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20 Dec 2025

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The stockpiles of China fishmeal would be apparently moving up to slow down cash market. And, Chinese would be returning to fishing since earlier of Sept and to resume fishmeal supply from domestic production. Price competition would be inevitably reducing the imported fishmeal product down to RMB12,000-12,000/ton in a short term.

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 #34	周数 Week #33	环比变化 Changes
大连 Dalian	超级Super Prime 68%	12200-12300	12400-12500	-200
大连 Dalian	普通Standard 65%	10300-10400	10500-10600	-200
天津 Tianjin	超级 Super Prime 68%	12300	12500-12600	-250
天津 Tianjin	普通 Standard 65%	10300-10400	10500-10600	-200
上海 Shanghai	超级 Super Prime 68%	12200-12300	12400-12500	-200
上海 Shanghai	普通 Standard 65%	10300-10400	10500-10600	-200
黄埔 Huangpu	超级 Super Prime 68%	12200-12300	12400-12500	-200
黄埔 Huangpu	普通 Standard 65%	10300	10500-10600	-250

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 #34			Wk 33
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	35680	6590	7200	35070
黄埔Huangpu	39750	10690	13300	37140
天津 Tianjin	2420	250	200	2470
大连Dalian	8340	2740	3600	7480
其他Other	18750	4230	3500	19480
合计Total Qty	104940	24500	27800	102440
上周鱼粉出库量				16300
Total FM sold/off-take from ports warehouse previous week:				16300
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 24/Aug/2020			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #34	Wk #33
Zhejiang	63% / TVN 130 (semi-defatted)	9,200	9,800
Zhejiang	65% / TVN 130 (semi-defatted)	10,200	11,200
Shandong	65% / TVN 100 (semi-defatted)	10,500	11,000
- Prices would go down to compete with imported products.

White Fishmeal

Updated: 24/Aug/2020			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #34	Wk #33	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 #34	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 recent bottom line would be located at RMB12,000-12,200/ton while currency of RMB could keep appreciating status up to 6.90Yen against 1USD. However, CFO measures there’s no further driven up force that supports currency of RMB breaks through the above-mentioned exchange rate.

The practical fishmeal demand would rely on how China live pig moves on to meet up with traditional Q4 high season. Before that, RMB cash trend would not rebound to ideal range based on a possibly high-rising stockpiles of China fishmeal at ports.

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 #34	周数 Wk #33	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	4,500	4,600	10 2020	-100
澳洲，散装／牛 Australia, beef Bulk	50%	4,400~4,500	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: 24/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	2,842	2,858	2,812	2,927
January 2021	2,886	2,908	2,854	2,950
May 2021	2,743	2,737	2,694	2,748