Cement net monthly report: In March 2026, the cement market in many places showed a weak recovery, and the demand recovery was still fatigue.

1. Overview

of national and regional market conditions (1) National market conditions: cement market in many places showed a weak recovery state, and the recovery of demand was still fatigue

. In March, the national cement market price rose in a large area, but the recovery of demand was still fatigue, and the transaction price showed a weak recovery state. Since the middle of the year, the Northeast market has partially implemented the promotion, and the transaction is light; many places in the Northwest have notified an increase of about 30-50 yuan/ton, and the implementation is still on the sidelines; although some markets in North China, such as Beijing, Tianjin and Hebei, have increased the price, the actual landing situation is not good; the cement price in many provinces in East China has been fully restored at about 20 yuan/ton, and the overall price is stable after the increase. The central and southern Guangdong market has bottomed out and rebounded, the price has been pushed up to be implemented, and the rest of the market is weak; the southwest market has fallen first and then pushed up, with a slight difference in implementation. At the beginning of March, the National Cement Price Index (CEMPI) was 97.44 points, closing at 98.50 points at the end of the month, up 1.09% annually and down 22.91% year-on-year.

From the perspective of regional demand, the national cement market presents a pattern of "stable in the north and weak in the south, regional differentiation". In the early stage of market demand recovery in Northeast and Northwest China, the recovery situation was temporarily unstable; in North China, affected by the heavy pollution warning and the convening of the two sessions, the resumption of construction sites was slow, and the demand recovery progress was delayed; in East China, the demand gradually recovered to 5-7%, but it was still weaker than same period in previous years. The construction of the central and southern and southwest markets is not good, the competition is fierce, and the market differentiation of each region is obvious.

Figures 1 and 2: March 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 March, the average spot price of 5500 kcal steam coal was 767 yuan/ton, up 1.59% annually and 13.29% year-on-year. In March, the mining area resumed production one after another, and the supply was maintained at a high level; the daily consumption of downstream power plants was seasonally weak, and the demand entered the off-season. However, due to the impact of the US-Iran conflict, the international coal price rose sharply, and the domestic market rose slightly. At the end of the month, the cost of coal per ton of cement was about 75.09 yuan/ton, an increase of 1.17 yuan/ton over the end of February, and the cost pressure continued to increase. At the end of March, the cost price difference between cement and coal was 180.48 yuan/ton, up 0.87% annually, and the price difference between cement and coal narrowed. In terms of

benefits, the average cost of coal per ton of cement in March was 73.56 yuan/ton, an increase of 3.12 yuan/ton over February, the average cost of coal per ton of cement increased, the average price of cement in March was 297.1 yuan/ton, a decrease of 0.08 yuan/ton over February, the cost of coal increased and the price of cement decreased. It is expected that the profit situation of cement per ton in March will continue to deteriorate, and the benefit will be at a low level.

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

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