Cement Net Monthly Report: In July 2025, the national cement market continued to be weak, and the price was driven downward by weak demand and high inventory pressure.

1. Overview

of national and regional market (1) National market: The market continued to be weak, and weak demand led to price pressure

. In July, the national cement market continued to be weak in the traditional off-season. Affected by high temperature, typhoon and continuous rainfall, the downstream construction progress was generally hindered. The demand side remains weak. At the same time, the inventory pressure in many places remains high, the impact of low-price cement across regions is superimposed, and the downward pressure on prices is significant, showing the characteristics of "pushing up and hanging, bearing downward pressure". At the beginning of July, the National Cement Price Index (CEMPI) was 111.78 points, closing at 104.22 points at the end of the month, down 6.76% annually and 10.88% year-on-year.

From the perspective of regional demand, the six regions are generally under pressure. The high temperature and typhoon in East China led to low demand, and the prices in the Yangtze River Delta and many places generally dropped by 10-30 yuan/ton; the supply contraction in North China was difficult to offset the demand collapse, the Beijing-Tianjin-Hebei failed to push up, and the prices in Inner Mongolia went down week by week; the Northeast was high frequency but weak, and the part of Liaoning was difficult to change the reality of dark fall; the Northwest was weak, the demand collapsed, and the price was under pressure; High-pressure inventory prices in central and southern China continued to fall, and the rise in Hubei, Hunan and Henan was aborted; demand in southwest China was sluggish, and prices in many places in Sichuan, Chongqing, Yunnan and Guizhou fell close to the cost line.

On the whole, under the dual pressure of sustained sluggish demand and generally high inventory, the weak situation at the bottom of the national cement price continued, and the widening price gap between regions intensified low-price dumping. Figure

1 and Figure 2: National Cement Price Index (CEMPI) and Cement Price Index (CEMPI) K-line

Chart in July 2025 Data Source: Cement Big Data (https://data.ccement.com/)

Cost. At the end of July, the average spot price of 5500 kcal steam coal was 662 yuan/ton, up 5.92% annually and down 23.02% year-on-year. In terms of production areas, the rectification of overproduction did not cause significant tightening of safety supervision in production areas, and the coal mines in the main production areas were responsible for guaranteeing supply in the peak season, and the output was running smoothly. From the demand side, the temperature continued to rise, the coal consumption of power plants increased seasonally, and the "anti-involution" policy was favorable, so the coal price rose at the bottom. At the end of the month, the cost of coal per ton of cement was about 64.81 yuan/ton, an increase of 3.62 yuan/ton over the end of June, and the cost pressure increased. At the end of July, the cost price difference between cement and coal was 205.62 yuan/ton, down 10.15% from the previous month, and the price difference between cement and coal continued to narrow. In terms of

benefits, the average cost of coal per ton of cement in July was 62.73 yuan/ton, an increase of 1.92 yuan/ton over June, the average cost of coal per ton of cement rose, the average price of cement in July was 327.6 yuan/ton, a decrease of 19.88 yuan/ton over June, the production cost increased, and the price of cement declined. It is expected that the profit situation of cement in July will continue to deteriorate compared with that in June, and the loss area will expand.

Figure 3: Cement price, coal cost and price difference in July 2025 (yuan/ton)

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