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20 Dec 2025

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Cash market of China fishmeal has been remaining firm at RMB11,300/ton at Shanghai port during the week while the entire inventory of China fishmeal stockpiled at main ports keeps expansion. However, as of CFO records, the fishmeal cargoes received from Peru during month of May has gradually declined from that of March by reducing nearly 30% in terms of cargo volume. In other words, China domestic summer aquatic would keep consuming fishmeal products during Q3 to gradually reduce stockpiles before receiving cargoes shipped from 1^st anchovy season.

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 #24	周数 Week #23	环比变化 Changes
大连	SD68% 超级	11300	11400	0
大连	SD65%普通	9900	10100	0
天津	SD68% 超级	11400	11500	0
天津	SD65%普通	10000	10200	0
上海	SD68% 超级	11300	11400	0
上海	SD65%普通	9900	10100	0
黄埔	SD68% 超级	11300	11400	0
黄埔	SD65%普通	9900	10100	0

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 #24			Wk 23
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	75810	6170	9000	72980
黄埔Huangpu	133160	16680	18000	131840
天津 Tianjin	3930	180	600	3510
大连Dalian	15510	1280	2100	14690
其他Other	35670	2290	2900	35060
合计Total Qty	264080	26600	32600	258080
上周鱼粉出库量				36070
Total FM sold/off-take from ports warehouse previous week:				36070
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 22/Jun/2021			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #24	Wk #23
Zhejiang	63% / TVN 130 (semi-defatted)	9,300	9,500
Zhejiang	65% / TVN 130 (semi-defatted)	9,900	10,000
Shandong	65% / TVN 100 (semi-defatted)	10,000	10,300
- Shandong and Liaoning are slowing down production to move into ban season.

White Fishmeal

Updated: 22/Jun/2021			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #24	Wk #23	Changes
American Seafoods	16,500	16,500	--
Russian WFM - 60% - high pro	14,000	14,000	--
- 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 #24	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	1950-2050	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	2000-2100	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	2050-2150	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	2500-2600	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: CFO measures RMB cash trend would basically keep firm at recent bidding range during July. The stockpiles of China fishmeal located at main ports would not keep largely expansion in a short term due to there’s a slowing down arrival of Peru’s fishmeal cargoes month after month since March till May.

CFO’s record has also pointed out there’s a nearly 30% of decrement at the entire cargo size received from Peru. The recent balance of the fishmeal inventory stockpiled at China ports should be measurably as the ceiling.

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 #24	周数 Wk #23	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	4,800	4,800	08 2021	--
澳大利亚，散装／牛 Australia, beef Bulk	50%	4,700	4,700	07 2021	--
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: 22/Jun/2021				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
September 2021	3,394	3,494	3,622	3,521
January 2022	3,399	3,514	3,621	3,509
May 2022	3,206	3,334	3,416	3,303