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20 Dec 2025

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Cash trend of China fishmeal at Shanghai port has been remaining RMB11,700/ton without further going up during the week. The recorded stockpile of China fishmeal at main ports has moved back to 200k tons, and that has certainly eased RMB cash trend while total fishmeal inventories are sufficient enough to go through Q4.

Prior to receiving fishmeal cargoes produced from Peru’s 2^nd season, such high-rise fishmeal inventory stockpiled at China ports could gradually slow down below 190k tons before mid of next January(the roughly startup of Chinese New year). However, other resources are capable of doing support to keep those inventories at a relatively high range from year of 2020.

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 #46	环比变化 Changes
大连	SD68% 超级	11800	11800	0
大连	SD65%普通	10500	10500	0
天津	SD68% 超级	12000	12000	0
天津	SD65%普通	10700	10700	0
上海	SD68% 超级	11700	11700	0
上海	SD65%普通	10400	10400	0
黄埔	SD68% 超级	11700	11700	0
黄埔	SD65%普通	10400	10400	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 #46			Wk 45
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	59670	4320	6000	57990
黄埔Huangpu	90100	7470	12000	85570
天津 Tianjin	1030	140	0	1170
大连Dalian	8650	1560	2100	8110
其他Other	40680	2690	3500	39870
合计Total Qty	200130	16180	23600	192710
上周鱼粉出库量				16870
Total FM sold/off-take from ports warehouse previous week:				16870
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 22/Nov/2021			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #46	Wk #45
Zhejiang	63% / TVN 130 (semi-defatted)	9,800	9,200
Zhejiang	65% / TVN 130 (semi-defatted)	10,600	9,800
Shandong	65% / TVN 100 (semi-defatted)	10,400	9,900
- Domestic fishing activity has shown steady status with firm production.

White Fishmeal

Updated: 22/Nov/2021			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #46	Wk #45	Changes
American Seafoods	15,600	15,700	-100
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 #46	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: Cash trend of China fishmeal could be keeping firm at the range of RMB11,500-11,700/ton at Shanghai. Besides high-rise fishmeal inventory during current off-season, strong currency of RMB would more or less reduce the costs of landed products. CFO measures before receiving cargoes produced from 2^nd anchovy season, RMB cash trend would hardly go up in basic.

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 #46	周数 Wk #45	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: 22/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	3,202	3,161	3,088	3,159
May 2022	3,045	3,008	2,928	3,008
September 2022	3,109	3,080	3,009	3,075