Due to the tense situation in the Middle East, crude oil prices in Asia have increased by 2.4 times compared to the end of February. Sinopec releases its 2025 annual report. The company achieved a total operating revenue of 2783.58 billion yuan for the year, a year-on-year decrease of 9.46%; The net profit attributable to the parent company was 31.809 billion yuan, a year-on-year decrease of 36.78%; Deducting non attributable net profit of 29.529 billion yuan, a year-on-year decrease of 38.55%. Among them, the company's operating revenue in the fourth quarter was 670.14 billion yuan, a year-on-year decrease of 5.3%; The net profit attributable to the parent company was 1.82 billion yuan, a year-on-year decrease of 69.9%; The net profit not attributable to the parent company was 113 million yuan, a year-on-year decrease of 97.2%.
Observation of the raw rubber market: Supply and demand restructuring after the full month of the new policy, leading contracts jumping up to boost expectations
The new policy of "emission reduction" in the organic silicon industry is about to be implemented for a full month, and the market operation pattern continues to optimize. Although there has been limited overall change in the spot price of Zhou Yisheng's rubber, the price has maintained an upward trend since February, and the market has rapidly risen after the holiday, with the basis continuously expanding, showing a distinct feature of "not being weak in the off-season". On the supply side, due to the impact of the new policy, the construction of individual factories has declined month on month, and many places have arranged to shut down production lines for maintenance; On the demand side, although the sales of new energy vehicles did not meet expectations, the reduction of export tax rebates stimulated the release of export orders in the first quarter. Recently, there has been a surge in spot trading volume and prices, with multiple indicators reaching new highs. The terminal market has moderately recovered, and most organic silicon products have raised prices accordingly. Under the precise support of policies, individual enterprises have generally shown a trend of "increasing quantity and stabilizing prices", and the outline of the "Xiaoyangchun" market in March has become increasingly clear.
Raw rubber has become a recent focus variety. After seven days of horizontal fluctuations, the price of raw rubber suddenly saw a significant increase, with leading companies adjusting their contract prices to 15800 yuan/ton in April, with a daily increase of 500 yuan. Market insiders point out that if the subsequent contract prices remain stable or continue to rise, spot prices are likely to follow suit. From the perspective of regional performance, Guangdong enterprises focused on stability yesterday, with the mainstream transaction price of raw rubber reported at 15300 yuan/ton. In terms of mixed rubber, the mainstream quotation for conventional hardness precipitation rubber is in the range of 14300-14500 yuan/ton. Multiple large mixed rubber factories have reported sufficient orders and smooth shipments, and "price for quantity" is still the mainstream operation.
As of March 23rd, the latest quotation shows that the mainstream range for DMC is 14000-15400 yuan/ton, silicone oil is 15500-16300 yuan/ton, 107 rubber is 14800-15300 yuan/ton, and the mainstream price for raw rubber is 15100-15800 yuan/ton. Supported by previous orders, the current single factory equipment is running smoothly, but the follow-up of new orders is somewhat average, and some companies have made slight concessions to promote transactions. On the demand side, the main strategy is to replenish inventory at low prices, and the market's wait-and-see sentiment has increased.
Overall, under the guidance of the "emission reduction" new policy, the supply side has contracted in an orderly manner, coupled with the moderate recovery of the terminal and the joint effect of export demand, and the market fundamentals have received strong support. The significant increase in raw rubber leading contracts has further strengthened upward expectations. Although short-term new order transactions are weak and wait-and-see sentiment still exists, with the approach of the "Silver IV", the organic silicon market is expected to continue to operate steadily in the improvement of supply and demand structure.