1. Overview
of the national and regional market (I) National market: the market generally rose upward, and the performance of regional price increase was differentiated
. In September, the national cement market relied on the golden nine peak season, rising costs and peak staggering and production restriction, showing a pattern of general rise, regional differentiation and uneven landing. In North China, the cost is supported, the demand is weak, and the price of cement is divided; in Northeast China, the bottom is rebounded, and the high frequency is called up, but the landing is limited; in Northwest China, the push up and the weak stability coexist, and the regional trend is significantly different; in East China, the general rise is ushered in, and the regional landing is divided; in Central South China, the rise is the largest, and the cost is pushed up, but the demand is restricted; in Southwest China, the cost is forced to rise, and the demand is weak in the peak season. At the beginning of
September, the National Cement Price Index (CEMPI) was 91.4 points, closing at 98.94 points at the end of the month, up 8.26% annually and down 6.24% year-on-year.
Figures 1 and 2: September 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 September, the average spot price of 5500 kcal steam coal was 996 yuan/ton, up 11.41% annually and 40.08% year-on-year. On the supply side, in September, the safety supervision in the main production areas continued to be strict, the production of some mines was limited, the incremental release was less than expected, the pithead shipping willingness was weak, and the inventory of Bohai Rim ports remained low. The external coal price was still resilient, the price gap between domestic and foreign prices narrowed, the increment of imported coal to Hong Kong was limited, and the overall supply of coal in the market was tight. On the demand side, the periodic autumn tiger appeared in the south in the first ten days, and the high temperature maintained the daily consumption toughness of thermal power; the temperature gradually dropped in the middle and last ten days, and the electricity load declined seasonally, but some regions in the north took the lead in starting winter storage procurement, superimposed with the pre-stock of enterprises before the National Day, the non-electricity rigid demand was stable, and the downstream coal purchase formed a support. The price of thermal coal fluctuated strongly throughout the month, and the price moved to a high range. At the end of the month, the cost of coal per ton of cement was 97.51 yuan/ton, an increase of 9.99 yuan/ton over the end of August, and the cost pressure continued to increase. At the end of September, the cost price difference between cement and coal was 159.22 yuan/ton, up 6.41% annually, and the price difference between cement and coal rose. In terms of
benefits, the average cost of coal per ton of cement in September was 95.81 yuan/ton, an increase of 11.27 yuan/ton over August, and the average price of cement in September was 287.02 yuan/ton, an increase of 8.08 yuan/ton over August. Despite the rise in the average price of cement, it is difficult to offset the adverse impact of the increase in coal costs. It is expected that the profit per ton of cement will continue to deteriorate in September, and the benefit will be at a low level.
Figure 3: Cement price, coal cost and price difference in September 2026 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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