According to the big data of China Cement Network, as of September 1, the closing price of 5500 kcal steam coal in Qinhuangdao Port rose to 902 yuan/ton, a new high in the year-about 214 yuan/ton higher than beginning of the year, about 210 yuan/ton higher than same period last year, and the cost of cement enterprises is under continuous pressure.
The AI chart is for reference
only. The price of thermal coal rose by 902 yuan in two rounds during the year.
Looking back at the trend of the year, the rise of thermal coal almost runs through the whole process: from the beginning of the year to the middle of June, there was a unilateral upward trend, and from the middle of June to the first ten days of July, there was a callback of about 65 yuan/ton. After a brief respite, the price turned up again, climbing all the way to 902 yuan/ton on September 1.
In fact, the current coal price is not only the highest in the year, but also the highest since March 2024.
This round of rise is not a high market in place, but a new high after the callback-the fall of 65 yuan/ton failed to change the upward trend, but like a midway "refueling", so that the subsequent rise went more resolutely. There is only one decent pullback between the two highs, indicating that the forces supporting coal prices are far more stubborn than short-term sentiment, and the pattern of high operation may be difficult to loosen in the short term.
AI Shengtu is for reference
only. The cost of coal per ton of cement has risen to about 88.4 yuan, which is 21 yuan
more expensive in the year. Every time the coal price rises, the cost of cement enterprises will follow closely. Calculated according to the conversion caliber commonly used in the industry, the cost of coal per ton of cement is about one tenth of the coal price, and the coal price of 902 yuan/ton corresponds to the cost of coal per ton of cement of about 88.4 yuan. When the coal price was about 688 yuan/ton at the beginning of the year, the cost was only about 67.4 yuan, that is to say, the cost of coal per ton of cement has risen by about 21 yuan this year.
Even compared with the coal price of 833 yuan/ton at the end of July, the cost of coal per ton of cement has increased by about 7 yuan in just over a month. The "millstone" on the
cost side not only did not stop, but turned faster and faster. In the context of the industry's meager profits-based on the output of about 1.69 billion tons and the profit of about 29 billion yuan in 2025, the industry's profit per ton is only about 17 yuan-the rise in the cost side may cause more cement enterprises to face a loss situation. If the coal price continues to break through, the squeeze on the cost side will be further tightened.
AI Shengtu is for reference
only. The profit margin of cement is being squeezed
at both ends. Currently, affected by the continuous downward demand for cement, the contradiction between supply and demand in the cement industry continues to intensify, and the market competition intensifies, resulting in a long-term price downturn. Since the beginning of this year, the domestic cement price has almost shown a downward trend all the way. In the first half of this year, the cement industry suffered another industry-wide loss after 2024 since the new century.
On such a background, every step of coal price means that the already meager profit per ton is cut off again-the price of cement can not rise, but the cost can not fall, and the profit margin of the industry is being squeezed at both ends.
AI production map is for reference
only. In September, the peak construction season is approaching, and cement enterprises in some regions have the willingness to raise prices, but it is still difficult to push forward. If the late cement market can not be significantly warmer in the traditional peak season, superimposed on the rising cost of coal, the days of cement enterprises will be very sad.
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