1. Overview
of national and regional market (1) National market: The market showed a trend
of regional differentiation and stable pressure. In November, the national cement market showed a trend of regional differentiation and stable pressure. The north has gradually entered the off-season to maintain stability, while the south relies on better weather and off-peak production to test price increases. North China and South Hebei have the will to push up, but the demand is flat and the price is weak and stable; the demand in Northeast China has reached the bottom, and the price is stable at the bottom under the condition of off-peak kiln shutdown, entering the stage of price without market; many places in Northwest China have entered the off-season, and the price increase plan is difficult to implement; East China has tried to push up, but the actual transaction increase is narrow; the central and southern regions have fallen back after rising, and the market is weak; Southwest Sichuan and Chongqing supply and demand balance, price stability, demand downturn, transaction prices in some areas fell. At the beginning of November, the National Cement Price Index (CEMPI) was 102.28 points, closing at 101.81 points at the end of the month, down 0.97% from the previous month and 24.06% from the previous year.
From the perspective of regional demand, the recovery of the six regions in November was generally not up to expectations. The north is dominated by the off-season, and the rise is mostly in vain; the south rises and falls repeatedly, and the part warms up at the end of the month; the demand in North China turns to the off-season, and the actual price is stable, but the market activity is low. Projects in the Northeast region have been shut down one after another, with weak cement shipments, coupled with the shutdown of kilns in three provinces, the market demand is low. Parts of East China tried to push up prices again at the end of the month, and the turnover recovered slightly. The rise and fall of the central and southern regions fluctuate greatly, and there is room for profit in the actual transaction. The supply and demand balance between Sichuan and Chongqing in southwest China is temporarily stable, the demand is low, and the price increase has not been implemented. Many places in Northwest China have entered the off-season with shrinking demand, and the overall situation is dominated by low prices and stability.
Figure 1 and 2: National Cement Price Index CEMPI in November 2025 Cement Price Index (CEMPI) K-line
Chart Data Source: Cement Big Data (https://data.ccement.com/)
In terms of cost, the average spot price of 5500 kcal steam coal at the end of November was 828 yuan/ton. Annular increase of 6.43%, down 0.24% year-on-year. In the first ten days of November, the cold air in the northern region frequently attacked, the demand for thermal coal was strong in the heating season, and the coal price continued to rise and reached the highest point in the year; in the middle and last ten days of November, the cold weather weakened, coupled with the strong decline in the downstream receiving goods after the rapid price rise, the coal price dropped slightly. On the whole, the coal price rose first and then declined, maintaining a strong trend of operation. At the end of the month, the cost of coal per ton of cement was about 81.06 yuan/ton, an increase of 4.9 yuan/ton over the end of October, and the cost pressure increased. At the end of November, the cost price difference between cement and coal was 183.11 yuan/ton, down 3.93% 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 November was 80.87 yuan/ton, an increase of 7.18 yuan/ton over October, the average cost of coal per ton of cement continued to rise, the average price of cement in November was 310.36 yuan/ton, a decrease of 1.91 yuan/ton over October, and the production cost increased. With the decline of cement price, it is expected that the profit of cement will remain poor in November, and the pressure of enterprise operation will be greater.
Figure 3: Cement price, coal cost and price difference in November 2025 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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