China's fishmeal stocks hit record high, ports may run out of storage space

Published Sep 19, 2024

Tridge summary

The price of Peruvian super fishmeal in Shanghai Port has dropped by CNY 2,500/ton in the past three months, reaching CNY 13,850/ton, due to an anticipated 40% increase in global fishmeal production and a surge in Peruvian exports to China. China's fishmeal market is experiencing a downturn due to high supply and ample local production, leading to a decrease in prices and an increase in stock levels. The upcoming second production season in Peru is expected to exacerbate the market imbalance, further depressing prices. Meanwhile, Chinese warehouses are near capacity, with inventory levels high and expected to grow, influencing buyers to delay purchases.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At present, the price of Peruvian super fishmeal in Shanghai Port is CNY 13,850/ton ($1,954/ton), which has dropped by as much as CNY 2,500/ton in the past three months, while the highest price last year was CNY 18,950/ton. The International Federation of Marine Ingredients (IFFO) predicts that global fishmeal production may increase by 40% year-on-year in the first half of 2024; Peru's exports to the Chinese market in the first eight months reached 714,849 tons, an increase of 82% year-on-year. James, general manager of MSICeres, a fishmeal trading company headquartered in Lima, Peru Frank said: "China's fishmeal supply is full of products from Peru and other places, and they are still pouring in. China's local fishmeal production capacity has also started well, so the port supply is very abundant." In August, Peru's super fishmeal price fell 16% year-on-year to $1,765/ton, and fish oil prices fell 24% year-on-year to $4,325/ton. Frank said that in this context, buyers are ...

Source: Foodmate