Cement Net Monthly Report: Weak Macro Credit Performance, Cement Market Grinds Bottom in Low Season (7.1-7.31)

2026-08-20 17:26:11

Cement output in January-July 2026 was 859.87 million tons, a decrease of 8.6% over the same period last year, an increase of 0.6 percentage points over the previous value.

Recently, the People's Bank of China and the National Bureau of Statistics successively released the financial data and economic data for July 2026. The observation and analysis of the Cement Big Data Research Institute are as follows:

(1) The scale of social financing: In July 2026, the scale of social financing increased by 1.40 trillion yuan. The stock of social finance increased by 7.4% year-on-year, which was flat compared with the previous value. Government bond financing increased by 1.32 trillion yuan in July, an increase of 69.4 billion yuan over the same period last year. At the same time, RMB loans under the social finance caliber decreased by 589.6 billion yuan, an increase of 160 billion yuan over the same period last year. From the credit side, resident loans decreased by 460.3 billion yuan, 29 billion yuan less than same period last year; loans to enterprises and institutions decreased by 130 billion yuan, 190 billion yuan more than same period last year. In July, the characteristics of "slowing down and improving quality" of credit were obvious, the substitution effect of direct financing was enhanced, and the demand for real financing was still weak.

(2) Cement output: According to the data of the National Bureau of Statistics, the cement output from January to July 2026 was 859.87 million tons, representing a year-on-year decrease of 8.6% and an increase of 0.6 percentage points over the previous value. In July, the national cement market continued the traditional off-season pattern, which was suppressed by weather factors such as high temperature, rainy season and typhoon, the demand continued to be weak, and the price was deadlocked at the bottom.

(3) Market outlook: In August, the national cement market will still be suppressed by the high temperature, rainy season and weak demand in the short term, and the probability will remain low and volatile. From late August to September, with the end of the high temperature weather and the approaching of the construction peak season, the demand will rise from the bottom, and the policy effect of the superimposed supply side will gradually emerge, which is expected to drive the cement price to stabilize gradually.

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Correlation

Cement Net Monthly Report: Weak Macro Credit Performance, Cement Market Grinds Bottom in Low Season (7.1-7.31)

Cement output in January-July 2026 was 859.87 million tons, a decrease of 8.6% over the same period last year, an increase of 0.6 percentage points over the previous value.

2026-08-20 17:26:11

Cement Net Monthly Report: Macro Indicators Continue to Weaken, Contradiction between Supply and Demand in Cement Market Prominent (6.1-6.30)

From January to June 2026, the national cement output was 736 million tons, a decrease of 8.0% compared with the same period last year, and the decline was 0.6 percentage points narrower than previous value.

2026-07-16 17:23:16

Cement Net Monthly Report: Macro Credit Structure Differentiation, Weak Operation of Cement Market (5.1-5.31)

From January to May 2026, the national cement output was 10000 tons 59091, a decrease of 8.6% compared with the same period last year, and the decline was consistent with the previous value.

2026-06-16 13:48:09

Cement Net Monthly Report: Insufficient Macro Credit Demand Drags Down the Growth of Social Finance, Weak Demand in Cement Market (4.1-4.30)

Cement output in January-April 2026 was 443.28 million tons, a decrease of 8.6% over the same period last year, an increase of 1.5 percentage points over the previous value.

2026-05-22 09:05:21

Cement Net Monthly Report: Macro Social Finance Growth Slows Down, Cement Output Decreases Year-on-Year (3.1-3.31)

Cement output in January-March 2026 was 301.02 million tons, a decrease of 7.1% compared with the same period last year, and the growth rate was 13.9 percentage points lower than previous value.

2026-04-16 16:19:02

Cement Net Monthly Report: Macro investment growth picks up, actual cement demand is still weak (2.1-2.28)

Cement output in January-February 2026 was 178.27 million tons, an increase of 6.8% over the same period last year, and the growth rate was 13.7 percentage points higher than that at the end of 2025.

2026-03-20 15:43:19

Cement Net Monthly Report: Macro Investment Growth Continues to Decline, Cement Demand Is Weak (12.1-12.31)

From January to December 2025, the cement output was 1693.14 million tons, a decrease of 6.9% compared with the same period last year, and the decline was consistent with the previous value.

2026-01-22 15:32:42

Cement Net Monthly Report: Macro Investment Decline Widens, Cement Market Demand Is Weak (11.1-11.30)

From January to November 2025, the output of cement was 1548.83 million tons, a decrease of 6.9% compared with the same period last year, an increase of 0.2 percentage points over the previous value.

2025-12-19 11:47:46

Cement Net Monthly Report: The growth rate of infrastructure investment dropped to a negative range, and the decline in cement production widened significantly (10.1-10.31).

From January to October 2025, the output of cement was 10000 tons 139985, a decrease of 6.7% compared with the same period last year, an increase of 1.5 percentage points over the previous value.

2025-11-17 14:24:32

Cement Net Monthly Report: The growth rate of investment in fixed assets turned from positive to negative, and the cement market demand continued to be weak (9.1-9.30)

From January to September 2025, the cement output was 1,259.36 million tons, a year-on-year decrease of 5.2%, an increase of 0.4 percentage points over the previous value. According to the full caliber calculation, the output of cement from January to September decreased by about 5.1% year on year.

2025-10-20 16:41:48

Cement Net Monthly Report: Macro Investment Performance Is Poor, Cement Demand Continues to Weaken (8.1-8.31)

From January to August 2025, the cement output was 1,104.57 million tons, a year-on-year decrease of 4.8%, an increase of 0.3 percentage points over the previous value. According to the full caliber calculation, the output of cement from January to August decreased by about 4.7% year on year.

2025-09-18 15:24:56

Cement Net Monthly Report: Investment and financing are both weak at the macro level, and the decline in cement production continues to widen (7.1-7.31)

From January to July 2025, the cement output was 958.01 million tons, a year-on-year decrease of 4.5%, an increase of 0.2 percentage points over the previous value. According to the full caliber calculation, the output of cement from January to July decreased by about 4.3% year on year.

2025-08-15 14:47:20

Cement Net Monthly Report: Macro Investment Growth Slows, Cement Output Decline Widens in the Month (5.1-5.31)

The cement output from January to May 2025 was 659.39 million tons, representing a year-on-year decrease of 4.0% and an increase of 1.2 percentage points over the previous value. According to the full caliber calculation, the output of cement from January to May decreased by about 4.1% year on year.

2025-06-18 16:34:44

[Macro Monthly Review] March 2024: The progress of downstream work resumption was slow, and the cement output decreased significantly.

From January to March 2024, the cement output was 10,000 tons 33684, a decrease of 11.8% over the same period last year, an increase of 10.2 percentage points over the previous value. According to the full-caliber calculation, the output of cement in January-March decreased by 16.3% year-on-year.

2024-04-16 15:55:59

[Macro Monthly Review] January-February 2024: The cement market is weak in both supply and demand, and the decline in output has expanded.

In January-February 2024, the output of cement was 10,000 tons 18280, a decrease of 1.6% over the same period last year, an increase of 0.9 percentage points over the previous value. According to the full-caliber calculation, the output of cement in January-February decreased by 7.9% year-on-year.

2024-03-18 16:54:15

[Macro Monthly Review] November 2023: Weak performance of housing construction and infrastructure, weak demand for cement

From January to November 2023, the output of cement was million tons 186735, a decrease of 0.9% compared with the same period last year, and the decline was narrower than the previous value. Among them, the monthly output in November was 189 million 790 thousand tons, an increase of 1.6% over the same period.

2023-12-15 15:14:37

[Macro Monthly Review] May 2023: Real Estate Investment Continues to Drop, Cement Production Declines in a Single Month!

From January to May 2023, the cement output was 771.41 million tons, representing a year-on-year increase of 1.9%. The cement output in May was 196.38 million tons, representing a year-on-year decrease of 0.4%. The weak demand in May was basically in line with market expectations.

2023-06-16 15:24:22

[Macro Monthly Review] April 2023: The downstream demand is weak, and the growth rate of cement production is narrowed!

From January to April 2023, the cement output was 584.29 million tons, with a year-on-year increase of 2.5%. In April, the cement output was 193.92 million tons, with a year-on-year increase of 1.4% and a month-on-month decrease of 5.8%. The demand in April was significantly weaker than the market expectation.

2023-05-17 16:12:13

[Macro Monthly Review] March 2023: Demand Continues to Recover, Cement Production Increases Year on Year!

Cement output in January-March 2023 was 402.34 million tons, up 4.1% year-on-year, and the growth rate of cement output in January-March was better than expected.

2023-04-20 17:38:06

[Macro Monthly Review] January-February 2023: Downstream Demand Accelerates, Cement Production Decline Narrows!

Cement output in January-February 2023 was 198.55 million tons, down 0.6% from the same period last year, and the decline in cement output in January-February was better than expected.

2023-03-20 15:46:45

[Macro Monthly Review] December 2022: Downstream Demand Continues to Be Weak, Cement Output Drops Sharply in a Single Month!

The output of cement from January to December in 2022 is 211795 million tons, with a year-on-year decrease of 10.8%, of which the output of cement in December is 16844 million tons, with a year-on-year decrease of 12.3% and a month-on-month decrease of 12.1%. The output of cement in December is lower than expected, which is the lowest output since 2009.

2023-01-18 14:44:50

CEMPI

93.72

+0.37 +0.4%

CONCPI

86.60

0.00 0.00%

CLKPI

95.77

-0.36 -0.37%

SPPI

40.93

-0.14 -0.34%

MORPI

71.83

-0.02 -0.03%

Henan Province plans to continue to shut down kilns for 25 days! Previously, cement prices rose 5 and fell 5!

China Cement Network Market Data Center shows that this is the sixth round of Henan Cement since January this year. The previous five rounds of market adjustment cycle were relatively short, and prices rose and fell repeatedly.