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December 1, 2008
 
China Fishmeal Weekly: Prices higher despite a slow-down in demand (week ended Nov 30, 2008)

An eFeedLink Exclusive
 
 

Price summary
 

Prices were higher in most regions. 
 

Weekly transacted prices of imported fishmeal at major Chinese ports

Port/Inland city

Origin

Grade/Protein content/
stock type 

Price as of Nov 23 (RMB/tonne)

Price as of Nov 30 (RMB/tonne)

Price change (RMB/tonne)

Dalian

Peru 

FAQ/65%/new

6,250

6,400

150

SD/65%/new

6,300

6,500

200

Tianjin 

Peru 

FAQ/65%/new

6,200

6,400

200

SD/65%/new

6,300

6,500

200

Shanghai 

Peru 

FAQ/65%/new

6,200

6,400

200

SD/65%/new

6,250

6,500

250

SD/67%/new

6,800

6,900

100

Huangpu

Peru 

FAQ/65%/new

6,200

6,400

200

SD/65%/new

6,200

6,400

200

SD/67%/new

6,800

6,900

100

Shenyang

Peru

FAQ/65%/new

6,400

6,500

100

Zhengzhou

Peru

FAQ/65%/new

6,500

6,600

100

Wuhan

Peru

FAQ/65%/new

6,500

6,600

100

Changsha

Peru

FAQ/65%/new

6,500

6,600

100

Chengdu

Peru

FAQ/65%/new

6,600

6,600

0

Prices refer to port transaction prices and are for reference only.
RMB1 = US$0.1465 (Dec 1)
 

 

Global markets

 

Prices of Peruvian fishmeal were stable during the week.

 

CNF reference quotes for Peruvian fishmeal maintained at US$850/tonne amid good sales. More than 260,000 tonnes of fishmeal out of 440,000 tonnes of new fishmeal stocks have been booked by buyers.

 

On November 19, China and Peruvian authorities finalised a trade agreement between the two countries. Part of the agreement proposed the lifting of import taxes for Peruvian fishmeal. Lower fishmeal import prices would most likely lead to higher demand for Peruvian fishmeal in future.

 

 

Market analysis
 

China's fishmeal inventories fell to around 180,000 tonnes. However, fishmeal trade was not as active as compared to the previous period. Soymeal prices were stable to lower during the week in review amid declining hog rearing profitsl. More soymeal were used, whenever permissible. Additionally, with the average price of domestic fishmeal more than RMB500/tonne cheaper than the average price of imported fishmeal, feed millers opted for the former. 

 

 

Market forecast

 

Fishmeal prices are seen stable to higher in the near-term, but demand will not pick up yet.
 
 
 
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