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Cement Price Trend and Forecast

UNSPC code: 30111500
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âźł Weekly Update
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Historical Data Since 2015
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Forecast for 2026

cement Price Trends by Country

cnChina
inIndia

Global cement Spot Market Prices, Trend Analysis and Forecast

Price-Watch’s most active coverage of Cement price assessment:

  • Non-trade Prices (OPC 43) Ex-North India, India
  • Non-trade Prices (OPC 53) Ex-North India, India
  • Non-trade Prices (PPC) Ex-North India, India
  • Non-trade Prices (OPC 43) Ex-West India, India
  • Non-trade Prices (OPC 53) Ex-West India, India
  • Non-trade Prices (PPC) Ex-West India, India
  • Non-trade Prices (OPC 43): Ex-East India, India
  • Non-trade Prices (OPC 53): Ex-East India, India
  • Non-trade Prices (PPC): Ex-East India, India
  • Non-trade Prices (OPC 43): Ex-South India, India
  • Non-trade Prices (OPC 53): Ex-South India, India
  • Non-trade Prices (PPC): Ex-South India, India

Cement Price Trend Q3 2025

The Indian Cement market through Q3 2025 showed a mixed performance with a decline at the beginning followed by slight recovery at the end of the quarter. Cement prices weakened in July and August due to weaker demand, elevated inventories, and increased competition among manufacturers.

However, a minor uptick in construction activity during September 2025 provided slight upward support, suggesting early stabilization. Strong clinker supply, steady freight, and no interruptions with raw material supply kept a balanced operational status as manufacturers moved into the new quarter.

With a small 1% gain by the end of Q3, the market sentiment shifted in a cautiously optimistic direction, and after expected gradual firm pricing, steady buy volumes would be recommended as infrastructure activity is expected to remain at a moderate pace into the next quarter.

India

Cement Domestically traded prices Ex-North India, Grade: OPC 43 Grade.

According to Price-Watch, in Q3 2025, Cement price trend in India recorded mixed movement, beginning the quarter with consistent declines before stabilizing and showing mild recovery in September 2025. Weakened demand, elevated inventory levels, and heightened price competition among producers weighed on pricing during July and August.

However, marginal improvement in construction activity toward the end of the quarter introduced early signs of a rebound. Cement prices ranged between USD 3-4 per bag (INR 280-350 per 50 kg bag) over the three-month period.

Ample clinker availability, stable freight costs, and steady raw material flow ensured uninterrupted supply, though market sentiment remained cautious. Buying interest improved slightly in late September as public and private infrastructure projects revived post-monsoon.

In September 2025, Cement prices in India have inched up by 1.00%, indicating a gradual return of market stability. Monthly procurement should be maintained at consistent volumes, as continued construction activity and ongoing infrastructure work are expected to sustain steady to moderately firmer price sentiment through the next quarter.

Cement Price Trend Analysis: Q2 2025

In the second quarter of 2025, China’s cement market recorded a notable 2.3% price increase, marking the strongest quarterly growth since the pandemic. This upward trend was fuelled by accelerated infrastructure investment and urban renewal initiatives, which provided steady demand momentum.

However, surging thermal coal prices, up by 18% during the quarter, significantly squeezed manufacturer margins despite higher selling prices. The property market showed early signs of stabilization, with the decline in home sales slowing to 8% year-on-year, yet lingering overcapacity and fragile real estate demand continued to cap the sector’s overall upside.

Industry consolidation gained traction with three major regional mergers, enhancing producers’ pricing discipline and suggesting a shift toward moderate but more sustainable price growth, supported by infrastructure-driven demand. According to PriceWatch, Cement prices in China were assessed at USD 60 per metric ton FOB Shanghai, by the end of Q2 2025.  

In Q2 2025, India’s cement market displayed pronounced regional disparities. Ex-East India led with a 6.3% price surge, driven by robust infrastructure projects and pre-monsoon stockpiling. In contrast, Ex-West and Ex-North India recorded declines of 1.96% and 1.36%, respectively, amid monsoon disruptions and subdued construction demand. Ex-North India’s non-trade cement settled at around USD 4.30 per bag (25 kg bag) (equivalent to ₹359/bag).

Meanwhile, Ex-South India remained unchanged, reflecting balanced demand-supply dynamics. The quarter underscored how seasonal factors and infrastructure-led demand shaped divergent regional trends, while elevated input costs particularly energy helped prevent steeper price corrections across the broader market. 

In Q1 2025, Cement prices increased in the Chinese market driven by pre-holiday restocking and urban redevelopment initiatives. The new year opened with a modest 1% price increase the first quarterly rise since 2022. However, a 20% coal price surge due to Russian supply constraints pressured margins even as industry consolidation strengthened pricing power for remaining players.

The property sector remained a drag with new home sales down 15% YoY, highlighting the uneven nature of the recovery. This quarter revealed an industry at a crossroads, where policy support and production discipline were beginning to yield results, but where structural challenges in real estate and overcapacity continued to limit upside potential of cement prices. 

In the first quarter of 2025, the cement sector in India demonstrated stable pricing, particularly in the Ex-North India region where non trade cement prices stood at USD 4.28/Bag (INR 365/Bag), [i.e., 50 kg Bag] where prices remained largely unchanged due to a well-balanced supply and demand.

In contrast, the Ex-west India and Ex-east India regions experienced slight price increases of approximately 1%, driven by a gradual rise in construction activities, especially in urban areas and infrastructure projects. This pricing stability was further influenced by escalating costs linked to logistics and raw materials. 

Cement Price Trend Analysis: Q4 2024

Q4 marked an inflection point with Cement prices in China flattening and even showing 0.5% gains in some markets, supported by Beijing’s October 1 trillion-yuan stimulus package targeting infrastructure and flood recovery. Property sector easing measures, including reduced down payments and mortgage rate cuts, stimulated some housing demand, while winter production cuts balanced supply.

Major producers transitioned from defensive pricing to margin protection strategies, benefiting from an 8% monthly export increase to Africa and the Middle East that partially offset domestic weakness. The quarter demonstrated how coordinated policy action could begin stabilizing the cement market after prolonged cement price declines. 

 In Q4 2024, cement prices remained stable in Ex-west India and Ex-east India. Both regions saw little to no change in pricing, as demand remained relatively consistent. However, Ex-North India prices rose slightly by 1%, driven by a slight uptick in demand, especially from infrastructure projects and recovery in certain residential construction segments. The overall demand-supply dynamics in the North contributed to the price increase, while Ex-west India and Ex-east India remained steady due to stable market conditions and moderate demand.

Major players like UltraTech and Adani Cement ramped up competition through strategic acquisitions—UltraTech secured a 32.72% stake in India Cements, while Adani acquired Orient Cement This Acquisition adds 16.6 MTPA capacity (8.5 MTPA operational, 8.1 MTPA Ready to Execute). Accelerates Ambuja’s journey to achieve 100+ MTPA operational capacity in FY 25.

These acquisitions exerted continued pressure on prices as production capacity grew. Incremental price increases in December 2024, driven by a resurgence in real estate demand.  

The third quarter brought tentative stabilization in Cement prices in China with a slower 1.5% price decline as policymakers initiated measured responses. PBOC’s June rate cuts and special bond issuances improved liquidity, supporting small-scale infrastructure projects, though major initiatives remained delayed. Seasonal improvements in southern cement demand post-monsoon provided modest relief, with inventory levels remaining elevated at 70-75% utilization.

While coal price stabilization eased cost pressures, the cement market continued to grapple with structural oversupply and muted construction activity, particularly in the still-struggling property sector. 

The third quarter of 2024 saw a decline in cement prices across all regions, though at a more moderate pace. Ex-North India, Ex-East India, and Ex-West India all experienced a 2% decrease in cement prices. The decline in Ex-North India was driven by ongoing construction delays and fewer new infrastructure projects being launched. Ex-east India faced similar challenges, with the pace of recovery in construction activities being slower than anticipated. Ex-west India, while stable in some parts of the region, still faced pressure from oversupply and lower demand, especially in the wake of seasonal fluctuations. 

Cement Prices in China fell another 3-4% in Q2 as market conditions deteriorated further, with the property sector collapse reaching new lows following Evergrande’s liquidation and Country Garden’s default. Infrastructure growth of just 6% YoY disappointed expectations, while heavy southern rainfall disrupted construction activity. Export markets provided little relief as Southeast Asian competitors increased domestic production.

Major producers like CNBM and Anhui Conch engaged in aggressive price competition to maintain market share, even as April’s 10% coal price rebound squeezed margins. The quarter revealed an industry caught between weak domestic demand, rising costs, and intensifying competitive pressures. 

 In Q2 2024, cement prices declined further across all regions. Ex-North India, Ex-east India, and Ex-west India all experienced a 3% decrease in prices, largely driven by a slowdown in the construction sector. This was compounded by seasonal lulls in demand and lower activity in both public and private infrastructure projects. The regional supply-demand balance was disrupted, contributing to further downward price adjustments in all regions. The oversupply in certain markets and weaker demand led to significant price reductions across the board. 

The Chinese cement market experienced a 2.5% price decline in Q1 2024, reflecting typical post-Lunar New Year demand weakness exacerbated by deeper structural challenges. The ongoing property crisis saw property investment fall 9.5% YoY and new construction starts plummet 27%, while delayed infrastructure stimulus projects due to fiscal tightening further constrained demand.

With coal prices dropping 15% and industry utilization rates languishing around 65%, producers faced mounting inventory pressures. The market’s weakness was compounded by postponed infrastructure spending commitments following China’s “Two Sessions” meetings, leaving the sector in a typical seasonal slump but with amplified severity due to macroeconomic headwinds.

 The cement industry in India saw a slight decline in prices during the first quarter of 2024. Ex-North India prices decreased by about 2%, driven by reduced demand from construction sectors and lower activity in key infrastructure projects. Ex-east India also experienced a 2% decline, with factors such as sluggish demand and overcapacity in certain regional markets contributing to the downward trend. Ex-west India prices saw a more significant drop of 3%, largely due to slower urban construction demand in major metropolitan areas like Mumbai and Pune, coupled with oversupply from local manufacturers. 

Technical Specifications of Cement Price Trends

Product Description

Cement is a finely powdered material that exhibits strong adhesive properties when combined with water and aggregates. It is made from a blend of limestone, clay, and sand, which supply essential components like lime, silica, alumina, and iron. The process of cement manufacturing involves three primary phases: preparing the raw materials, producing clinker, and finally, preparing the cement.

Identifiers and Classification:

  • CAS No – 65997-15-1
  • HS Code – 252329


Cement Grades Specific Price Assessment:

  • OPC 43
  • OPC 53
  • PPC


Cement Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): min. 2000 bags
  • Packaging Type (Product & Country Specific): 50kg Bag


Incoterms Referenced in Cement Price Reporting

Shipping Term  Location  Definition 
Ex-North India  North India  Domestically Traded Cement price North India. 
Ex-South India  South India  Domestically Traded Cement price South India. 
Ex-East India  East India  Domestically Traded Cement price East India. 
Ex-West India  West India  Domestically Traded Cement price West India. 

*Quotation Terms refers to the quantity range specified for the Cement being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for Cement packing, ease of handling, transportation, and storage in industrial and commercial applications.


Key Cement Manufacturers

Manufacturer 
UltraTech Cement Ltd 
Ambuja Cements Ltd 
ACC Ltd 
Shree Cement Ltd 
Dalmia Bharat Ltd 
Ramco Cements Ltd 
JK Cement Ltd 

Cement Industrial Applications

cement market share end use

Historically, several events have caused significant fluctuations in Cement prices

  • 2024: Weak Demand and Competitive Pricing Challenges 

At the beginning of 2024, the cement industry faced difficulties due to weak demand and intensified competition stemming from significant supply increases by major companies. Although there was a minor rise in prices since November 2024 attributed to seasonal construction patterns, the overall market remained subdued. 

  • 2023: Persistent Inflation and Increased Government Infrastructure Spending 

In 2023, India grappled with ongoing inflation fuelled by rising costs of raw materials, logistics, and labour. At the same time, the government ramped up infrastructure investments, initiating several large-scale projects and enhancing residential construction. Consequently, cement prices rose by 5-8%, especially in the Ex-West India and Ex-North India regions, driven by sustained demand from these sectors amid elevated production costs. 

  • 2022: Energy Price Spike Due to Russia-Ukraine Conflict 

The conflict between Russia and Ukraine, which began in February 2022, triggered a significant surge in global energy prices, heavily affecting cement production costs that depend on coal and oil. As a result, cement prices in India increased by 7-12% throughout 2022, with the Ex-West India and Ex-East India regions facing the most substantial price hikes due to logistical difficulties. 

  • 2020: The Effects of COVID-19 and Nationwide Lockdown 

The COVID-19 pandemic led to a nationwide lockdown in March 2020, which halted construction activities and disrupted the cement supply chain. This situation resulted in an immediate drop in demand, causing cement prices to decrease in the second quarter of 2020. However, as the economy began to reopen later that year, prices started to rebound, even though construction activity remained sluggish, largely due to ongoing supply chain challenges that raised transportation and production costs. 

Why PriceWatch?

PriceWatch is your trusted resource for tracking global cement price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the cement market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.

In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence cement prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely cement market data.

Track PriceWatch's cement price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Data Collection and Sources​

  • Real-Time Market Data: PriceWatch gathers real-time pricing data for Cement from a wide range of sources, including commodity exchanges, industry reports, and our proprietary databases. 
  • On-the-Ground Intelligence: Our team collects insights from producers, suppliers, and traders in key Cement production regions, helping us understand market dynamics at a local level. 
  • Supply Chain Monitoring: We track the Cement supply chain, particularly the availability of soda ash, the key raw material. This includes monitoring feedstock prices, production capacities, and logistics. 

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: PriceWatch monitors geopolitical events that impact the production and transportation of Cement. 
  • Natural Disasters and Climate Events: Natural disasters like floods and droughts can disrupt production, affecting the overall supply of Cement. 
  • Environmental and Regulatory Factors: PriceWatch evaluates how regulatory changes aimed at reducing emissions affect the Cement industry, particularly in the environmental and pharmaceutical sectors. 

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of Cement production facilities, tracking operational status, maintenance, and output levels. 
  • Future Capacity Projections: Our research includes detailed forecasts of new Cement production capacities and expansions. 

Demand Forecasting

  • Sectoral Demand Analysis: PriceWatch analyzes demand for Cement across industries like residential construction, commercial construction and infrastructure, projecting future demand growth. 
  • Global Demand Dynamics: Our research includes regional demand variations and how they influence global Cement pricing, especially in sectors affected by changing environmental policies. 

Pricing Model Development

  • Dynamic Pricing Models: PriceWatch uses advanced models to forecast Cement prices, considering real-time data, historical trends, and market projections. 
  • Scenario Analysis: We provide scenario-based assessments to help clients prepare for potential market outcomes, including regulatory shifts or supply chain disruptions. 

Reporting and Client Support

  • Comprehensive Reports: Clients receive detailed reports on Cement pricing, future trends, and the key factors driving market changes. 
  • Ongoing Support: PriceWatch offers continuous updates and expert advice to help clients stay informed and make strategic decisions. 

This research methodology ensures that PriceWatch delivers accurate, timely, and actionable Cement pricing assessments, enabling our clients to stay ahead of market trends and make informed decisions in an ever-changing market. 

Cement Market Price Trend provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for cement. PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

Cement prices are shaped by several important factors. The costs of raw materials such as limestone, clay, and gypsum have a significant effect on production expenses. Energy costs are also critical, as cement production requires a substantial amount of energy; any changes in electricity and fuel prices can result in price adjustments. Transportation expenses, influenced by logistics and fuel costs, further impact the overall market pricing. Moreover, demand driven by construction projects, economic conditions, and government spending on infrastructure can push prices higher. Supply chain factors, including production capacity and any disruptions, also play a role in determining availability and pricing. Lastly, regulatory requirements for environmental compliance and the level of competition among manufacturers contribute to variations in cement prices.

To achieve better cement pricing from suppliers, begin by analysing market trends and competitor pricing to gauge what constitutes a fair rate. Cultivate solid relationships with suppliers by being dependable, which can be shown through regular orders and prompt payments. Consider bulk buying or entering into long-term contracts to obtain discounts, as suppliers typically provide more favourable rates for larger orders. Utilise competitive quotes from other suppliers as a bargaining tool during negotiations. Suggest mutually beneficial arrangements, like adaptable delivery timelines or discounts for early payments, to foster a win-win scenario. Make it a habit to periodically assess contracts and market dynamics to renegotiate prices when necessary.

Cement procurement faces several risks, such as disruptions in the supply chain, quality assurance challenges, changes in regulations, fluctuations in prices, operational breakdowns, and cybersecurity vulnerabilities. To address these risks effectively, it’s important to diversify your supplier base to minimize reliance on a single source, enforce rigorous quality assessments, keep abreast of regulatory updates, and negotiate fixed-price contracts to control expenses. Additionally, routine maintenance of equipment and ongoing staff training can help mitigate operational risks, while investing in cybersecurity strategies to safeguard against digital threats. Proactive planning and continuous monitoring are crucial for maintaining seamless procurement processes.

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