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20 Dec 2025

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Cash trend of China fishmeal has been slowing down to RMB13,800/ton at Shanghai port during the week while inventory stockpiled at main ports remains expansion. Meanwhile, though fishmeal off-take from China ports at present year-end period remains busy, total stockpiles are relatively moving up to reduce cash trend.

Besides it, the slowing down cash trend so far in China fishmeal market are measurably brought by a little appreciating currency of RMB and the moving down ocean freights. Chinese fishmeal consumers would prefer seeing more deductions at the bidding range.

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 #50	周数 Week #49	环比变化 Changes
大连	SD68% 超级	13800	14000	-200
大连	SD65%普通	12800	13000	-200
天津	SD68% 超级	13800	14000	-200
天津	SD65%普通	12800	13000	-200
上海	SD68% 超级	13800	14000	-200
上海	SD65%普通	12600	12800	-200
黄埔	SD68% 超级	13800	14000	-200
黄埔	SD65%普通	12600	12800	-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 #50			Wk #49
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	57420	6450	5000	58870
黄埔Huangpu	107960	12060	14000	106020
天津 Tianjin	2800	210	100	2910
大连Dalian	13740	1630	1600	13770
其他Other	46850	2690	2400	47140
合计Total Qty	228770	23040	23100	228710
上周鱼粉出库量				23230
Total FM sold/off-take from ports warehouse previous week:				23230
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 20/Dec/2022			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #50
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: 20/Dec/2022			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #50	Wk #49	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 #50	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	4200-4300	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: RMB cash trend would be measurably showing downtrend during year-end period due to domestic high-rising fishmeal stockpiles and a re-opened market from previous lockdowns. Meanwhile, Chinese fishmeal buyers would prefer seeing downtrend when worldwide fishmeal supplies remain strong.

So far, with a nearly 50% of fishing achievement in Peru, fishing activities could be keeping moving up for more productions though there’re a few measurements point out less fishing during rest days of the season.

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 #50	周数 Wk #49	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	6,400	6,400	03 2023	--
澳大利亚，散装／牛 Australia, beef Bulk	48%	6,400	6,400	2 2023	--
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: 20/Dec/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	4,302	4,369	4,256	4,261
May 2023	3,709	3,744	3,654	3,671
September 2023	3,700	3,702	3,606	3,638