October 9, 2003
Fishmeal Market Update after China's National Day Holidays - Little Activity and Prices Unchanged
An eFeedLink Exclusive Report
During the week-long China's National day holidays, domestic fishmeal transaction basically came to a standstill. While transaction has resumed after the holidays, the immediate period saw little transaction activity, such that overall prices remained largely unchanged from the pre-holiday period.
Currently, FAQ fishmeal of over 64% protein at the Shanghai port was quoted at around RMB5300/ton, an increase of RMB50/ton from the pre-holiday period. At Huangpu port, FAQ fishmeal of over 64% protein was quoted between RMB5350-5400/ton, up by RMB50/ton from the pre-holiday period. At Dalian port, FAQ fishmeal of over 64% protein was quoted at close to RMB5350/ton, remained largely unchanged from the pre-holiday period. Similarly, FAQ fishmeal of over 64% protein at Tianjin port was quoted between RMB5300-5350/ton, showing an insignificant change from the pre-holiday period.
At present, overall fishmeal inventories at Chinese ports have fallen to about 140,000 tons. Market pricing in the coming weeks is seen to be weakening. With the weather turning increasingly cold, demand is likely to fall correspondingly. Recent arrivals of fishmeal at Chinese ports are also on the decline.
In other words, the decreasing demand and lower arrival quantity would help balance the demand for and supply of fishmeal in China market. As a result, trade participants foresee a stable fishmeal market in China for the nearby term.