1. Overview
of the national and regional market (1) National market: The recovery of market demand is not up to expectations, and the implementation of pushing up in many places is not good
. In September, the regional differentiation of the national cement market is large, and the market is mixed. The actual transaction price in some regions declined due to the lack of price increase momentum in the northeast and northwest; the price increase in Beijing, Tianjin and Hebei was not effective, and the price in the central and western regions of Inner Mongolia continued to decline; although the price increase was pushed up in large areas in East China and Central South China, the actual transaction price increase was limited; the shutdown of kilns in the southwest went hand in hand with the price adjustment, of which Yunnan was pushed up by 90-100 yuan/ton, which was actually implemented or narrowed. At the beginning of September, the National Cement Price Index (CEMPI) was 103.95 points, closing at 105.52 points at the end of the month, up 0.60% annually and down 15.11% year-on-year.
From a regional perspective, the recovery of demand in the six major regions is not up to expectations. The quotation in Northeast China is stable in the open and falling in the dark; in Northwest China, except for Xinjiang, the price increase in other markets is fatigue due to the demand growth; in North China, the market demand is insufficient, and the implementation range of Beijing-Tianjin-Hebei region is limited; in East China, the price increase is generally 20-30 yuan/ton, and the implementation is not good; The Pearl River Delta in central and southern China continued to push up the actual transaction price by a small margin. After Guangxi pushed up 30 yuan/ton, there were signs of a dark drop in some regions. Hunan and Henan repeatedly pushed up the price and implemented the fatigue. Yunnan in southwest China pushed up 90-100 yuan/ton by a large margin, and the actual implementation may be narrowed.
Overall, the market is not strong in the peak season, cement prices lack momentum to push up, and the actual transaction prices in some regions continue to decline.
Figures 1 and 2: September 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 September, the average spot price of 5500 kcal steam coal was 711 yuan/ton, up 1.28% annually and down 18.74% year-on-year. In terms of place of production, affected by production capacity verification, security inspection and rainy weather, the coal production maintained a downward trend on a year-on-year basis; from the demand side, the temperature began to drop, the daily consumption of power plants dropped seasonally, and the coal price fluctuated in a narrow range under the pattern of supply and demand reduction, and finally closed up slightly. At the end of the month, the cost of coal per ton of cement was about 69.61 yuan/ton, an increase of 0.88 yuan/ton over the end of August, and the cost pressure increased. At the end of September, the cost price difference between cement and coal was 204.2 yuan/ton, up 0.37% from the previous month, and the price difference between cement and coal was widened. In terms of
benefits, the average cost of coal per ton of cement in September was 68.57 yuan/ton, an increase of 0.3 yuan/ton over August, the average cost of coal per ton of cement continued to rise, the average price of cement in September was 314.3 yuan/ton, a decrease of 2.5 yuan/ton over August, the production cost increased, the price of cement declined, and the profit of cement in September is expected to remain poor. Enterprises are under great pressure to operate.
Figure 3: Cement price, coal cost and price difference in September 2025 (yuan/ton) 
Data source: cement big data (https://data.ccement.com/)
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