The experiments of suspension hydration were performed in the mixtures of slag and water or NaOH solutions which were made up with a liquid/solid ratio of 10. The liquid phase of the suspension was chemically analysed and discussed. When slag was in contact with water, CaO component was released from slag grains into the solution. The amounts of $SiO_2$ and $Al_2O_3$ liberated in the solution were very low as compared with CaO, for the impermeable coating of $SiO_2$, $Al_2O_3$-rich gel was formed on the surface of slag grains. The hydration was considered to be inhibited by this impermeable coating. The weak hydraulic property of slag was based on slowly released CaO and dissolved Na, K components which increased pH in the solution.