China's cement production level to hold steady through to 2020

China's cement output has fallen from a peak in 2014 but will hold steady through 2020, according to a report from global ratings agency Moody’s. The lower production volume reflects the closer of inefficient capacity and winter production, where the government reportedly seeks to reduce emissions.

"The lower production volume and steady demand support the price of cement," said Roy Zhang, assistant vice president and analyst. "Such prices will help sustain producer margins."

Prices are expected to fall slightly in 2019 due to weaker demand from the property sector. However, this will be largely offset by rising demand from infrastructure projects.