1. Overview
of the national and regional market (1) National market: The supply and demand continued to be weak in the off-season, and the price was weak and consolidated, waiting for the recovery
in March. In February, the national cement market continued the characteristics of the off-season in winter, superimposed on the impact of the Spring Festival holidays and the slow resumption of work after the festival. As a whole, there is a pattern of weak supply and demand, weak and stable prices and regional differentiation, and the market is still in a low stage of recuperation. Restricted by the low temperature and off-peak production in the north, the winter break was fully maintained, the demand was almost stagnant, and the price was running smoothly at the bottom; although the work was gradually resumed in the south, the real demand recovered slowly due to the lag of funds, weather and personnel returning to work, the driving force of enterprises was insufficient, and the price was mainly stable and slightly loose in some areas. At the beginning of February, the National Cement Price Index (CEMPI) was 98.52 points, closing at 97.44 points at the end of the month, down 1.1% from the previous month and 18.64% from the previous year. The supply and demand in Northeast
and North China are stagnant, and the price is stable at the bottom; the Northwest is weak as a whole, with only sporadic demand support; the resumption of work in East China after the festival is not as expected, and the tentative price increase in the early stage has fallen, which is stable and weak; the internal differentiation in Central and South China, with a small upward trend in a few regions, and the transaction in most regions is weak, and it is difficult to push up; Southwest China continued to differentiate, Sichuan and Chongqing tried to raise prices supported by environmental protection and inventory, but the effect was limited, Yunnan and Guizhou demand was weak, competition intensified, and prices were under pressure.
On the whole, the cement market in February did not go out of the off-season recuperation range, the demand was weak recovery, the supply was actively controlled, the price lacked obvious upward momentum, mainly weak and stable consolidation, and the market still needed to wait for the peak season of resumption of work in March. Figure
1 and Figure 2: February 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 February, the average spot price of 5500 kcal steam coal was 755 yuan/ton, up 7.7% annually and 7.24% year-on-year. In February, affected by the Spring Festival holidays and security inspection factors, the production activities in the main producing areas weakened and the coal supply decreased. Although the downstream demand weakened synchronously, the supply contraction was more obvious, and the coal price fluctuated upward as a whole. At the end of the month, the cost of coal per ton of cement was about 73.92 yuan/ton, an increase of 5.29 yuan/ton compared with the end of January, and the cost pressure increased. At the end of February, the cost price difference between cement and coal was 178.92 yuan/ton, down 4.32% from the previous month, and the price difference between cement and coal continued to expand. In terms of
benefits, the average cost of coal per ton of cement in February was 70.44 yuan/ton, an increase of 1.83 yuan/ton over January, the average cost of coal per ton of cement increased, the average price of cement in February was 297.18 yuan/ton, a decrease of 7.62 yuan/ton over January, 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 February, and the benefit will be at a low level.
Figure 3: Cement price, coal cost and price difference in February 2026 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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