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11 May 2024

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Cash trend of China fishmeal has been keeping going up to RMB13,400/ton at Shanghai port during the week due to depreciating currency of RMB. Such a depreciating exchange rate would make imported products a higher-than-expected cost generally prior to landing. Meanwhile, China ports would keep receiving fishmeal products produced by 1^st season till Nov and it would make total inventory stockpiled at China ports easily exceeding 200k tons during Q4.

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 #40	周数 Week #41	环比变化 Changes
大连	SD68% 超级	13400	13700	+300
大连	SD65%普通	12400	12700	+300
天津	SD68% 超级	13400	13700	+300
天津	SD65%普通	12400	12700	+300
上海	SD68% 超级	13100	13400	+300
上海	SD65%普通	12200	12500	+300
黄埔	SD68% 超级	13100	13400	+300
黄埔	SD65%普通	12200	12500	+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 #41			Wk #40
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	39650	8200	8000	39850
黄埔Huangpu	96280	16550	19000	93830
天津 Tianjin	1390	70	0	1460
大连Dalian	13570	1940	2300	13210
其他Other	48230	2690	1900	49020
合计Total Qty	199120	29450	31200	197370
上周鱼粉出库量				68710
Total FM sold/off-take from ports warehouse previous week:				68710
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 18/Oct/2022				Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality		Wk #41
Zhejiang		63% / TVN 150 (semi-defatted)	10,800
		65% / TVN 150 (semi-defatted)	11,400
Shandong		65% / TVN 100 (semi-defatted)	11,300
- Domestic prices keep strong while spring breeding would be started up soon since earlier of March.

White Fishmeal

Updated: 18/Oct/2022			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #41	Wk #40	Changes
American Seafoods	16,000	15,500~15,800	+200
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 #41	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	4000-4100	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	4500-4600	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: The depreciating currency of RMB would make imported products a high-than-expected purchasing cost prior to landing. Cash market would measurably keep up not resulted from blooming demands after lockdowns. Inventory stockpiled at main ports would go up again but exceeding 200k tons soon.

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 #41	周数 Wk #40	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	6,000	6,000	12 2022	--
澳大利亚，散装／牛 Australia, beef Bulk	48%	6,000	6,000	11 2022	--
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: 18/Oct/2022				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
January 2023	4,003	4,045	--	4,036
May 2023	3,604	3,626	--	3,716
September 2023	3,591	3,629	--	3,740