Cement Net Monthly Report: National Cement Market in October: The cost was pushed up frequently, and the weak demand was under pressure (10.1-10.31)

1. Overview

of national and regional market (1) National market: Intensified regional differentiation at the end of the peak season: The off-season in the north is becoming more and more obvious, while the south is rising and falling

. In October, the national cement market was supported by high cost, off-peak kiln shutdown and demand at the end of the peak season, and enterprises had strong willingness to push up. However, the terminal demand is weak, the capital repayment is under pressure, the actual landing is generally discounted, and the market presents a pattern of frequent push up, limited cash and regional differentiation. The northern region has gradually entered the end of the off-season, and the demand in Northeast, Northwest and North China shrinks with the decrease of temperature, and the price is mainly stable and weak; although there are cost and supply contraction support in East China, Central South and Southwest China, the housing construction and capital constraints are obvious, and the characteristics of bright rise and dark fall are prominent. On the whole, the cost and peak staggering form the bottom support for the price, but the weak demand determines the limited upward elasticity. At the beginning of

October, the National Cement Price Index (CEMPI) was 98.76 points, closing at 102.53 points at the end of the month, up 3.63% annually and down 0.27% year-on-year. Figure

1 and Figure 2: October 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 October, the average spot price of 5500 kcal steam coal was 1022 yuan/ton, up 2.61% annually and 31.36% year-on-year. On the supply side, in October, the safety supervision and control in the main production areas was too strict, coupled with the interference of trunk transportation and maintenance, the release of coal mine increment was limited, and the high-quality coal resources were tight; the overseas coal price remained strong, the price advantage of imported coal was weakened, and the spot was structurally tight. On the demand side, in the first ten days of the year, there was still residual heat in the south, and the daily consumption of thermal power remained resilient; in the middle and last ten days of the year, the temperature continued to decline, and the power consumption gradually dropped, but in the north, the purchase of winter storage was centralized, and the demand for non-power coal such as chemical industry was stable, which formed a strong support for buying. Power coal rose first and then declined throughout the month, and fluctuated at a high level. At the end of the month, with the pace of winter storage and replenishment slowing down, the price has fallen. At the end of the month, the cost of coal per ton of cement was 100.06 yuan/ton, an increase of 2.55 yuan/ton over the end of September, and the cost pressure continued to increase. At the end of October, the cost price difference between cement and coal was 165.98 yuan/ton, up 4.25% annually, and the price difference between cement and coal rose. In terms of

benefits, the average cost of coal per ton of cement in October was 100.61 yuan/ton, an increase of 4.8 yuan/ton over September, and the average price of cement in October was 305.35 yuan/ton, an increase of 18.33 yuan/ton over September. Despite the rising cost of coal, the average price of cement has risen even more. It is expected that the profit per ton of cement will be slightly improved in October, but the overall benefit is at a low level.

Figure 3: Cement price, coal cost and price difference in October 2026 (yuan/ton)

Data source: cement big data (https://data.ccement.com/)