Image: Stockfile FIS
Fishmeal prices fall in China due to Peru's anchovy quota announcement
CHINA
Wednesday, May 01, 2024, 07:00 (GMT + 9)
The opening of Peru's first anchovy fishing season - with a total allowable catch of 2.475 million tons - has caused fishmeal prices in China to fall. The price of Peruvian fishmeal exported to China decreased last week due to expectations of new supply.
The quota set by the Peruvian government increases from the 1.68 million tons allocated for the second fishery in 2023 and from the 1.09 million tons initially allocated for the first fishery in 2023.
Source: Stockfile FIS
According to industry estimates, if the quota is filled, production will reach approximately 589,295 tons of fishmeal, based on an average yield ratio of 5 tons of anchovies per 1 ton of fishmeal.
The price of Peruvian fishmeal exported to China decreased last week due to expectations of new supply. According to data cited by Chinese trade publication Feed Trade, prices quoted by Peruvian producers fell by $200 per ton to $1,850 last week.
At Chinese ports, offered prices ranged from 16,200-16,500 Yuan/ton ($2,235-2,277 USD/ton), down about 200 Yuan/ton compared to April 16 when the season started.
Source: Stockfile FIS
Feed Trade reported that Chinese suppliers have signed contracts to reserve more than 100,000 tons of Peruvian fishmeal for delivery later this year. However, port inventories in China currently stand at 260,800 tons, indicating ample inventory amid weak seasonal demand.
Feed Trade said peak Peruvian production in the coming weeks could put further pressure on Chinese prices. However, as temperatures rise and demand from the aquaculture industry increases, feed companies will also need to replenish their stocks.
Source: Vasep (Translated from the original in Vietnamese)
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