Operation of cement market in Hunan in the first quarter

(I) Operation

of the cement market in the whole province from January to March 2025 The average sales price of cement in the whole province from January to March continued to decline for three months, with a year-on-year increase. Cement prices fell

in January and February , with weak volume and price. Affected by the Spring Festival holiday, downstream demand has shrunk. Cement prices fell

in March, and both cement stocks and clinker stocks fell to a low level.

From January to March, the highest average price of cement sales in the province was 363.76 yuan/ton on January 5, the lowest was 325.98 yuan/ton on March 16, and the price difference between the highest point and the lowest point was 37.78 yuan/ton, with the largest drop of 10.39%.

(2) The main characteristics

of the cement market in March are as follows: First, the intensity of peak staggering production has become stronger, the industry synergy awareness has been enhanced, and the cement output has dropped to a low level. According to the data of the National Bureau of Statistics, the national cement output in January-February was 17099 million tons, down 5.7% from the same period last year, an increase of 4.1 percentage points over the same period last year, and the output was the second lowest level in the same period since 2010, only higher than same period in 2020. The cement output of Hunan Province from January to February 2025 was 7.3512 million tons, down 4.93% from the same period last year.

Second, the growth rate of fixed assets and infrastructure investment rebounded slightly, real estate investment dropped sharply, and the overall recovery of cement demand was slow. According to the survey of five sample enterprises, cement shipments in January-March fell by about 2.1% year-on-year.

(3) Research and judgment

on the price trend of cement market in the whole province in April As the cement industry enters the peak season, the investment in infrastructure construction and the construction progress of key projects are accelerated, and some mixing stations will also increase the purchase of cement to cope with the coming peak season of cement, which will become the main driving force for the demand for cement. The further downward space of cement price is limited, and it is expected that the cement market price of the whole province will stop falling and stabilize in April.