For the three months ended 31 March 2026, Sinopec Shanghai Petrochemical Company Limited (Shanghai Petrochemical) generated a combined sales revenue of approximately RMB14.18 billion from its principal products, according to unaudited operating data released to the Shanghai Stock Exchange. Refined oil products—diesel, gasoline and jet fuel—contributed roughly 10.53 billion, or about 74% of the disclosed total, underscoring the segment’s continued dominance in the Group’s revenue structure.
Production and sales dynamics • Diesel output reached 5.69 million tonnes, exceeding gasoline’s 6.41 million tonnes and jet fuel’s 4.34 million tonnes. • Diesel and gasoline sales volumes outpaced production, indicating inventory draw-downs, while jet fuel sales (2.70 million tonnes) lagged production, suggesting stock accumulation or delayed deliveries. • In chemicals, para-xylene (PX) led with 1.65 million tonnes produced and 1.64 million tonnes sold, delivering RMB1.18 billion in revenue. Polyethylene (PE) and polypropylene (PP) followed, contributing RMB0.84 billion and RMB0.78 billion respectively. • Ethylene remained largely for internal downstream integration: only 0.06 million tonnes of the 1.58 million tonnes produced were sold externally.
Pricing trends versus prior periods • Refined fuel prices softened year on year but improved sequentially. Average diesel and gasoline prices fell 6.33% and 4.41% year on year to RMB6,161/ton and RMB7,942/ton, yet climbed 2.70% and 5.22% quarter on quarter. • PX prices surged 15.51% year on year and 20.87% from the previous quarter to RMB7,171/ton, supporting chemical margins. • Benzene prices retreated 13.71% year on year but added 16.75% against the prior quarter, reaching RMB5,627/ton. • Polyolefins saw modest sequential gains: PE rose 9.22% and PP edged up 10.59% quarter on quarter, though both were broadly flat year on year. • Acrylics averaged RMB12,095/ton, down 8.54% from a year earlier, indicating continued softness in that niche market.
Input cost relief The average crude-oil processing cost declined to RMB3,491/ton, a 14.21% reduction year on year and a 5.93% dip versus the 2025 fourth quarter. This easing input cost environment, combined with firmer sequential product pricing—particularly for PX and refined fuels—suggests a supportive backdrop for first-quarter refining and chemical margins.
Strategic observations 1. Product mix: Refined fuels continue to anchor revenue, but higher-margin aromatics such as PX are gaining significance, reflecting the Group’s focus on value-added chemical chains. 2. Inventory management: Diesel and gasoline sell-through exceeding production indicates effective draw-downs, while the lower jet fuel sales volume points to potential demand seasonality or logistical timing. 3. Cost competitiveness: A double-digit year-on-year decline in crude processing costs provides a buffer against softer y/y product prices, particularly in fuels.
The disclosed figures exclude revenue from petrochemical trading activities and are unaudited. Investors should consider these preliminary metrics alongside forthcoming full financial statements for a comprehensive assessment of Shanghai Petrochemical’s performance.