eFeedLink - China Fishmeal Weekly: Port inventories expand further amid subdued demand (week ended Mar 22, 2019)

Market Reports

March 26, 2019

China Fishmeal Weekly: Port inventories expand further amid subdued demand (week ended Mar 22, 2019)

An eFeedLink Exclusive

Price summary

Prices remained unchanged.

Weekly transacted prices of imported fishmeal at major Chinese ports (RMB/tonne)
Price type	Port/Inland city	Origin	Grade/ Protein content/ stock type	Price as of Mar 15	Price as of Mar 22	Price change
Port	Dalian	Peru	FAQ/65%/new	9,800	9,800	0
	Tianjin	Peru	FAQ/67%/new	9,800	9,800	0
	Shanghai	Peru	FAQ/65%/new	9,600	9,600	0
	Huangpu	Peru	FAQ/65%/new	9,600	9,600	0
Rail station	Zhengzhou	Peru	FAQ/65%/new	-	-	-
	Wuhan	Peru	FAQ/65%/new	-	-	-
	Shenyang	Peru	FAQ/65%/new	-	-	-
	Chengdu	Peru	FAQ/65%/new	-	-	-
Prices refer to port transaction prices and are for reference only. RMB1=US$0.1490 (Mar 26)

Global markets

CNF prices of Peruvian prime-grade fishmeal were at US$1,550/tonne.

Market analysis

Sales of fishmeal were poorer than expected as aqua feed producers, who were cautious of the outlook of the aquaculture market, limited output. Port inventory of fishmeal climbed another 3.3% to 190,000 tonnes. Nevertheless, fishmeal traders stood firm in anticipation of growing demand in the coming weeks.

Market forecast

The upcoming weeks will be crucial to the demand for fishmeal during Q2. Should aqua farms limit production due to low confidence in the market, sales of aqua feed and hence fishmeal will be limited, exerting pressure on the market.