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20 Dec 2025

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Cash trend of China fishmeal has been showing quietly flat at RMB11,400/ton for several weeks at Shanghai port. Though there’s a not bad weekly fishmeal off-take from ports, the numerous stockpiles of China fishmeal are still there. CFO measures there would be a going up inventory of China fishmeal in November in general due to China ports could keep receiving large volume of Peru’s cargoes by end of October.

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 #41	周数 Week #42	环比变化 Changes
大连	SD68% 超级	11500	11500	0
大连	SD65%普通	10200	10200	0
天津	SD68% 超级	11600	11600	0
天津	SD65%普通	10300	10300	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 #42			Wk 41
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	58720	5900	8500	56120
黄埔Huangpu	94500	12100	9000	97600
天津 Tianjin	1590	140	0	1730
大连Dalian	8270	1980	3000	7250
其他Other	38380	2660	3200	37840
合计Total Qty	201460	22780	23700	200540
上周鱼粉出库量				26330
Total FM sold/off-take from ports warehouse previous week:				26330
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 25/Oct/2021			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #42	Wk #41
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: 25/Oct/2021			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #42	Wk #41	Changes
American Seafoods	15,700	15,800	-100
Russian WFM - 60% - high pro	13,500	13,800	-300
- 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 #42	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	2300-2350	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	2350-2400	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	2400-2450	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 there’s a prospectively moving up stockpiles of China fishmeal at main ports during November. And, that would more or less slow down RMB cash trend in basic during rest of Q4 though there’s still an uncertain progress at Peru’s 2^nd anchovy season of 2021.

On the other side, according to China Customs, there’s already a consecutive-two-month of high arrivals of Peru’s cargoes shipped to China during August and Sept. And, CFO keeps measuring such performance would be keeping exist in October and then it could slightly move up the entire stockpiles at China ports before hearing official news at 2^nd anchovy season in November.

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 #42	周数 Wk #41	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	5,100	5,100	12 2021	--
澳大利亚，散装／牛 Australia, beef Bulk	50%	5,000	5,000	11 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: 25/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	3,289	3,230	3,337	--
May 2022	3,054	3,027	3,094	--
September 2022	3,123	3,102	3,162	--