1. Overview
of the national and regional market (1) National market: weak demand led to repeated push up, and the regional differentiation between the north and the south was obvious
. In June, the national cement market as a whole showed a weak trend of weak demand, repeated push up and obvious regional differentiation. At the beginning of the month, many places tried to push up in the off-season, but due to the slow arrival of funds, the shutdown of the entrance examination for high school and college, the busy farming season and the rainy season, the actual implementation was generally less than expected. The northern region as a whole pushed up the fatigue, the North China market pushed up repeatedly, and the low demand led to the downward shift of the transaction center; the Northeast fell back after the rise, and the pressure at the end of the month was downward; the Northwest was weak, and the range of price decline in Xinjiang was expanded. The southern region was weak and bottomed out. Affected by the plum rains, the high school entrance examination, the college entrance examination and the busy farming season in East China, the demand was low, and the actual transaction was bottomed out. The central and southern regions were weak and stable, and the regional differentiation was obvious. The two lakes and Guangdong and Guangxi lacked the stamina to push up, and Henan tried to push up at the end of the month. The southwest was mixed, and the implementation of Sichuan and Chongqing was divided, and the results of Yunnan and Guizhou price increases were difficult to consolidate. Overall, the contradiction between supply and demand in the national cement market in June is still prominent, the demand side lacks substantial improvement, and the price upward resistance is obvious. At the beginning of June, the National Cement Price Index (CEMPI) was 95.26 points, closing at 94.56 points at the end of the month, down 0.45% from the previous month and 15.41% from the previous year. Figure
1 and Figure 2: National Cement Price Index (CEMPI) and Cement Price Index (CEMPI) K-line
Chart in June 2026 Data Source: Cement Big Data (https://data.ccement.com/)
Cost. At the end of June, the average spot price of 5500 kcal steam coal was 846 yuan/ton, down 1.4% annually and up 35.36% year-on-year. On the supply side, the effect of early security inspection and production reduction has gradually weakened, coal mines that have stopped production have resumed production one after another, port imports have increased, and the supply pressure has increased; On the demand side, in the first ten days of the year, power plants prepared coal ahead of schedule to support the market. In the middle and last ten days of the year, Meiyu in the south led hydropower generation to suppress thermal power coal consumption, terminal procurement weakened, supply and demand changed from tight balance to loose, and the price of thermal coal fell after rising. At the end of the month, the cost of coal per ton of cement was 82.83 yuan/ton, which was 1.17 yuan/ton lower than that at the end of May, and the cost pressure was reduced. At the end of June, the cost price difference between cement and coal was 162.54 yuan/ton, up 0.03% from the previous month, and the price difference between cement and coal rose slightly. In terms of
benefits, the average cost of coal per ton of cement in June was 84.77 yuan/ton, an increase of 2.45 yuan/ton over May, the average cost of coal per ton of cement continued to increase, the average price of cement in June was 288.17 yuan/ton, a decrease of 1.84 yuan/ton over May, the cost of coal increased and the price of cement fell. It is expected that the profit per ton of cement will continue to deteriorate in June, and the benefit will be at a low level.
Figure 3: Cement price, coal cost and price difference in June 2026 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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