Cement prices rise in 17 provinces and cities! How does the market go in April?

In March, the weather conditions improved, the operating rate of downstream construction sites and mixing stations increased, the demand continued to recover, coupled with the strengthening of industry self-discipline, the implementation of peak staggering was better, some areas took the initiative to extend the kiln opening time, the cement price went out of the decline, and the overall steady rise. At the beginning of

March, the National Cement Price Index (CEMPI) was 364.64 points, and at the end of the month, it closed at 387.9 points, up 6.69% annually and 21.17% year-on-year.

From the perspective of regional demand, the six regions are showing a sustained recovery trend. Specifically, the temperature in North China has risen and the sales volume has risen steadily; the construction in East China has increased and the shipment volume of enterprises has increased; the construction in Central and South China has improved and the market activity has increased; the market demand in Northwest China is still insufficient; the terminal fatigue in Southwest China has caused great pressure on the inventory of manufacturers; and the weak supply and demand pattern in Northeast China has continued in the early stage of recovery. At the end of March

2025, the average price of P.O42.5 bulk cement in China was 387.9 yuan/ton, up 6.69% annually and 21.17% year-on-year. In March, prices rose in 17 provinces (cities), 11 provinces (cities) were flat, and prices fell in 3 provinces (cities). Among them, Beijing and Tianjin have a larger increase, with a range of more than 20%.

Table: Price change of P.O42.5 bulk cement in each province in March 2025 (yuan/ton)

Note: The above price is the price in place including tax. The actual transaction price shall prevail

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

April National Market Outlook

In terms of demand, the weather continues to warm up, and major projects continue to start construction. It is expected that downstream demand will continue to show a positive trend, ushering in a small peak of construction in the first half of the year. On

the supply side, the northern region has gradually ended the winter peak staggering, and the southern region has ushered in the peak construction season. It is expected that the supply will continue to enlarge.

To sum up, the cement market demand continued to improve in April, but the supply pressure increased synchronously, and the cement price is expected to remain volatile.