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20 Dec 2025

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Cash trend of China fishmeal has been remaining tight at RMB13,000/ton at Shanghai port during the week while there’re showing acceptable results of fishmeal off-take for weeks. Since Shanghai has returned from previous lockdowns, summer breeding has always contributed itself a better-than-estimated resumption to boost fishmeal off-take week after week. As of recent fishmeal off-take from China ports, the entire inventory of China fishmeal would soon move down below 200k tons in earlier of August.

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 #28	周数 Week #27	环比变化 Changes
大连	SD68% 超级	13100	13100	0
大连	SD65%普通	12100	12100	0
天津	SD68% 超级	13200	13200	0
天津	SD65%普通	12200	12200	0
上海	SD68% 超级	13000	13000	0
上海	SD65%普通	12000	12000	0
黄埔	SD68% 超级	13000	13000	0
黄埔	SD65%普通	12000	12000	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 #28			Wk #27
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	69770	9300	4200	74870
黄埔Huangpu	91020	19000	8800	101220
天津 Tianjin	1200	210	200	1210
大连Dalian	10110	1480	800	10790
其他Other	45720	2720	1700	46740
合计Total Qty	217820	32710	15700	234830
上周鱼粉出库量				33390
Total FM sold/off-take from ports warehouse previous week:				33390
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 19/Jul/2022			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #28	Wk #27
Zhejiang	63% / TVN 150 (semi-defatted)	10,800	10,800
Zhejiang	65% / TVN 150 (semi-defatted)	11,500	11,500
Shandong	65% / TVN 100 (semi-defatted)	11,400	11,400
- Domestic prices keep strong while spring breeding would be started up soon since earlier of March.

White Fishmeal

Updated: 19/Jul/2022			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #28	Wk #27	Changes
American Seafoods	15,500~15,800	15,500~15,800	--
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 #28	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	3600-3650	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	-	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	-	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	4200-4300	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: Since summer breeding keeps busy, the entire inventory stockpiled at China ports would keep slowing down but soon gradually approaching 200k tons in earlier of August. However, the upcoming fishmeal cargoes shipped from 1^st season would make it a high-rising status at China ports again. RMB cash trend would be commonly keeping tight at recent range under concerns about high-rise inventory.

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 #28	周数 Wk #27	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	5,900	5,800	09 2022	+100
澳大利亚，散装／牛 Australia, beef Bulk	50%	5,800	5,700	08 2022	+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: 19/Jul/2022				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
September 2022	3,965	3,980	3,837	3,825
January 2023	3,676	3,724	3,608	3,610
May 2023	3,431	3,490	3,388	3,419