1. Overview
of the national and regional market (1) National market: the overall low grinding bottom, the end of the month partial push up landing differentiation
In August, the national cement market as a whole continued the traditional pattern of weak and stable grinding bottom in the off-season, falling more than rising, pushing up differentiation. North China reached the bottom to maintain stability, and the push up was blocked; Northeast China reached the bottom to stabilize, and the call up at the end of the month was difficult to land because there was no unified peak staggering; Northwest China was stable and weak, the resistance to price recovery was large, and the regional trend was divided; the price decline in the Yangtze River Delta in East China converged, and Jiangxi and Shandong tried to push up and give back more; only Hunan in the central and southern regions was driven by costs, and the low level in Guangdong, Guangxi, Henan and Hubei fell; the demand repair in the southwest region. At the beginning of
August, the National Cement Price Index (CEMPI) was 91.99 points, closing at 91.39 points at the end of the month, down 0.74% annually and 12.87% year-on-year. Figure
1 and Figure 2: National Cement Price Index (CEMPI) and Cement Price Index (CEMPI) K-line
Chart in August 2026 Data Source: Cement Big Data (https://data.ccement.com/)
Cost. At the end of August, the average spot price of 5500 kcal steam coal was 894 yuan/ton, up 7.32% annually and 27.35% year-on-year. On the supply side, in August, the safety supervision and inspection in the main production areas were normalized, the increment of some coal mines that resumed production was less than expected, the enthusiasm for shipment in the production areas was limited, and the port inventory remained low; the external coal price was high, the increment of imported coal to the port was insufficient, and the overall supply of coal in the market was tight. On the demand side, the large-scale high temperature weather in the first ten days drove the electricity consumption of the whole society to rise, the coal consumption of thermal power increased significantly, and the replenishment of power plants was released centrally. At the end of the last ten days, the temperature dropped, and the hydropower output was slightly repaired, but the "Jinjiu" pre-coal preparation started, the downstream actively replenished, and the buying support continued to exist. Thermal coal shocks upward throughout the month, reaching the high price of this month at the end of the month. At the end of the month, the cost of coal per ton of cement was 87.52 yuan/ton, an increase of 5.97 yuan/ton over the end of July, and the cost pressure increased. At the end of August, the cost price difference between cement and coal was 149.62 yuan/ton, down 4.91% 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 August was 84.54 yuan/ton, an increase of 3.9 yuan/ton over July, and the average price of cement in August was 278.94 yuan/ton, a decrease of 4.08 yuan/ton over July. The average price of cement has dropped, while the production cost has increased. It is expected that the profit per ton of cement will continue to deteriorate in August, and the benefit will be at a low level.
Figure 3: Cement price, coal cost and price difference in August 2026 (yuan/ton)
Data source: cement big data (https://data.ccement.com/)
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