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24 Nov 2024

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Cash trend of China fishmeal has been remaining firm at RMB11,200/ton at Shanghai port for quite a long period of time since the beginning of summer aquatic breeding. No matter how floating up or down with regarding currency exchange between RMB and USD, cash trend of China fishmeal has been always showing quietly flat at RMB11,200/ton without apparent fluctuation.

However, it’s about time to inspect how high level of fishmeal inventory stockpiled at China ports could reduce or maintain USD quotes of super prime products manufactured by the upcoming 2^nd anchovy season in Peru.

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 #36	周数 Week #35	环比变化 Changes
大连	SD68% 超级	11200	11200	0
大连	SD65%普通	9900	9900	0
天津	SD68% 超级	11200	11200	0
天津	SD65%普通	9900	9900	0
上海	SD68% 超级	11200	11200	0
上海	SD65%普通	9900	9900	0
黄埔	SD68% 超级	11200	11200	0
黄埔	SD65%普通	9900	9900	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 #36			Wk 35
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	54730	9990	12800	51920
黄埔Huangpu	103780	19940	13700	110020
天津 Tianjin	2710	210	0	2920
大连Dalian	7670	2600	5500	4770
其他Other	37520	2120	1800	37840
合计Total Qty	206410	34860	33800	207470
上周鱼粉出库量				35050
Total FM sold/off-take from ports warehouse previous week:				35050
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 13/Sep/2021			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #36	Wk #35
Zhejiang	63% / TVN 130 (semi-defatted)	9,000	9,000
Zhejiang	65% / TVN 130 (semi-defatted)	9,600	9,600
Shandong	65% / TVN 100 (semi-defatted)	9,800	9,800
- Domestic fishing activity has started up with certain bidding inquiry.

White Fishmeal

Updated: 13/Sep/2021			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #36	Wk #35	Changes
American Seafoods	16,200	16,200	--
Russian WFM - 60% - high pro	14,000	14,000	--
- 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 #36	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	2000-2100	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	2050-2150	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	2100-2200	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	2500-2600	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: High level of fishmeal inventory at China ports would more or less deter cash trend in Q4. RMB cash trend would be showing quietly flat at RMB11,200/ton in a short term while Chinese would soon spend 2 holidays from mid-autumn moon festival to Oct 1^st the National Day.

However, as of current fishmeal inventory stockpiled at China ports, RMB cash trend could be gradually going down after holidays due to winter off-season in Q4. And, so far, such high level of fishmeal inventory located at China ports could be keeping topping up by other resources in Q4 unless there’s a smaller size of Peru’s 2^nd anchovy 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 #36	周数 Wk #35	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	4,900	4,900	11 2021	--
澳大利亚，散装／牛 Australia, beef Bulk	50%	4,800	4,800	10 2021	--
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: 13/Sep/2021				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
September 2021	3,833	3,787	3,649	3,584
January 2022	3,530	3,486	3,525	3,485
May 2022	3,268	3,239	3,299	3,270