Cement Net Monthly Report: In July 2026, the overall demand of the cement market continued to be weak, continuing the weak and stable operation pattern under the suppression of the traditional off-sea

I. Overview

of national and regional market (I) National market: Demand continued to be weak, and prices were weak and stable

. In July, the national cement market continued the traditional off-season pattern. Due to the multiple suppression of weather factors such as high temperature, rainy season and typhoon, demand continued to be weak, and prices were deadlocked at the bottom. Prices in North China remained stable at the bottom, while prices in Northeast China remained at a low level; prices in Northwest China fluctuated at a low level as a whole, and the pressure of price recovery still existed; prices in East China market fell seasonally, and some markets hit a new low in the year; the pattern of weak and stable differentiation continued in Central and South China; the high temperature combined with the rainy season, the demand of cement market in Southwest China was weak, and the price was under pressure. At the beginning of

July, the National Cement Price Index (CEMPI) was 94.40 points, and at the end of the month, it closed at 92.07 points, up 0.42% annually and down 11.09% year-on-year. Figure

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

Chart in July 2026 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 833 yuan/ton, down 1.54% annually and up 25.83% year-on-year. On the supply side, in July, the safety supervision of the main producing areas continued to be under high pressure, the pace of resumption of production in the early shutdown mines was slow, the release of coal mines continued to be limited, the increment of port imports was limited, the supplement of imported coal was general, and the overall supply maintained a tight pattern. On the demand side, in the first ten days of the Meiyu period in southern China, the output of hydropower was strong, which suppressed the coal consumption of thermal power, and the terminal procurement was cautious. In the middle and last ten days of the Meiyu period, the high temperature of three volts was superimposed, and the rising of electricity load led to the upward trend of daily consumption of thermal power, the supply and demand gradually tightened, and the price of thermal coal showed a trend of first declining and then rising. At the end of the month, the cost of coal per ton of cement was 81.55 yuan/ton, which was 1.27 yuan/ton lower than that at the end of June, and the cost pressure was reduced. At the end of July, the cost price difference between cement and coal was 157.35 yuan/ton, down 3.19% from the previous month, and the price difference between cement and coal declined. In terms of

benefits, the average cost of coal per ton of cement in July was 80.65 yuan/ton, down 4.13 yuan/ton from June, the average cost of coal per ton of cement decreased, the average price of cement in July was 283.02 yuan/ton, down 5.15 yuan/ton from June, and the average price of cement decreased more than cost of coal per ton of cement. It is expected that the profit per ton of cement will continue to deteriorate in July, and the benefit will be at a low level.

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

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