China GGBFS Market: Weak Stability Prevails
China’s S95 GGBFS national average price stood at RMB 160/ton as of May 25, 2026, largely unchanged from the previous week. The 22-city average edged down marginally to RMB 163.2/ton from RMB 163.4/ton on May 15.
Regional divergences are notable:
- Jinan: RMB 80-85/ton — the lowest among major cities
- Zibo: RMB 103-108/ton — stable
- Wuhan: RMB 195/ton — holding firm
- Quanzhou: RMB 180-185/ton, down RMB 5/ton
- Chengdu: RMB 225/ton (Zhonglin Guangsheng) — highest quoted
Rainy weather across southern China has dampened construction demand, with some mills offering volume-based discounts (e.g., RMB 2/ton off for daily pickups above 400 tons).
Clinker Supply Squeeze: Kiln Utilization Drops to 52%
China’s clinker kiln operating rate fell to 52% in mid-May, with the national capacity utilization rate at 55.57% — down 4.04 percentage points week-on-week and 5.65 points year-on-year.
Key developments:
- Henan: Only 21 of 57 kiln lines operational (37% run rate)
- Chongqing: Widespread production halts, inventory declining amid losses
- Sichuan (Yibin): P.O42.5 cement raised by RMB 20/ton to RMB 270-290/ton on tight clinker supply
- Northeast China: Peak-shifting compliance at 90%, prices up 2.06%
- North China: Additional 10-15 day kiln shutdowns announced
The national clinker price index stood at 252.37 points, down 0.76% on the day. Cement price index was 323.56 points, flat.
While infrastructure demand remains supported by special bonds, housing starts declined 23.8% year-on-year, limiting overall demand recovery.
Global Context: Northeast Asia Prices Under Pressure
Asia’s average clinker export price was USD 36/ton in 2024, down 10.3% YoY. Bangladesh remains the largest importer at 43% of Asian clinker imports, followed by the Philippines (6.5%) and Sri Lanka (5.9%).
Northeast Asia remains the lowest-priced major market globally and the only region trending downward, reflecting persistent oversupply and weak domestic demand in China.
Low-Carbon Cement: Clinker Replacement Accelerates
The global push for clinker reduction continues to gain momentum:
- Ecocem presented its low-carbon cement blueprint, advocating for reduced clinker dependency as the most viable decarbonization pathway
- Hoffmann Green (France) signed a clinker-free cement partnership with Norée Construction
- India is advancing clinker-free cement innovation as the world’s second-largest producer
- Industry target: engineering for a 50% clinker future
For GGBFS traders, this trend underpins long-term demand — as supplementary cementitious materials become central to low-carbon concrete formulations.
SS Trading Co., Ltd — China-Based Cementitious Trading | smartstartrading.com