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24 Nov 2024

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Cash trend of China fishmeal has been going up to RMB13,200/ton at Shanghai port during the week while summer breeding keeps pushing up the volume of fishmeal off-take from main ports. Due to such fishmeal consumption after previous lockdowns, the present inventory of China fishmeal stockpiled at ports has gradually declined to 200k tons.

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 #28	周数 Week #29	环比变化 Changes
大连	SD68% 超级	13100	13200	+100
大连	SD65%普通	12100	12200	+100
天津	SD68% 超级	13200	13300	+100
天津	SD65%普通	12200	12300	+100
上海	SD68% 超级	13000	13200	+200
上海	SD65%普通	12000	12200	+200
黄埔	SD68% 超级	13000	13200	+200
黄埔	SD65%普通	12000	12200	+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 #29			Wk #28
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	61690	9480	1400	69770
黄埔Huangpu	84280	18740	12000	91020
天津 Tianjin	1160	140	100	1200
大连Dalian	12430	1480	3800	10110
其他Other	44750	2670	1700	45720
合计Total Qty	204310	32510	19000	217820
上周鱼粉出库量				32710
Total FM sold/off-take from ports warehouse previous week:				32710
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 26/Jul/2022			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)	10,800	10,800
Zhejiang	65% / TVN 150 (semi-defatted)	11,500	11,500
Shandong	65% / TVN 100 (semi-defatted)	11,400	11,400
- Domestic prices keep strong while spring breeding would be started up soon since earlier of March.

White Fishmeal

Updated: 26/Jul/2022			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #29	Wk #28	Changes
American Seafoods	15,500~15,800	15,500~15,800	--
Russian WFM - 60% - high pro	13,500	13,500	--
- 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	3600-3650	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	4200-4300	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: Reducing inventory would simply support RMB cash trend during summer and it could keep going up to RMB13,500/ton at Shanghai port. The declining inventory of China fishmeal at ports would keep reducing but gradually slowing down below 200k tons in a short term. That would be a brief fact that supports RMB cash trend during summer.

Besides it, another fact would be brought by how Peru’s 1^st anchovy season ships out ideal volume of super prime products to China while fishing achievement of this season was reportedly as 81% at the end, and there’s always shown highly incidence of juveniles during fishing period.

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%	5,900	5,900	09 2022	--
澳大利亚，散装／牛 Australia, beef Bulk	50%	5,800	5,800	08 2022	--
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: 26/Jul/2022				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
September 2022	3,898	3,965	3,980	3,837
January 2023	3,579	3,676	3,724	3,608
May 2023	3,339	3,431	3,490	3,388