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12 May 2024

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Cash trend of China fishmeal has been slightly going down to RMB13,700/ton at Shanghai port during the week while fishmeal inventory stockpiled at ports keeps increment. As of the latest result with regarding weekly fishmeal off-take, there’s going to be an increasing inventory prior to stepping into summer high season.

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 Week11	周数 Week12	环比变化 Changes
大连	SD68% 超级	13800	13700	-100
大连	SD65%普通	12800	12700	-100
天津	SD68% 超级	13800	13800	0
天津	SD65%普通	12800	12800	0
上海	SD68% 超级	13800	13700	-100
上海	SD65%普通	12600	12500	-100
黄埔	SD68% 超级	13600	13600	0
黄埔	SD65%普通	12400	12400	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 Ports	Wk #12			Wk #11
港口 Ports	本周 Current Stock	出库量 Off Take	入库量 Weekly Arrival	上周 Previous Stock
上海Shanghai	47480	5440	7000	45920
黄埔Huangpu	109850	12960	19000	103810
天津 Tianjin	1960	140	200	1900
大连Dalian	12730	1300	1200	12830
其他Other	43160	2690	3200	42650
合计Total Qty	215180	22530	30600	207110
上周鱼粉出库量 Total FM sold/off-take from ports warehouse previous week:				23410
来源: 饲料在线港口代表统计 Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 27/Mar/2023			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #12	Wk #11
Zhejiang	63% / TVN 150 (semi-defatted)	12,200	12,200
Zhejiang	65% / TVN 150 (semi-defatted)	13,000	13,000
Shandong	65% / TVN 100 (semi-defatted)	12,700	12,700

White Fishmeal

Updated: 27/Mar/2023			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #12	Wk #11	Changes
American Seafood	15,800~16,000	15,800~16,000	--
Russian WFM-60%-high pro	13,600	13,600	--
- 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 #12	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	5100-5150	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	-	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments: The increasing inventory of China fishmeal would reduce RMB cash trend before summer high season. There’s an increasing stockpile at China ports where would keep receiving cargoes from other resources, and that may top up certain risky at RMB cash trend during Q2. Though 1^st fishing season could startup soon during Q2, such an increasing inventory at China ports would not support cash trend.

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 #12	周数 Wk #11	船期 Shipment	周变化 Changes
乌拉圭, 散装/牛 Uruguay, Beef Bulk	45-47%	6,300	6,300	05 2023	--
澳大利亚, 散装/牛 Australia, beef Bulk	48%	6,300	6,300	04 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: 27/Mar/2023				Unit: RMB/mt
China Soybean Meal Future Market Price
Contract Period	Today Price	1 weeks ago	2 weeks ago	3 weeks ago
May 2023	3,513	3,599	3,765	3,806
Sep 2023	3,586	3,668	3,790	3,835
Jan 2024	3,522	3,555	3,666	3,709