I. Overview
of the national and regional market situation (I) National market situation: fatigue pushed up under pressure of cost, and the weak differentiation between the north and the south ended
In May, the national cement market as a whole operated in a weak position, showing a game pattern of strong cost pushing up and weak demand dragging down, and the regional differentiation was significant. Northeast China has repeatedly pushed up 50 yuan/ton in the last ten days of the year, but the implementation is limited. The whole month is up and down, and the bottom is hovering. Demand in Northwest China is weak as a whole, prices are under pressure, Shaanxi is weak and stable, Gansu is pushed up by 30 yuan/ton at the end of the month to be observed, and infrastructure support in southern Xinjiang is relatively strong. In the North China market, Beijing, Tianjin and Hebei promoted stability by rising prices, but the actual implementation was only about 20 yuan/ton. Frequent rainfall and high inventory led to repeated bottoming of prices, which remained stable at a low level at the end of the month. Shanxi was pushed up by 20 yuan/ton by coal prices and peak staggering expectations, while Inner Mongolia was running at a low level. East China fell to the bottom in the first half of the year, and coal prices rose in the latter half of the year, pushing up costs. Zhejiang, Fujian, Jiangxi and other places tried to recover prices, but due to the constraints of rain and weak demand, the extent of implementation remains to be observed. Prices in Jiangsu, Anhui, Shandong and other places fell back to the level before the rise. In the central and southern regions, the game between strong cost push and weak demand drag is fierce, the dark fall of Guangdong, Hunan and Hunan is frequent, Henan, Hunan and other provinces are difficult to push up, and only Hainan is independent and weak. The southwest region is weak and volatile, the weather in Sichuan and Chongqing turns better in the middle and last ten days, and the release of key projects drives the rise, but the dark fall still exists; the demand in Yunnan and Guizhou continues to be depressed, most of the rise has not been implemented, and the price is running at a low level. At the beginning of May, the National Cement Price Index (CEMPI) was 96.23 points, closing at 94.99 points at the end of the month, down 1.29% annually and 17.72% year-on-year.
Figures 1 and 2: May 2026 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 May, the average spot price of 5500 kcal steam coal was 858 yuan/ton, up 5.54% annually and 37.72% year-on-year. On the supply side, due to the impact of the coal mine accident in Shanxi, the security inspection was upgraded in an all-round way, and the main production areas contracted significantly. On the demand side, the off-season in May was not weak, the high temperature weather in the south came ahead of schedule, the consumption of coal chemical industry was strong, the demand exceeded expectations, the supply and demand showed a tight balance, and the coal price continued to rise. At the end of the month, the cost of coal per ton of cement was about 84 yuan/ton, an increase of 4.41 yuan/ton over the end of April, and the cost pressure continued to increase. At the end of May, the cost price difference between cement and coal was 162.49 yuan/ton, down 4.48% 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 May was 82.32 yuan/ton, an increase of 6.13 yuan/ton over April, the average cost of coal per ton of cement increased, the average price of cement in May was 290.01 yuan/ton, a decrease of 6.61 yuan/ton over April, the cost of coal increased and the price of cement decreased. It is expected that the profit per ton of cement will continue to deteriorate in May, and the benefit will be at a low level.
Figure 3: Cement price, coal cost and price difference in May 2026 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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