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20 Dec 2025

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Cash trend of China fishmeal has been keeping flat at RMB14,000/ton at Shanghai port during the week while total fishmeal inventory stockpiled at main ports moved up again. Due to lockdowns remain exist to make uncertain economy, currency of RMB still keeps itself a disadvantageous status to top up landed cost with tariffs.

Though exploratory fishing of 2^nd season during the same period of Nov 23-26 has shown a relatively lower result by reducing 41.9% from a year earlier, RMB cash trend so far remains itself a stable level at RMB14,000/ton without apparent fluctuation.

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 #47	环比变化 Changes
大连	SD68% 超级	14000	14000	0
大连	SD65%普通	13000	13000	0
天津	SD68% 超级	14000	14000	0
天津	SD65%普通	13000	13000	0
上海	SD68% 超级	14000	14000	0
上海	SD65%普通	12800	12800	0
黄埔	SD68% 超级	14000	14000	0
黄埔	SD65%普通	12800	12800	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 #47			Wk #46
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	52870	6540	7000	52410
黄埔Huangpu	102100	12080	18000	96180
天津 Tianjin	2830	210	200	2840
大连Dalian	13840	1920	2000	13760
其他Other	47990	2670	2800	47860
合计Total Qty	219630	23420	30000	213050
上周鱼粉出库量				24930
Total FM sold/off-take from ports warehouse previous week:				24930
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 29/Nov/2022			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #47
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: 29/Nov/2022			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #47	Wk #46	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 #47	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	4400-4500	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: The reducing exploratory fishing till Nov 26 doesn’t move up RMB cash trend. And, the accumulating up fishmeal inventory stockpiled at China ports has kept RMB cash trend a stable status without apparent fluctuation by a reducing exploratory fishing result till the date of Nov 26 in Peru.

In China, lockdowns still make economy a slowing down status, and simultaneously the depreciating currency of RMB would continue to top up landed cost with tariffs through the year end till next Q1.

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 #47	周数 Wk #46	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	6,400	6,400	02 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: 29/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	4,261	4,168	4,163	4,189
May 2023	3,671	3,656	3,672	3,725
September 2023	3,638	3,619	3,637	3,669