of national and regional market (I) National market: slow recovery of demand The market fluctuated downward . In April, affected by factors such as poor capital collection, the construction progress of downstream construction sites and mixing stations was slow, and the demand for cement was weak. Although some regions try to push up prices, they are constrained by the lack of actual transaction support, and the overall downward trend of cement prices. At the beginning of April, the National Cement Price Index (CEMPI) was 127.32 points, closing at 124.55 points at the end of the month, down 2.52% from the previous month and up 15.22% from the previous year. From the perspective of regional demand, the six regions are weak in recovery. Specifically, the infrastructure projects in East China are gradually started, and the demand is slightly warmer; the temperature in Northeast China is warmer, and the demand is started; the market competition in Central South China is fierce, and the demand is insufficient; the market in Southwest China is relatively light, and the demand is seriously insufficient; the infrastructure support in North China is limited, and the demand is slowly rising; the infrastructure demand in Northwest China is continuously released. Figures 1 and 2: April 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 April, the average spot price of 5500 kcal steam coal was 662 yuan/ton, down 2.22% annually and 20.91% year-on-year. In terms of place of production, the production of some coal mines decreased due to the impact of maintenance, but the overall supply remained at a high level; from the demand side, the downstream consumption continued to be depressed, the purchasing enthusiasm was poor, the transaction activity continued to decline, and the coal price continued to decline. At the end of the month, the cost of coal per ton of cement was about 64.81 yuan/ton, which was 1.47 yuan/ton less than that at the end of March, and the cost pressure continued to ease. At the end of April, the cost price difference between cement and coal was 258.36 yuan/ton, down 2.60% from the previous month, and the price difference between cement and coal was narrowed. In terms of benefits, the average cost of coal per ton of cement in April was 65.88 yuan/ton, 1.58 yuan/ton less than that in March, the average cost of coal per ton of cement continued to decline, the average price of cement in April was 383.36 yuan/ton, 3.4 yuan/ton higher than that in March, the price of cement increased, and the cost pressure decreased. It is expected that the cement profit situation in April will be improved to a certain extent compared with that in March. Figure 3: Cement price, coal cost and price difference in April 2025 (yuan/ton) Data source: cement big data (https://data.ccement.com/) 
浙公网安备33010802003254号