Cement Net Monthly Report: In April 2026, the national cement market as a whole showed that the demand recovery was less than expected, the price continued to decline, and the output declined (4.1-4.3

1. Overview

of national and regional market (1) National market: showing the characteristics of off-season, weak demand, low price, sharp drop in output, rainy weather in the south, downturn in real estate and shortage

of funds. In April, the national cement market faced the double squeeze of rising costs and falling prices. Due to the rain weather and capital constraints, the demand in East China is extremely light, and most of the market prices have fallen back to the level before the rise last month; due to the heavy rainfall and strong convective weather in South China and Guangdong, the outdoor construction is blocked, the market demand is weak, and it is difficult to push the rise and fall, and the prices are generally falling; In North China, the price in Beijing-Tianjin-Hebei region is low, although the price is pushed up in Shanxi, the enterprise inventory is high, the demand support is insufficient, and the market is weak. In Southwest China, Sichuan and Chongqing are affected by the continuous rainy weather, the overall regional construction is slowed down, the landing is not good after the price is pushed up, and the price is weak and stable at a low level. In Central South China, the supply and demand in the two lakes market are strong and weak, the price is hovering at a low level, and the strength of Henan to push up is limited; The recovery of demand in Northeast and Northwest China is slow, although there is a push up in some areas, the implementation effect is not ideal, and the price is still at a low level. At the beginning of April, the National Cement Price Index (CEMPI) was 98.5 points, closing at 96.23 points at the end of the month, down 2.23% from the previous month and 24.68% from the previous year.

Figures 1 and 2: April 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 April, the average spot price of 5500 kcal steam coal was 813 yuan/ton, up 6% annually and 22.81% year-on-year. On the supply side, some mining areas underwent maintenance and the supply was slightly tightened. On the demand side, although the daily consumption of downstream power plants weakened seasonally, the market sentiment was more excited due to the impact of reduced imports and improved demand for non-power coal, and the coal price fluctuated higher. At the end of the month, the cost of coal per ton of cement was about 79.59 yuan/ton, an increase of 4.5 yuan/ton over the end of March, and the cost pressure continued to increase. At the end of April, the cost price difference between cement and coal was 170.11 yuan/ton, down 5.75% 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 April was 76.19 yuan/ton, an increase of 2.63 yuan/ton over March, the average cost of coal per ton of cement increased, the average price of cement in April was 296.62 yuan/ton, a decrease of 0.47 yuan/ton over March, the cost of coal increased and the price of cement decreased. It is expected that the profit per ton of cement will continue to deteriorate in April, and the benefit will be at a low level.

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

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