August 12, 2020
China Fishmeal: Expanding supply, slack demand drag down prices (week ended Aug 7, 2020)
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Fishmeal prices continued to tumble in China with demand poorer than expected. Aqua feed producers were reluctant to expand inventories while aquaculture in many parts of China was disrupted by severe floods. Traders who were eager to clear stocks slashed prices with inventories mounting.
CNF prices of Peruvian prime-grade fishmeal were at US$1,460/tonne. Pre=sales prices were in the range of US$1,400-1,420/tonne.
With more shipments of fresh fishmeal arriving soon, traders will be eager to clear old stocks. This, coupled with lacklustre aqua feed sales, will weigh down prices of fishmeal.
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