1. Overview
of the national and regional market situation (1) National market situation: The national cement market is weak and stable, the demand is weak, and the price is weak
. In August, the national cement market continued to be weak and stable, and the demand in all regions was generally weak, which pushed up the fatigue. Northeast, Northwest, North China, East China, Central South and Southwest China are all affected by rainfall, high temperature and construction constraints, inventory pressure is rising, and prices are mostly "rising and stable" or falling. The regional price difference is widening, and enterprises mainly go to the warehouse to stabilize the price. If there is no substantial improvement in demand, the price may continue to weaken. At the beginning of August, the National Cement Price Index (CEMPI) was 104.07 points, and at the end of the month, it closed at 104.89 points, up 0.64% annually and down 7.33% year-on-year.
From a regional perspective, demand in the six regions is generally weak. The price in Northeast China rose by 30-60 yuan/ton due to limited rainfall and poor implementation of construction, and the actual price in Heilongjiang and Jilin was adjusted back; the price gap in Northwest China widened, Shaanxi bottomed out due to the impact of low prices in Ningxia, and Xinjiang was strong due to the support of infrastructure demand; the price in North China, Beijing, Tianjin and Hebei failed to rise for many times, and the demand in Shanxi was low; the price in East China fell across the board after rising, and some markets in the Yangtze River Delta made up for the fall by 10-30 yuan/ton; Prices in central and southern Guangdong and Guangxi hit the bottom, with prices in Guangxi falling to 150-160 yuan/ton, and prices in Hubei and Hunan being pushed up and aborted; in southwest Sichuan, Chongqing, Yunnan and Guizhou, affected by the high temperature, rainy season and the World Games, demand recovery slowed down, and prices were under pressure to decline by 10-40 yuan/ton.
The overall demand is not good, the inventory is high, the price bottom weakness continues, if the demand does not improve in September, or continues to weaken steadily. Figure
1 and Figure 2: National Cement Price Index (CEMPI) and Cement Price Index (CEMPI) K-line
Chart in August 2025 Data Source: Cement Big Data (https://data.ccement.com/)
Cost. At the end of August, the average spot price of 5500 kcal steam coal was 702 yuan/ton, up 6.04% annually and down 17.22% year-on-year. In terms of place of production, since the "anti-involution" rectification, the coal industry has successively introduced relevant policies and self-discipline measures, resulting in a significant decline in production; from the demand side, the temperature continues to be on the high side, the daily consumption of downstream power plants is high, and the coal price continues to rise under the pattern of supply reduction and demand increase. At the end of the month, the cost of coal per ton of cement was about 68.73 yuan/ton, an increase of 3.92 yuan/ton over the end of July, and the cost pressure increased. At the end of August, the cost price difference between cement and coal was 203.44 yuan/ton, down 1.06% from the previous month, and the price difference between cement and coal continued to narrow. In terms of
benefits, the average cost of coal per ton of cement in August was 68.27 yuan/ton, an increase of 5.54 yuan/ton over July, the average cost of coal per ton of cement rose, the average price of cement in August was 316.8 yuan/ton, a decrease of 10.8 yuan/ton over July, the production cost increased, and the price of cement declined. It is expected that the cement profit situation in August will continue to deteriorate compared with July, and the loss area will expand.
Figure 3: Cement price, coal cost and price difference in August 2025 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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