Cement Net Monthly Report: In January 2026, the supply and demand of the national cement market were both weak, and the price was weak and stable in the off-season.

1. Overview

of the national and regional market (1) The national market: the supply and demand in the north stopped in hibernation, while the south fell back after rising, showing signs of fatigue

. In January, the national cement market as a whole continued the winter characteristics of "weak in the south and stop in the north", and the pattern of weak supply and demand deepened. Prices generally show a trend of weak and stable stalemate, pushing up and difficult to land. The northern region has fully entered the winter break period, the market demand has almost returned to zero, and the price is running weakly and steadily at a low level; although there are still sporadic construction in the southern market, due to the factors such as the suspension of work before the Spring Festival, weather and funds, the demand has entered the countdown, the attempt to raise prices in most regions has not actually landed, and some prices are even under pressure. At the beginning of January, the National Cement Price Index (CEMPI) was 102.39 points, closing at 98.52 points at the end of the month, down 4.03% from the previous month and 18.48% from the previous year.

From the regional perspective, the supply and demand of the Northeast market stagnated in an all-round way; the Northwest was weak and stable as a whole, and the sporadic demand support was limited; the North China was restricted by environmental protection and weather, and the price was stable at the bottom. Due to insufficient demand and fierce competition, East China generally fell back after pushing up partially, and the overall price was stable and slightly down; the internal differentiation in Central and South China was obvious, only a few regions rose slightly, and most regions had difficulties in pushing up and landing, and the actual transaction fell; the trend in Southwest China was divided, Sichuan and Chongqing tried to push up due to environmental protection and inventory support, but the effect was limited, while Yunnan and Guizhou were under pressure due to weak demand and intensified competition. Generally speaking, the market has basically entered the dormant stage in January, the overall price is weak and stable, and the momentum of rise and fall is insufficient.

Figures 1 and 2: January 2026 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 January, the average spot price of 5500 kcal steam coal was 701 yuan/ton, up 2.19% annually and down 8.49% year-on-year. In January, the overall coal production was relatively stable, the downstream power plants were affected by the cold wave weather, the daily consumption was high, the demand was strong in the short term, the inventory declined, and the overall coal price fluctuated slightly upward. At the end of the month, the cost of coal per ton of cement was about 68.63 yuan/ton, an increase of 1.47 yuan/ton compared with the end of December, and the cost pressure increased slightly. At the end of January, the cost price difference between cement and coal was 187 yuan/ton, down 6.13% from the previous month, and the price difference between cement and coal continued to expand. In terms of

benefits, the average cost of coal per ton of cement in January was 68.61 yuan/ton, which was 4.59 yuan/ton lower than that in December. The average cost of coal per ton of cement decreased. The average price of cement in January was 304.8 yuan/ton, which was 6.19 yuan/ton lower than that in December. The price of cement decreased even more. It is expected that the profit of cement per ton in January will deteriorate. Enterprises are under great pressure to operate.

Figure 3: Cement price, coal cost and price difference in January 2026 (yuan/ton)

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