With the arrival of the traditional peak construction season, the nationwide cement market is experiencing a widespread wave of price increases. Following the Lunar New Year (Year of the Horse), the cement market in the Northeast region led the recovery, steadily raising prices through a series of incremental adjustments. As of March 15, some areas in Northeast China had completed three consecutive rounds of price adjustments, with a cumulative increase of RMB100 per ton. The ripple effect of these price hikes is spreading, as leading cement companies in East China, North China, and Northwest China have followed the industry’s recovery trend by successively announcing price adjustment policies, gradually forming a pattern of coordinated price increases across the national cement market.

Specifically, this round of price adjustments in the Northeast region has proceeded in three progressive stages: the first round in late February raised prices by RMB40 per ton, establishing a firm market price floor; the second round in early March raised prices by RMB 30 per ton, consolidating the recovery trend; and on March 15, prices were raised again by RMB 40 per ton. This round of price adjustments covers Heilongjiang, Jilin, Liaoning, and parts of eastern Inner Mongolia. Meanwhile, the Yangtze River Delta region has also joined the price hike trend. According to data from Century Construction Network, since mid-March, cement companies in Anhui, Jiangsu, Zhejiang, and other regions have intensively issued price adjustment notices, with prices generally rising by RMB20 to 40 per ton. Bulk cement from major brands in northern Zhejiang and southern Jiangsu increased by RMB20 per ton; following Shanghai’s price adjustment, companies’ shipment volumes rose significantly, inventory levels fell to 31%, and market supply-demand dynamics continued to improve.

There are signs of improvement in the industry’s fundamentals. Pengyuan Credit Rating’s analysis notes that as the opening year of the 15th Five-Year Plan, major infrastructure projects are accelerating, funding support is being strengthened, and urban renewal and old-area renovation projects are advancing steadily—all of which are expected to form a core pillar of support for cement demand. Meanwhile, policies such as the “Dual Carbon” and “Dual Control” initiatives will continue to optimize industry supply. Cement demand is projected to show a moderate overall decline in 2026, though the rate of decline is expected to narrow.

Against the backdrop of improving market sentiment, the capital markets have already responded. Statistics show that since the start of 2026, institutional investors have increased their holdings in three cement stocks: Huaxin Building Materials, Shangfeng Cement, and Tapai Group. In terms of listed companies’ performance, 16 cement companies have released their 2025 earnings reports, with a total of seven reporting profits. Among them, Huaxin Building Materials, Tapai Group, Jianfeng Group, and Jinyu Jidong all reported net profits exceeding 100 million yuan. In terms of net profit changes, Jianfeng Group, Wannianqing, and Sanhe Pile achieved double-digit growth in annual net profit, while Sichuan Jinding and Jinyu Jidong are expected to turn a profit.

Analysts point out that this round of cement price increases reflects both a seasonal recovery in demand and the result of coordinated optimization on the supply side. As the rate of construction site resumption and restart increases, market confidence has been boosted, and companies are strongly motivated to raise prices. Whether the current price hikes will fully materialize remains to be seen, as it depends on the sustainability of future demand. Although demand from the real estate sector remains weak, the acceleration of infrastructure investment has provided a crucial safety net for the industry. In the future, the industry’s competitive landscape will shift from mere scale expansion to cost control and green transformation. Leading companies with cost advantages, advanced overseas operations, and high standards of environmental governance are expected to further increase their market share during industry consolidation and achieve sustained improvement in profitability.

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