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11 May 2024

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Cash trend of China fishmeal has been keeping steady at RMB19,000/ton at Shanghai port during the week while fishmeal inventory stockpiled at main ports remains slowing down. Such reducing inventory would be measurably going down below 100k tons in a few weeks or by end of Sept, if there’s no apparent backup shipped out from other resources or from any other domestic productions contributed to cope with summer consumption.

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 Week32	周数 Week31	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 #32			Wk #31
港口 Ports	本周 Current Stock	出库量 Off Take	入库量 Weekly Arrival	上周 Previous Stock
上海Shanghai	24490	6820	1700	29610
黄埔Huangpu	70110	17970	13000	75080
天津 Tianjin	370	70	200	240
大连Dalian	7780	940	1100	7620
其他Other	34140	2690	2000	34830
合计Total Qty	136890	28490	18000	147380
上周鱼粉出库量 Total FM sold/off-take from ports warehouse previous week:				32890
来源: 饲料在线港口代表统计 Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 14/Aug/2023			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #32	Wk #31
Zhejiang	63% / TVN 150 (semi-defatted)	17,300	17,300
Zhejiang	65% / TVN 150 (semi-defatted)	18,000	17,800
Shandong	65% / TVN 100 (semi-defatted)	17,800	17,700

White Fishmeal

Updated: 14/Aug/2023			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #32	Wk #31	Changes
American Seafood	19,000	19,000	--
Russian WFM-60%-high pro	17,500	17,500	--
- 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 #32	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: Such 10-day-long exploratory fishing has just ended up days ago with caught a little volume of anchovy, but that has truly identified there’s still existing high incidence of juvenile and it doesn’t allow regular fishing in a short term. RMB cash market would keep stronger once fishmeal inventory keeps going down but gradually approaching 100k tons. And, simultaneously China government cuts interest rate that currency of RMB would be doomed to further depreciate to push up landed costs.

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 #32	周数 Wk #31	船期 Shipment	周变化 Changes
乌拉圭, 散装/牛 Uruguay, Beef Bulk	45-47%	6,000	6,000	10 2023	--
澳大利亚, 散装/牛 Australia, beef Bulk	48%	6,000	6,000	09 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: 14/Aug/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	4,509	4,372	4,253	4,164
Jan 2024	3,883	3,770	3,823	3,845
May 2024	3,420	3,292	3,308	3,341