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20 Dec 2025

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Cash trend of China fishmeal has been remaining downtrend during the week at China main ports. RMB12,400-12,500/ton would be a popular dealing range in a short term while currency of RMB keeps appreciating status. However, CFO measures such appreciating currency of RMB could gradual moving toward 6.90Yen against 1USD. And, that could further move down the landed cost of the imported fishmeal products.

Cash trend of China fishmeal could further reduce from RMB12,500/ton down to RMB12,000/ton during later part of Q3 while the entire stockpiles of China fishmeal returns to 150k tons or above.

Fishmeal off-take from China ports has been keeping a relatively smaller scale which is recorded up approximately 16k tons for many weeks since earlier of summer. However, due to the infections brought by covid-19 and the flooded central part of China, the measurably breeding scale of summer aquatic industry would be no longer a fact that supports fishmeal consumption during rest days of this summer.

RMB Cash Market:

国内主要港口秘鲁鱼粉参考报价表（元/吨） China Peruvian Fishmeal Cash Market by Ports (RMB/mt)
港口 Ports	品质规格 Quality	周数 Week #33	周数 Week #32	环比变化 Changes
大连 Dalian	超级Super Prime 68%	12400-12500	12800-13000	-450
大连 Dalian	普通Standard 65%	10500-10600	10900-11000	-400
天津 Tianjin	超级 Super Prime 68%	12500-12600	12900-13000	-400
天津 Tianjin	普通 Standard 65%	10500-10600	10900-11000	-400
上海 Shanghai	超级 Super Prime 68%	12400-12500	12700-12800	-300
上海 Shanghai	普通 Standard 65%	10500-10600	10700-10800	-200
黄埔 Huangpu	超级 Super Prime 68%	12400-12500	12700-12800	-300
黄埔 Huangpu	普通 Standard 65%	10500-10600	10700-10800	-200

FM Stock & Off-take:

周中国主要港口进口鱼粉库存表（吨）
China Fishmeal (Stock & Off Take) Weekly Status (mt)
港口	Wk #33			Wk 32
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	35070	4400	6000	33470
黄埔Huangpu	37140	7770	9500	35410
天津 Tianjin	2470	210	200	2480
大连Dalian	7480	1340	1900	6920
其他Other	19480	2580	2000	20060
合计Total Qty	102440	16300	20400	98340
上周鱼粉出库量				16500
Total FM sold/off-take from ports warehouse previous week:				16500
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 17/Aug/2020			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #33	Wk #32
Zhejiang	63% / TVN 130 (semi-defatted)	9,800	9,800
Zhejiang	65% / TVN 130 (semi-defatted)	11,200	11,200
Shandong	65% / TVN 80 (semi-defatted)	11,000	11,000
- Prices would keep steady during ban period.

White Fishmeal

Updated: 17/Aug/2020			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #33	Wk #32	Changes
American Seafoods	16,000~16,200	16,000~16,200	--
Russian WFM - 60% - high pro	13,000~13,200	13,000~13,200	--
- An indication only, pricing range due to various quality, freshness and brand. - Above prices are importing duties paid.

Fish Oil

秘鲁鱼油离岸价格（美元／吨） Peruvian Fish oil Market FOB Price(USD/mt)
品质包装 Quality/Packing		周数Wk #33	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	2000-2100	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	2050-2150	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	2150-2250	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	2200-2300	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: The smaller breeding scale and the weakening fishmeal off-take from China ports would not generally support high-rising stockpiles of China fishmeal during rest days of this summer. Another fact would look into the slowing down landed cost of the imported fishmeal products while currency of RMB keeps appreciating position. CFO measures RMB cash trend could be further going down to RMB12,000-12,500/ton if the exchange rate moves toward 6.90Yen against 1USD.

Meanwhile, the expectedly moving up stockpiles of China fishmeal at ports would not support RMB cash trend while the breeding during rest days of this summer remains a relatively smaller scale due to covid-19 and flood in China.

II. Animal Protein/Grain Sections

肉骨粉参考价格（人民币／吨） Meat and Bone meal Price Ideas (RMB/mt)
产地 Origin	蛋白 Protein	周数 Wk #33	周数 Wk #32	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	4,600	4,500	09/10 2020	+100
澳洲，散装／牛 Australia, beef Bulk	50%	4,500	4,400~4,500	09 2020	+100
此价格每周更新非实盘仅供参考 Price is updated weekly just an indication for reference only

Soybean Meal

Updated: 17/Aug/2020				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
September 2020	2,858	2,812	2,927	3,020
January 2021	2,908	2,854	2,950	3,004
May 2021	2,737	2,694	2,748	2,747