1. Overview
of the national and regional market (1) National market: The supply and demand in the north stopped and entered hibernation, while the south fell back after rising and showed signs of fatigue
. In December, the national cement market as a whole entered the year-end closing stage of weak south and stop north, with significant regional differentiation characteristics. The northern region has entered the hibernation period of supply and demand stagnation in the severe cold climate, while the southern market has fallen into a pattern of falling back after rising and weak and stable shocks due to weak demand and inventory pressure. At the beginning of December, the National Cement Price Index (CEMPI) was 101.82 points, and at the end of the month, it closed at 102.66 points, up 0.83% annually and down 21.08% year-on-year.
From the perspective of regional demand, the supply and demand in the Northeast market were both stopped, and the price was frozen due to the fact that the enterprises pushed up the price to become a symbolic bottom without a deal; the Northwest entered the weak and stable operation in the off-season with the large-scale shutdown of the construction site, and the price hardly fluctuated; the price did not rise but fell due to the lack of demand in North China, Hebei, Central and South China, and the market ended in a weak position. Many provinces in East China generally adjusted back due to intensified competition after pushing up prices, showing a seasonal decline; the market in Central and South China was divided internally, with partial implementation in Guangdong being acceptable but the overall demand being weak, and the price in Hunan, Hubei and Henan generally falling short of expectations; the price in Sichuan and Chongqing in Southwest China tried to rise due to the support of environmental production restrictions, but the price in Yunnan and Guizhou was under pressure due to low demand.
Figures 1 and 2: December 2025 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 December, the average spot price of 5500 kcal steam coal was 686 yuan/ton, down 17.15% annually and 11.25% year-on-year. Since December, despite the impact of the "anti-involution" policy, coal production has maintained a downward trend year on year, but the demand side is affected by the warm winter, the daily consumption of power plants is less than expected, the growth of industrial consumption is fatigue, and the overall coal consumption is depressed. Under the influence of weak demand, coal prices all the way down. At the end of the month, the cost of coal per ton of cement was about 67.16 yuan/ton, which was 13.9 yuan/ton lower than that at the end of November, and the cost pressure was reduced. At the end of December, the cost price difference between cement and coal was 199.22 yuan/ton, up 8.8% from the previous month, and the price difference between cement and coal widened. In terms of
benefits, the average cost of coal per ton of cement in December was 73.2 yuan/ton, which was 7.68 yuan/ton lower than that in November. The average cost of coal per ton of cement decreased. The average price of cement in December was 310.99 yuan/ton, which was 0.63 yuan/ton higher than that in November. The production cost decreased and the price of cement was stable. It is expected that the profit per ton of cement will be improved in December, but the overall situation may still be at a low level.
Figure 3: Cement price, coal cost and price difference in December 2025 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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