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20 Dec 2025

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Cash trend of China fishmeal has been remaining firm at RMB11,400/ton at Shanghai port during the week while Oct 1^st the National Day holiday has just finished. However, due to recent nationwide shortage of electricity supply, there’s a prospective uptrend to specifically move up RMB cash trend with its related expenses at producing China fishmeal during Q4 the common off-season period.

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 #38	周数 Week #40	环比变化 Changes
大连	SD68% 超级	11400	11400	0
大连	SD65%普通	10100	10100	0
天津	SD68% 超级	11400	11400	0
天津	SD65%普通	10100	10100	0
上海	SD68% 超级	11400	11400	0
上海	SD65%普通	10100	10100	0
黄埔	SD68% 超级	11400	11400	0
黄埔	SD65%普通	10100	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 #40			Wk 38
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	54390	15180	18000	51570
黄埔Huangpu	100950	29110	30500	99560
天津 Tianjin	1900	390	0	2290
大连Dalian	7430	3820	3800	7450
其他Other	37100	4300	4700	36700
合计Total Qty	201770	52800	57000	197570
上周鱼粉出库量				25040
Total FM sold/off-take from ports warehouse previous week:				25040
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 11/Oct/2021			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #40	Wk #38
Zhejiang	63% / TVN 130 (semi-defatted)	9,000	9,000
Zhejiang	65% / TVN 130 (semi-defatted)	9,600	9,600
Shandong	65% / TVN 100 (semi-defatted)	9,800	9,800
- Domestic fishing activity has shown steady status with firm production.

White Fishmeal

Updated: 11/Oct/2021			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #40	Wk #38	Changes
American Seafoods	15,800	15,800	--
Russian WFM - 60% - high pro	13,800	13,800	--
- 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 #40	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	2100-2200	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	2400-2500	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: RMB cash trend would be prospectively moving up due to nationwide shortage of electricity supply what may push up the expenses at fishmeal production. However, Q4 is a common off-season that may more or less to dilute anxiety about higher producing costs brought by such electricity issue in winter.

Meanwhile, as of recent higher-than-usual fishmeal off-take from main ports, CFO measures such performance was led by electricity issue where may periodically push up producing expenses.

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 #40	周数 Wk #38	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	5,000	4,900	12 2021	+100
澳大利亚，散装／牛 Australia, beef Bulk	50%	4,900	4,800	11 2021	+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: 11/Oct/2021				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
January 2022	3,337	--	3,538	3,542
May 2022	3,094	--	3,258	3,231
September 2022	3,162	--	3,287	3,255