the implementation is not good, and some enterprises maintain the original price. After the rise of the central and southern and southwest markets, many places fell back, and the follow-up continued to bear pressure. At the beginning of October, the National Cement Price Index (CEMPI) was 105.25 points, closing at 102.81 points at the end of the month, down 2.57% annually and 21.7% year-on-year.

From the perspective of regional demand, the recovery of the six major regions in October was generally not up to expectations. Although Northeast China and Northwest China are catching up with the construction period, the demand recovery is not up to the level of the same period, and the market price rise is fatigue; the demand in North China continues to be weak, and the price rise is mostly down; the price rise in most markets in East China is 20-30 yuan/ton, the implementation range is narrowed, and some even keep the original price unchanged; the price in many markets in Central and South China is downward under pressure after the price rise; the price in Southwest China is repeatedly pushed up, and the market transaction price fluctuates little. Figure

1 and Figure 2: October 2025 National Cement Price Index CEMPI, Cement Price Index (CEMPI) K-line

Chart Data Source: Cement Big Data (https://data.ccement.com/)

Cost. At the end of October, the average spot price of 5500 kcal steam coal was 778 yuan/ton, up 9.42% annually and down 9.64% year-on-year. On the supply side, the implementation of the "anti-involution" policy is relatively strict, coupled with the impact of rainfall in some regions, transportation is blocked, and the supply remains low; on the demand side, the cold wave in the north comes ahead of schedule, the demand increases unexpectedly, and the power plants are passively replenished in advance. Two-way supply and demand, coal prices rose as a whole. At the end of the month, the cost of coal per ton of cement was about 76.17 yuan/ton, an increase of 6.56 yuan/ton over the end of September, and the cost pressure increased. At the end of October, the cost price difference between cement and coal was 190.59 yuan/ton, down 6.67% from the previous month, and the price difference between cement and coal narrowed significantly. In terms of

benefits, the average cost of coal per ton of cement in October was 73.69 yuan/ton, an increase of 5.12 yuan/ton over September, the average cost of coal per ton of cement continued to rise, the average price of cement in October was 312.27 yuan/ton, a decrease of 2.03 yuan/ton over September, the production cost increased, and the price of cement declined. It is expected that the profit situation of cement in October will still be poor, and the pressure of enterprise operation will be greater.

Figure 3: Cement price, coal cost and price difference in October 2025 (yuan/ton)

Data source: cement big data (https://data.ccement.com/)