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20 Dec 2025

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Cash trend of China fishmeal has been showing uptrend by moving RMB300/ton up to RMB11,700/ton at Shanghai port while there’s an official 2^nd anchovy season of 2021 announced by IMARPE. The newly fishing season is to be started up at the date of Nov 15, 2021 with 7-day-long exploratory fishing. And, the announced fishing quota locates at the range of 2.047 million tons.

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 #45	周数 Week #44	环比变化 Changes
大连	SD68% 超级	11800	11500	+300
大连	SD65%普通	10500	10200	+300
天津	SD68% 超级	12000	11600	+400
天津	SD65%普通	10700	10300	+400
上海	SD68% 超级	11700	11400	+300
上海	SD65%普通	10400	10100	+300
黄埔	SD68% 超级	11700	11400	+300
黄埔	SD65%普通	10400	10100	+300

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 #45			Wk 44
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	57990	4580	2800	59770
黄埔Huangpu	85570	7920	5200	88290
天津 Tianjin	1170	140	0	1310
大连Dalian	8110	1560	1100	8570
其他Other	39870	2670	3000	39540
合计Total Qty	192710	16870	12100	197480
上周鱼粉出库量				18140
Total FM sold/off-take from ports warehouse previous week:				18140
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 15/Nov/2021			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #45	Wk #44
Zhejiang	63% / TVN 130 (semi-defatted)	9,200	9,200
Zhejiang	65% / TVN 130 (semi-defatted)	9,800	9,800
Shandong	65% / TVN 100 (semi-defatted)	9,900	9,900
- Domestic fishing activity has shown steady status with firm production.

White Fishmeal

Updated: 15/Nov/2021			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #45	Wk #44	Changes
American Seafoods	15,700	15,700	--
Russian WFM - 60% - high pro	13,500	13,500	--
- 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 #45	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: Though so far there’s a high-rising fishmeal stockpiles at China ports, RMB cash trend has relatively performed uptrend by moving up RMB300/ton right after receiving official announcement at 2^nd anchovy season. CFO measures such uptrend could not be lasting over for more periods in Q4 while total stockpiles of China fishmeal remains high above 200k tons.

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 #45	周数 Wk #44	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	5,100	5,100	01 2022	--
澳大利亚，散装／牛 Australia, beef Bulk	50%	5,000	5,000	12 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: 15/Nov/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	3,161	3,088	3,159	3,289
May 2022	3,008	2,928	3,008	3,054
September 2022	3,080	3,009	3,075	3,123