Recently, there have been three cases in the asset auction market of the cement industry, and the price reduction efforts are more and more ruthless, but there is no buyer on the auction platform.
Hegang Donghua Cement: Buildings, machinery and equipment, inventories and creditor's rights are auctioned again, with a base price of 5.8 million yuan. The initial appraisal price of these assets was 17.3388 million yuan, which had been auctioned several times during the reorganization period, from 17.33 million to 5.8 million, with a cumulative price reduction of 13.2 million yuan to 3.3% discount , still waiting for a buyer. The enterprise has a Φ3.2 × 13m high fine cement mill production line with a designed annual capacity of 400,000 tons.
Gucheng CITIC Cement Grinding Co., Ltd.: The buildings, ancillary facilities, machinery and equipment under its name and the land use right of about 54.8 mu were auctioned for the third time, with a base price of 10.2724 million yuan. The first auction started at 13.5163 million yuan, and the three listings shrank by 3.24 million yuan, a decrease of about 24%. The company, which has only one grinding production line, has been ruled bankrupt and liquidated by the court-three price cuts and three silences.
China Resources Cement (Wuzhishan): 100% equity and the third listing transfer of the creditor's rights of 6.86 million yuan of the target enterprise by the transferor. The base price of the first listing was 2010.819 million yuan, with a cumulative price reduction of 38.84 million yuan, a decrease of nearly 19%. Wuzhishan Company has 600000 tons/year cement grinding production line, three discounts of nearly 40 million, and there is still no one to take over. Why is the grinding station
of Gucheng CITIC Cement Company
more difficult to sell? There are two types of enterprises in the
cement industry: all-round factories and grinding stations. All-round factories have clinker production lines and grinding lines, and when they go down, they can replace their production capacity or be merged by leading companies. There is no such road in the
grinding station. There is only grinding line and no clinker production capacity, which has neither the policy value of replacement (note: only a few provinces such as Shandong have implemented the local policy of replacement of grinding capacity) nor the market value of mergers and acquisitions. Potential buyers are mainly all-round factories, but the operation rate of their own grinding lines is insufficient, and the acquisition of a redundant grinding line will only increase the burden of production capacity. What is
more fatal is "raw materials stuck in the neck". Brand enterprises control the sales of clinker, and if the grinding station can't buy clinker, it can't produce; and even if it can, there is no bargaining space in the price war-the upstream is squeezed by the clinker supplier, the downstream is crushed by the low price of the market, both ends are trapped, and the living space is almost zero.
Grinding station: the lowest level
of capacity redundancy, the industry has excess capacity, and the grinding station is the first layer to be exposed and eliminated. Although there are 1.8 billion tons of production capacity on the
clinker side, there are at least 160 million tons of capacity replacement and reduction exit channels in 2025 and 30 million tons in the first quarter of 2026. There is almost no formal exit mechanism at the grinding end. With a large number of grinding stations, low threshold and wide dispersion, they have neither the policy value of replacement nor the market value of acquisition, so they can only withdraw passively by bankruptcy liquidation.
Hebi Sanxin Cement filed for bankruptcy voluntarily, Yunfeng Cement in Sanjiang County was ruled bankrupt, and Xing'an Cement in Linxi County of Inner Mongolia was filed for bankruptcy-the recent collapse of a number of grinding stations is not accidental, but the beginning of structural elimination. When the all-round factory's own grinding line is "half-running", the survival situation of the grinding station will only be more difficult. What the
industry really needs to "reduce prices" is that capacity
reduction is not the way out-because the problem of grinding stations is not "overpricing", but "capacity redundancy".
What really needs "price reduction" is the total capacity of the grinding end of the industry. Only when the grinding capacity really shrinks to a level that matches the demand for cement, can remaining grinding capacity be profitable and the assets be worth taking over.
Reduction replacement runs out of speed at the clinker end, but there is almost no formal channel at the grinding end. After the reserve price of 5.8 million, there may be a lower figure. But the turning point is not on the auction block, but on the day when grinding capacity really "falls" to match demand. Until then, the grinding station will only continue to fall-and the silence on the auction block will only deepen.
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