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20 Dec 2025

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Cash trend of China fishmeal has been moving up by RMB200/ton apparently after hearing official IMARPE report that points out 2^nd anchovy season is ready to start up since Nov 23 with 5-day-long exploratory fishing. However, according to this newly released report, there’s showing a relatively less marine biomass of anchovy in total by reducing 30.2% compares with that of summer of 2022. And, that could make this season under many uncertainties in fishing. Besides it, with the depreciating currency of RMB, the foreseeable China cash market during next Q1 of 2023 would be measurably keeping up.

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 #46	周数 Week #45	环比变化 Changes
大连	SD68% 超级	14000	13800	+200
大连	SD65%普通	13000	12800	+200
天津	SD68% 超级	14000	13800	+200
天津	SD65%普通	13000	12800	+200
上海	SD68% 超级	14000	13800	+200
上海	SD65%普通	12800	12600	+200
黄埔	SD68% 超级	14000	13800	+200
黄埔	SD65%普通	12800	12600	+200

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	52410	6420	1000	57830
黄埔Huangpu	96180	13750	10000	99930
天津 Tianjin	2840	210	0	3050
大连Dalian	13760	1820	1200	14380
其他Other	47860	2730	2300	48290
合计Total Qty	213050	24930	14500	223480
上周鱼粉出库量				25740
Total FM sold/off-take from ports warehouse previous week:				25740
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 22/Nov/2022			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #46
Zhejiang	63% / TVN 150 (semi-defatted)	12,000
	65% / TVN 150 (semi-defatted)	12,800
Shandong	65% / TVN 100 (semi-defatted)	12,500
- Domestic prices keep strong while spring breeding would be started up soon since earlier of March.

White Fishmeal

Updated: 22/Nov/2022			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #46	Wk #45	Changes
American Seafoods	16,300	16,300	--
Russian WFM - 60% - high pro	13,800	13,800	--
- 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	3900-4000	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	4400-4500	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: China fishmeal market would be measurably keeping up till next Q1 of 2023. After hearing the latest IMARPE report, it gives 2^nd season an official startup date on Nov 23 with fishing 2.283 million tons of anchovy. However, due to relatively less marine biomass by reducing 30.2% compares with that of summer of 2022 in total, CFO measures RMB cash market would be keeping up when uncertain fishing through rest days of Q4 till Q1 of 2023. Simultaneously, the depreciating currency of RMB would also top up cash trend of China fishmeal market though lockdowns reduce consumption.

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%	6,400	6,400	01 2023	--
澳大利亚，散装／牛 Australia, beef Bulk	48%	6,400	6,400	12 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: 22/Nov/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	4,168	4,163	4,189	4,243
May 2023	3,656	3,672	3,725	3,720
September 2023	3,619	3,637	3,669	3,632