The price of thermal coal has fallen slightly, but it is still at a two-year high. The cost side of cement enterprises is under pressure.

Relevant data show that at present, CCI 5500K reported 982 yuan/ton (week ring ratio-7 yuan); Qinhuangdao Port Q5500 reported 979 yuan/ton (-3 yuan). Prices have fallen slightly since they rose in early September, but they are still at a high level in the past two years. It is estimated that

the comprehensive coal consumption of clinker is about 110 kgce/t, and when the price of 5500 K steam coal rises by 100 yuan/ton, the corresponding clinker cost rises by about 10-12 yuan/ton.

At present, the price level of 982 yuan/ton is significantly higher than that at the beginning of the year. If the coal price in the fourth quarter is maintained above 980 yuan, the result of the price increase in the peak season of cement enterprises will be greatly eroded by the cost side, and the risk of "both volume and price rise but profit does not rise" will rise.