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11 May 2024

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Cash trend of China fishmeal has been showing strong at RMB19,000/ton during the week at Shanghai port while total inventory stockpiled at main ports is to be further slowing down to 150k tons. During the period of suspended fishing, there’s no clear progress at how and when 1^st season would be re-startup to reduce anxious about lack of fishmeal supply.

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 Week28	周数 Week29	环比变化 Changes
大连	SD68% 超级	19000	19000	0
大连	SD65%普通	17500	17500	0
天津	SD68% 超级	19000	19000	0
天津	SD65%普通	17500	17500	0
上海	SD68% 超级	19000	19000	0
上海	SD65%普通	17500	17500	0
黄埔	SD68% 超级	19000	19000	0
黄埔	SD65%普通	17500	17500	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 #29			Wk #28
港口 Ports	本周 Current Stock	出库量 Off Take	入库量 Weekly Arrival	上周 Previous Stock
上海Shanghai	32250	7510	4400	35360
黄埔Huangpu	82490	21290	13000	90780
天津 Tianjin	280	70	100	250
大连Dalian	7960	1490	0	9450
其他Other	36340	2690	1700	37330
合计Total Qty	159320	33050	19200	173170
上周鱼粉出库量 Total FM sold/off-take from ports warehouse previous week:				32970
来源: 饲料在线港口代表统计 Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 24/Jul/2023			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #29	Wk #28
Zhejiang	63% / TVN 150 (semi-defatted)	17,300	17,300
Zhejiang	65% / TVN 150 (semi-defatted)	17,800	17,800
Shandong	65% / TVN 100 (semi-defatted)	17,700	17,700

White Fishmeal

Updated: 24/Jul/2023			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #29	Wk #28	Changes
American Seafood	18,000~18,500	18,000~18,500	--
Russian WFM-60%-high pro	15,000~15,500	15,000~15,500	--
- 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 #29	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	5500-5600	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	8000-8100	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments: China fishmeal market would soon breakthrough RMB20,000/ton at Shanghai port based on lack of fishmeal supply. Such suspended fishing of 1^st anchovy season has given Chinese users a clear sign that working out any other feasibly replacement in a longer term is truly essential. As of recent status at weekly off-take, those valid fishmeal stockpiles could be exhausted by earlier of October.

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 #29	周数 Wk #28	船期 Shipment	周变化 Changes
乌拉圭, 散装/牛 Uruguay, Beef Bulk	45-47%	6,000	6,000	09 2023	--
澳大利亚, 散装/牛 Australia, beef Bulk	48%	6,000	6,000	08 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: 24/Jul/2023				Unit: RMB/mt
China Soybean Meal Future Market Price
Contract Period	Today Price	1 weeks ago	2 weeks ago	3 weeks ago
Sep 2023	4,164	4,064	3,975	3,965
Jan 2024	3,845	3,792	3,715	3,767
May 2024	3,341	3,263	3,244	3,360